The Cook County news-herald. [volume] (Grand Marais, Cook County, Minn.) 1909-current, 1916-10-25
PROPOSED AMENDMENT NO. 2.

PROPOSED AMENDMENT NO. 2.
BY Chapter $50, Laws 1915, the legis-
azure proposed for adoption by the
electors, an amendment of Section Six
90, Of Article Eight go of the Con-
stitution
Section Six as it now stands reads
- ~S e + g l. 8; z,7 1NyE sTMENT OF
may be invested in the bonds Of any
county, school district, city, town or
VILLAGE Of this state, but no such in,
by the board Of commissionerss p desig-
mated BY law to regulate the invest
ment OF the permanent school fund and
the permanent university fund of this
state; nor shall such loan or invest
ment be made when the bonds to be
issued or purchased would make the
entire bonded Indebtedness exceed fif-
teen per cent of the assessed valuation
county, school district, city, town or
village Issuing such bonds; nor shall
a lower rate of interest than three per
cent per annum, nor for a shorter pc
rlod than hVe years, nor for a longer
cSan%a th M 1T twenty years, and no
city, village or of county lines shall
relieve the real property In such town.
S SC t%; district. county, village or city
Of such bonds from any liability for
taxation to pay such bonds
If the proposed amendment is adopt
cd it Will then read as follows.
"The permanent school and uni
versity fund of this state may be
i IN sthdd IN the bonds Of any coun-
village of this state, and in first
mortgage loans secured upon i'm
proved and cultivated farm lands
or this state. But no such invest
ment OF. loan shall be made until
approved by the board of commits
sioners designated by law to regu-
nent school fund and the perma-
nor shall such loan or Investment
entire bonded Indebtedness exceed
Is per. cent Of the assessed valua-
c ci1m OF the nt taXa6le property Of the
or village issuing such bonds; nor
shall any farm loan, or investment
Per be made n1e,,, when eno such Investment or
the actual cash value Of the farm
land mortgage to secure said in
vestment; nor shall such. invest
or rate Of Interest than 3 per cent
per annum, nor for a. shorter period
than Ave years, nor for longer
period period than thirty years; and no
lines shall relieve the real prop
e:ty in SUCH town, school district,
county, village or city in this state
bonds from any liability for taxa
ton to pay such bonds"
THE PURPOSE Of the amendment is
to authorize the fnveafu,ent NJ tha ner.
manent school and university funds in
'hrst mortgage loans secured upon i'm
proved and cultivated farm lands
where the amount of the loans SO Sc
cured docs not exceed 30 per cent of
the value of the land mortgaged.
TIE EFFECT Of the adoption of the
proposed amendment will be to permit
the legislature to authorize the in
vestmcnt of the permanent school and
university funds in farm mortgages as
above stated, us we'll us in the bonds
Of any county. school district, city,
town or village of this state. Under
Section Six rs it now reads bonds cam
not be purchased unless they mature
years after purchase. If the amend
may be purchased If they mature not
less than 1--WE nor more than thirty
years after purchase.
PROPOSED AMENDMENT NO. 3.
lature proposed for adoption by the
electors an amendment OF Article Nine