Minneapolis spokesman. [volume] (Minneapolis, Minn.) 1934-2000, 1942-10-09

IT village of this state and in first
mortgage loans secured upon i'm
proved and cultivated farm lands
Of this state, but no such invest
ment or loan shall be made until
approved by the hoard of commits
sioners designated by law to regu-
late the investment of the perma-
nent school fund and the perma-
nent university fund of this state;
nor shall such loan or investment
be made when the bonds to be
issued or purchased would make
the entire bonded Indebtedness
exceed Is per cent OF the assessed
valuation of the taxable property
Of the county, school district, city,
town, or village issuing such
bonds; nor shall any such farm
loan or investment be made when
such investment or loan would ex-
coed 30 per cent of the actual cash
value of the farm land mortgaged
to secure said investment; nor
shall such investments or loans be
made at a lower rate of interest
nor for shorter period than one
year nor for a longer period than
30 years and no change of the
town, school district, city, village,
or county lines shall relieve the
real property in such town, school
district, county, village or city in
this state, at the time Of issuing
such bonds from any liability for
taxation to pay such bonds"
PURPOSE AND EFFECT
The purpose and effect Of this pro.
,oSed amendment Is to reduce the rate
II Interest at which certain OF the
itate's permanent trust funds may be
oaned to, or Invested In the bonds OF
my county city, village, town, or
ichool district In the state from three
Der cent per annum to two per cent
Der annum; also to reduce the mini.
mum term for which such loans ano
Investments may be made from five
years to one year, and also to Include
the swamp land fund among the
states trust funds which may be so
oaned and Invested.
PROPOSED AMENDMENT
NUMBER 2
By the enactment of Laws 1871,
hapter 555, the legislature proposed
n amendment to Section 36 Of Article
" of the constitution, and required
IS proposal to he stated on the ballot
hus:
Shall Article ~, Section SO, of
the constitution be amended so as
to simplify and reduce the expense
Of publishing amendments to nome
lNlC CIlelA VI SlIlGS anu VIZ
lages?"
The part of the section in which
hange Is proposed now reads as fol
WS:
:" ." Such charter so deposited
may be amended by proposal
therefor made by a board of fif-
teen commissioners aforesaid, pub
ished for at least thirty days in
three newspapers of general cir
culation in such city or village,
and accepted by three-fifths of the
qualified voters of such city OF
village voting at the next election
and not otherwise; but such
charter shall always be in har-
mony with and subject to the con-
stitution and laws of the state of
Minnesota. ."
II amended as proposed by the legis
tture, the same part of this section
i'll read:
-" /" . Such charter so deposited
may be amended by proposal
therefor made by a board of if
teen commissioners aforesaid, pub
Iished for at least once each week
for four successive weeks in q
legal newspaper of general circu.
lation in such city or village, and
accepted by three-fifths of the
qualified voters of such city or viii
age voting at the next election
and not otherwise; but such char
ter shall always he in harmony
with and subject to the constitu-
ton and laws of the state of Min
ueSota. o"
PURPOSE AND EFFECT
The purpose and eiteCt OF the pro
y5eu amendment is to require publ.
ltion OF amendments to home rule
narteTs once each week for four a.
.ICCessIVe weeks IN d legal newspaper
# general Circulation in such city or
yili~Ce L.Stcau OF CuGIcation in three
49, ne"spaJ -r5 OF GenGraI circulation
IN such cry O. village ToT at least thlr-
~ &c o5Vs as row required.
There are many cities and villages
which do nor have three local news
papers. In such cases, under the pres
ent provision, publication must be
made in newspapers printed elsewhere
and circulating locally. II the pro-
posed amendment is adopted, puolica-
ton will be required In only ore ~
qualified newspaper four (4) times
thereby reducing the difficulty anc
expense of amending home rule char
tiers.
Very truly yours,
j, A. A. 8URNQUIST,
Attorney General.