Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1904-11-03
AMENnMENT.

Proposed amendment TO the constitution
ofthe State Of South Dakota
l.. That Section n Of Article 5 OF the
Constitution Of the State OF south Dakota
be amended so as TO read as follows:
school and other educational funds shall
he invested Only m first mortgages upon
good improved farm lands within this
state, az h~ereinattcf proylded + ia bonds
sof school corporations within this state or
in bonds OF the United states or Of the
State OF South Dakota or OF any organized
saidssate. The legislature shall provide
by law the method of determining the
amounts of said funds, which shall be
Invested from time 70 ttulcin such Classes
of securities respectively, tokiu9 care to
secure continuous Investments ns TAR as
possible.
All monevs Of said funds which may
from time 70 time be dc~ignatcdfor invest
ment IN farm niortga yes aud inthe bonds
OF school corporations, or in bonds Of
organized counties, townships 90 incof-
porated cities within this state. shall for
SiicI ptirpo@e lie diNidcd among the organ
ized Counties ~ The state in proportion to
population a~ nearly as provisions ny law
- sevArc continuous inyestnlcut piav per
NIT. The eeNcrul Co1nticS ~hai hold and
niauaee tile sfnlc as trtfst funds, antfthey
shall be 3rtnd remain responsible aud
accountable koF the principal sud interest
or all such slQfseAA received ny thril fTDiu
the datc Of fetfipf unfJ returned 1ecAstse
nut lOaneds AID in case of los4 of amy
money W apioFtiriie tpgny cpum!as, such
county shall ntake tie sauae gapti Q1t 81
- cotnrti..n .ENellus. SongitSeS Shall
invest said puosie yin bonds ~ school COR
ii ofafion~ cnnutscS. tpxxtt~htp on cities, or
In first n~aorfHa9tr upon good Improved
+ fauu AN N vSithin iheiir i,,nriS Nes.speo,
heKands eoSafe byih,t norf ,tn
70 secure the SAME. rheh value tohc deter
stone ~ ~ tile eonirtvin which, the land i~s
situatea aud III n4cas shall more than.
IKE thoaaasid 8s39t04 do liars We lonned ~
a one person, Firm or corporation and
the rnfe ~ interest shat not be less than
hvc per cent ncr nTlunn1 und shall le SUCH
other in ntxbNI Esates ss tile legislature
ma provide md shall he payabie semi
annually on tire FIRST day 81 5tQ1nary and
July; provided that Whenever there are
moneys "a said fund iu amy courrtys
cannot he loaned according 10 tie DroSi-
Sions Of til~e@CfiOr and nnv law purst44
ant. thereto, the 4 suiili usy he returned
70 the state Treasurer ~ We entrusted tol
SOfiic other cufiaty or Counties, or other
wise invested under the provisions q this
section.
hrst day o. January and July. render an
account Of tl3e CONDITION. ~ the funds
intrusted to A to the auditor "a stHte, and
state treasurer fortiac interest due on al
funds infrfstcd nif.
The segieiatare may provide ty general
law that counties may retain ffona inter
est collected 10 excess ~ five per centnnl
perAas1n1tff uTfn all said funds entrusted
IN thepi, not - & xeeel one per cenfuffi per
amman. BUT no coDutv shall tce~ernpfcd
from fhe obligation 40 make ~scmiannual
payments 10 the state treasurer 0f inter
est atthe rate pf0vfded by lave for such
oans except only snid uhe per cfutttn.
anti IN no case shall the interest, - 70 be
paid be less tlaan Ave per- centum perl
annuna,
The Legislature SisnW provide by saw for
the safe lnve-tNnent Of the permanent
school and othcf educational funds and
for the protapt collection Of Interest and
INCOME fhRrepf, and ~ carry out the
objects nnd provisions OF this section.
2. That the f~oregoi0A proposed
amendment ~ hereby Dxfted tD aNd -
hereby Submitted d < vote OF the electors
Of the state, NJ the ncxt disqualification.
for their approval"
said election VII! be opened "A eight
o'clock III the niofnirN 0nd continue open
until Eve o'clock Ia the afternoon Of the
Dated ~ Webster, sou ii Dakota. this
6th day ~ t1rtohen Aep. J9W,
William EQeinnd. I
County Auditor.
Day County. south Dakota.l