Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1904-11-03
PROPOSED AMENDMENT TO The con-
STTTUTION OF THE STATE OF
SOUTH DAKOTA,
tRetattHg TO Investments Of School and Other Eda
cotional Moneys.l

SVOA DAhU1As
lReIattng TO Investments of School and Other Eda
cotional MoneysJ
To the people of the State of South Dakota.
Inc Elgntn Legislature of the State of South
Dakota, at the session thereof begun and held
~ A. alerre, the capital, on January 9th, A. d.
1908, and concluded on March 9th, A, d. 1908
proposed the Following amendment to the con.
stitution of the state, viz:
"A Joint Resolution proposing and agreeing
70 an amendment to Section IL of Article s OF
the constitution of the State of South Dakota
ana submitting such amendment toa vote of the
Be It Resolved by the House of Representatives
ofthe Legislature of the State of South Dako-
ga. the Senate cOncurring:
.,,s,ls Ihat Section II OF Article of the COnsti-
tuition or the state of South Dakota be amend
ed SO as to read as follows:
Sill The moneys of the permanent school and
oCner educational funds shall be invested only in
nESt mortgages upon good improved farm lands
within this state, as hereinafter provided. or in
ponds OF school corporations within this state
or In bonds OF the United States or of the State
to 1 n09tn Dakota OF OF any organized county,
The legislature shall provide by law the method
OF determining the amounts OF said funds, which
snail De 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
70 time be designated for investment in farm
mortgages and in the bonds of school corpora
IONS, or In bonds of organized counties, town
ships or incorporated cities within this state
snail TOT such purpose be divided among the or
ganlZeu 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-
clpal and interest OF all such moneys received
Dy 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 couIi-
w snail make the same good out of its common
revenue. Counties shall invest said money in
ponds or school corporations, counties, town
snip or cities, or in first mortgages upon good
improved farm lands within their limits respect
Nely, The amount of each loan shall not ex-
ceeu One-Cnlr0 0fthe 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
tine lanu is situated and In no case shall more
tnan hye Thousand ($5, 000) dollars be loaned to
any one person, firm or corporation and the rate
or 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; pro pSded that whenever there
are moneys OF said fund N any county amount
Ing to one thOusanddollars that cannot be loaned
according TO the provisions of this section and
any law pursuant, thereto, the said sum may be
reCurnedto the state treasurer to be entrusted
TO some other county or counties, or otherwise
invested under the provisions of this section.
Eacn county shall semi-annuSlly, on the first
Gay OF January and July render an account of
the condition OF the funds intrusted to it 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
tnat counties may retain from interest collected
IN excess OF five per centum per annum upon all
SAID funds lntluSted 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
az the rate provided by law for such loans, ex-
cepL only said one per centum, and in no case
snail the interest, so to be paid be less than five
per centum per annum.
The legislature shall provide by law for the
SaIe 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
So. That the foregoing proposed amendment
is hereby agreed to and is hereby submitted to
vote of the electors of the state, at the next
general election, for their approval"
Inc above proposed Amendment will be voted
upon by the people at the gener election to be
Vember, A. ID. 1904.
The proposed amendment will be printed upon
the ballot followed by the words:
1 - Shall the above amendment
v1,c to the constitution in relation
NS to the Investment of School and
| other Educational funds be APP
- - proved and raLiied."
Immediately - the left of
1 No which ST all be printed the
1 NO words Eyes" and "No" each
preceded by square In which
----------- - the elcctor can place a
cross TO indicate his VOTE Electors desiring to
vote 'YeS'' will place a cross before the word
- Yes" and those desiring to vote mo" will
place cross before the word NO..
Dated at, Pierre, the. capital, this 18th day of
O.C. BERG,
Secretary of State.