Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-10-17
PROPOSED CONSHTU.
T|ONAL AMENDMENT
TO Be VOTED ON At GENERAL ELECTION
OF 1916.

No. 17.-Assembly Joint and Concur
rent Resolution. relative to amend
ing section three of article eleven oi
the Constitution of the State of Ne
vada. permitting investment Oi
permanent school fund in bonds OF
Nevada counties or farm loans.)
proposed and passed at the Tween,
ty-SiNth Session OF the Legislature
March 26. 1912. Statutes of 1913. page
591, agreed To and passed at the
REIMBURSEMENT Session Of the LegiS
iaturc. February :. 1915. Statutes ot
1915. page 5l3, and subject to ratifica.
ton by the people at the general cleo
ton of 1850
Resolved by the Assembly. the SEN
ate concurring, That section three OF
article eleven of the constitution of the
State of Nevada he amended to read
as follows:
Section .. All lands, including the
sixteenth and thirty.siXth sections i'll
any township donated for the benefit
of public schools in the act of the
Thirty-eighh Congress, TO enable the
people of Nevada Territory TO form
state government. the thirty thousand
acres of public lands granted by an
act OF Congress. approved July second.
4. D., eighteen hundred and siXty.two.
for each senator and representative in
NJ Of L..
that have been or may hereafter be
granted or appropriated by the United
States 10 this state, and also the five
hundred thousand acres OF land grant
ed to the new states under the act of
Congress distributing the proceeds of
the public lands among the several
states of the Union. approved a ID.
eighteen hundred and forty-onc: pro.
vided. that Congress make provision,
for or authorize such diversion TO Ne
made for the purpose herein con.
tanned; all estates that may Cschcat
10 the state; all of such per Ccntum a.
may be granted by Congress on tho
sale of lands: all fines collected under
the penal laws Of the state. all proper
~ given or beuueat."d 10 the state
for educational purposes. and all pro
cc"ds derived from any or all ri said
sources, shall be and the same arc
hereby solemnly pledged for educati ion.
al purposes. and shall not be trans.
ferred TO any other funds for other
uses; and the interest thereon shall.
from time To time. bc apportiOned
among the several counties as the
Legislature may provide by law: ana
the Legislature shall provide for the
sale Of floating land warrants to cover
the aforesaid lands. and for The invest.
ment of all proceeds derived from any
United States bonds. or the bonds OF
this state, or the bonds of other states
of the Union, or the bonds OF any
county in the State of Nevada: or i'm
loans at rate of interest of not less
than six per cent per annum. secured
by mortgage on agricultural lands In
this state Of not less than three times
the value OF the amount loaned, eXCIu-
sive of pcrishablc improvements. Of un.
exceptional title and fire" from all en-.
cumbrances. said loans 10 be under
such further restrictions ana rceula.
lions as may be provided by law: pro.
vidcd. that the interest only of the
aforesaid proceeds shall be used for
educational purposes and any surplus
interest shall be added to the principal
sum: and provided further. that such
portion Of said interest AZ may be
necessary may be- appropriated for the
support of the state university.