Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1904-10-20
PROPOSED AMENDMENT TO THE con-
STITUTION OF THE STATE OF
SOUTH DAKOTA.

To the people of the State of South Dakota:
The Eighth Legislature of the State of South
Dakota, at the session thereof begun and held
| at Pierre, the capital, on January 9Th, A. ID.
1908, and concluded on March 9th. A. ID. 1908,
proposed the following amendment to the con-
stitution of the state, viz:
"a Joint Resolution proposing and agreeing
to an amendment to Section II of Article of
the constitution of the State of South Dakota
and submitting such amendment to a vote Of the
people.
Be it Resolved by the House of Representatives
of the Legislature of the State OF South Dako-
ia, the Senate cOncurring:
81. That Section II of Article of the Consti-
tuition of the State of South Dakota be amend
ed so as to read as follows:
S11. The moneys of the permanent school and
other educational funds shall be invested only In
first mortgages upon good improved farm lands
within the state. as hereinafter provided, or In
bonds of school corporations within this state,
or In bonds of the United States or of the State
of South Dakota or Of any organized county,
township or Incorporated city in said state.
The legislature shall provide by law the method
of determining the amounts OF said funds, which
shall be invested from time to time in such class
es Of securities respectively, taking care to Sc
cure continuous investments as far as possible.
All moneys of said funds which may from time
to time be designated for investment In farm
mortgages and in the bonds of school corpora
lions, or In bonds of organized counties, town.
ships or incorporated cities within this state,
shall for such purpose be divided among the or
gained counties of the state in proportion to
population as nearly as provisions by law to Sc
cure continuous investment may permit. The
several counties shall hold and manage the
same as trust funds, and they shall be and re-
main responsible and accountable for the prin-
cipal and interest of 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 coun-
ty shall make the same good out of its common
revenue. Counties shall invest said money in
bonds of school corporations, countless town.
ship or cities, or In first mortgages upon good
improved farm lands within their limits respect
lively The amount of each loan shall not ex-
coed one-third of the actual value Of the lands
covered by the mortgage given to secure the
same, such value to be determined by the board
of county commissioners of the county In which
the land is situated and In no case shall more
than five thousand ($5 ,0O0) dollars be loaned to
any one person, firm or corporation and the rate
of interest shall not be less than five per cent.
per annum and shall be such other and higher
rate as the legislature may provide and shall be
payable semi-annually on the first day OF JAN
uary and July; proUtded, that whenever there
are moneys of said fund In any county amount
ing to one thousand dollars that cannot be loaned
according to the provisions of this section and
any law pursuant thereto, the said sum may be
returned to the state treasurer to be entrusted
to some other county or counties, or otherwise
Invested under the provisions of this section.
Each county shall semiannually, on the first
day of January and July, render an account of
the condition of the funds intrusted to 1t to the
auditor of state, and at the same time pay to
Or account to the state treasurer for the inter-
est due on all funds intrusted to it.
The Legislature may provide by general law
that counties may retain from interest collected
in excess OF five per centum per annum upon all
said funds intrusted to them, not to exceed one
per centum per annum. But no county shall be
exempted from the obligation to make semi-an-
nual payments to the state treasurer of interest
at the rate provided by law for such loans, ex.
cept 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 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 sec
| ton.
| So. That the foregoing proposed amendment
is hereby agreed to and is hereby submitted to