Die Eureka post. (Eureka, McPherson Co., SuÌˆd=Dakota) 18??-19??, 1904-10-26
Proposed Amendment TO the Consti
tuition of the State Of
South Dakota

Relating to Investment Of School and
Other Educational Moneys.)
g 1. That Section III of Article s of the con
stitution OF the State Of south Dakota be
amended So rs to read as follows;
s IL. The moneys of the permanent school
and other educational funds shall be invested
only In first mortgages uPon good improved
farm lands within this state, as hereinafter
provided, or in bonds Of school corporations
within this state, or In bonds of the United Sta
ties or of the state of South Dakota, or of any or
ganiEed county, township or Incorporated city
In saiu 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 ofsecuTities respectively,
taking care to secure continuous investments
az Tar a. possible,
All moneys OF said funds. which may from
time 10 time be designated for Investment in
farm mortgages and In the bonds of school
corporations, or In bonds OF organized
counties, townships or incorporated cities
within this state, shall for such purpose be
divided among the organized counties of the
state in prop rtiOn to population MS nearly as
provisions by law 10 secure continuous in
YES ment may permit. The several counties
shall hold and manage the sa g as trust
funds and they shall be and remain eSpon
bic aud accountable for the principal and in
tereSt of all such moneys received by them
from the date of receipts until returned be-
cause not aDed; and in case of loss of any
money SO apportioned TO any county such
county shall make the same good out or ITS
otnmon revenue. Counties h invest said
money in bonds OF school corporations, count
les, townships or cities, or In first mortgages
upon good improved farm lands within their
limits respectively. rhe amount OF each loan
shall not exceed one-third Of the actual value
Of the lands covered by the mortgage, given
I secure the same, such value 10 be deter
mined by tue board OF county commissioner
nf the c0uniy in which the land Is situated,
and In no case shall more than five Thousand
5000 dollars be loaned TO any one person,
fl m or corporation. and the rate OF interest
shall not be less than Ave per cent per annum
and shall be such other and higher rate as the
legislature may provide, and snail be payable
semi-annually on the hrst day or January
and July PROVIDED. that whenever there are
moneys OF said lund in any county amount
ing o Thousand dollars that cannot be
loaned according % the provisions OF this sec
ton and any law pursuant ther To. the SAIL
sun may be returned to the state treasurer 70
he entrusted 10 some other county or count
les. or otherwise invested under the provis-
ions OF this section.
Each county shall ~semi-annually OF the
first daY of January and July, render an ac-
count of the condition of the funds intrusted
to IL 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 intrusted TO
It,
The legislature may provide by general law
that counties may reth from Interest col
Iected in excess of five per centum per annum
upon al said funds entrusted 10 them. not "a
exceed one per centum per mum. but no
county shall be exempted from he'obligation
10 make semi annual payments TO the state
treasurer OF ,Dterest 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 by law for the
safe inv stment OF the permanent school and
other educational fuads and for the prompt
collection OF interest and income thereof. and
TO carry out the objects and provisions OF
this section.
2 That the foregoing proposed amend
nent Is hereby agreed TO and Is hereby sub
mitted 10 n vote of the electors of the state, az
the next general election for their approval.
Shall the above amendment to the constitu,,
ton In relation TO the Investment OF school
and other educational funds be approved and
ratified.
The Polls will be open at 8 o'clock In the
morning ani will continue open until )
o'clock In the afternoon OF the same day.
Given under my hand and seal this 10th day
OF October. 1904.