The Sauk Centre herald., 1916-10-19
Section Six as it now stands reads
as follows:

Section Six as it now stands reads
as follows:
. Section 6: INV EsTMENT OF
S c II o 0 l. FUNDS - The permanent
school and university fund of this state
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 commissioners desig-
mated by law to regulate the inyest-
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
teen per cent of the assessed valuation
of the taxable real property of the
county, school district. city. town or
such loans or Indebtedness be made at
lower rate of interest than three per
cent per annum. nor for a shorter Pc
period than twenty years, and mo
change of the town, school district,
city, village or Of. county lines shall
school district. County, pt'' village gee or city
in this state at the time of the issuing
of such bonds from any liability for
taxation to pay such bonds"
II the proposed amendment IL adopt
ed 1t will then read as follows:
Ine permanent SCnOOl ana uni.
versity fund of this state may be
invested in the bonds of any coun-
ty,, school district, city, town or
village of this state, and in first
proved and cultivated farm lands
Of this state. But no such invest
ment or loan shall be made until
sfoners designated by law to regu-
late the Investment Of the perma-
nent school fund and the perma-
univ f,rnl Nff fa tofA
nor shall such loan or investment
be made when the bonds to be is
sued or purchased would make the
Is per cent Of the assessed valua-
tion Of the taxable property Of the
county, school district, city. town
shall any farm loan. or Investment
be made when such investment or
loan would exceed 30 per cent of
the actual cash value Of the farm
vestment; nor shall such invest
ments or loans be made at low
Or rate of interest than per cent
Per ansnum, sHH nor for a shorter period
period than thirty years, and no
change of the town. school dis
line: ines shall gi r%eiisve % the the re Real op@o1y prop.
erty in such town, school district
county, village or city in this state
Sonds from % any ny liability for or taxa AKA
ton to pay such bonds"
THE PURPOSE Of the amendment is
20 authorize the investment Of the per-
manent school and university funds in
"f1rst mortgage loans secured upon i'm
proved and cultivated farm lands
where the amount of the loans 80 Sc
cured does not exceed 80 per cent Of
the value of the land mortgaged.
THE EFFECT Of the adoption of the
proposed amendment will be to permit
the legislature to authorize the in
vestment of the permanent school and
university funds in farm mortgages as
above stated, as well as in the bonds
of any county, school district. city,
town or village of this state. Under
Section Six as 1t now reads bonds can
not be purchased Enless they mature
at least five and not more than twenty
years after purchase. If the amend-
ment is adopted, bonds and mortgages
may be purchased If they mature not
less than five nor more than thirty
years after purchase.
PROPOSED AMENDMENT NO. 3.
BY Chapter 3S1, L2ws 1915, the legis-
lature proposes for adoption by the
electors, an amendment of Article Nine
l9) of the Constitution by adding
thereto a new section, which reads al
follows:
Section Il. The legislature is
law for the mining and sale OF any
iron ore or other minerals which
he tot IN So "a