Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1904-10-28

proved farm lands within this state, as here.
In after provided or in bonds OF school cor.
pOrations within this state or In bonds OF
the United States or nf the State OF South
Dakota or of any organized county, town.
ship or incorporated city In said state. The
legislature shall provide by law the method
OF determining the amount OF said funds
which shall be Invested from time To time In
such classes ofsecurities respectively. taking
care 20 secure continuous Investments as
far az possible.
All moneys OF said funds which may from
time TO time be designated for investment
in farm mortgages and In the bonds of
ed counties, townships or incorporated
cities within this state. shall for such pur-
pose be divided among the organized
counties In the state in proportion 70
population as nearly as provisions by law
TO secure continuous Investment may per
NIT The several counties shall hold and
manage the same az trust funds and they
shall be and remain responsible and ac-
all such moneys received by them from the
date OF RECEIPT until returned because not
loaned; and In case OF loss OF any money so
apportioned to any county, such county
shall make the same good out OF It's commoh
revenue Counties shall invest said money
in bonds OF school corporations. counties
township or cities, or In first mortgages up
on good Improved farm lands within their
limits respectively. The amount OF each loan
shall not exceed one.third OF the actual value
OF the lands covered by the mortgage. given
termined by the board OF county commits
sioners of the county in which the land is
situated and In no case shall more than
FIVE thousand ($5,O00) dollars be loaned TO
any one person, firm or corporation and he
rate of interest shall not be less than i've
per cent per anDum and shall be such other
and higher rate as the legislature may pro-
vide and shall be payable semi-annually on
the first day OF January and July: PRoyID.
ED, that whenever there are moneys OF said
fund in any county amounting to- one
thousand dollars that cannot be loaned ac
cording to the provisions OF this section and
any law pursuant, thereto. the said sum
may be returned TO the state treasurer 20
be entrusted to some other, county or
counties, or otherwise Invested under the
provisions OF this section.
Each county shall semi-annually, on the
first day OF January and July, render an ac.
count OF the condition of the funds, intrust-
ed TO it to the auditor OF state, and at the
same time pay to or account to the state
treasurer for the interest due on all funds
intrnsted to 1t.
The legislature may provide by general
law that counties may retain from interest
collected in excess OF 1ve per centum per
annum upon all said funds entrusted to
them, not to exceed one per centum per an
mum. But no county shall be exempted
from the obligation to make semi-annual
payments to the state treasurer OF interest
at the rate provided by law for such loans
except only said one per centum. and In no
case shall the interest, so to be paid be less
than five per centum per annum.
The legislature shall provide ty law. for
the safe investment Of the permanent school
and other educational funds and for the
prompt collection of interest and income
thereof, and to carry out the objects and
provisions OF this section.
q That the foregoing proposed amend,
ment Is hereby agreed TO and is hereby sub
mitted to a vote OF the electors OF the state
at the next general election for their APPROX
al"
The above proposed amendment win be
voted upon by the people at the general
election TO be held In this state on Tuesday,
the eighth day OF November, A. ID. 1904.
The proposed amendment win be printed
on the ballot follow by the words:
Shall the above amendment to the con-
stitution In relation to the investment OF
School and other Educational Funds be
approved and ratified
Immediately TO the left Of which shall be
printed the words Yes and mo" each
preceded by a square In which the eector
can place cross TO indicate his vote.
Electors desiring TO vote Yes VIII place
a cross before the word Yes" and those de-
string to vote mo" VIII place a cross before
the word NO"