Minneapolis spokesman. [volume] (Minneapolis, Minn.) 1934-2000, 1942-10-16
Proposed
Amendments
to the
Constitution
Minnesota
To be submitted at 1912
General Election
STATE OF MINNESOTA
LEGAL DEPARTMENT
]. A. A. BURNQUIST
Attorney General
st. Paul, Minnesota
January 20, 1912

st. Paul, Minnesota
Dear Sir:
In compliance with the provisions OF
the 1941 Supplement to Mason's Min.
nesota Statutes of 1927. Section 46.
and effect Of the amendments pro
posed to the constitution of Minnesota
to be voted on at the November g.
1912 general election in accordance
with Laws 1871. Chapters III and 555
PROPOSED AMENDMENT
NUMBER
By the enactment of Laws l94l
III, the legislature has pro
posed an amendment to Article :
Section 6, of the constitution.
This section now reads as follows:
THE permanent school and 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
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 board of commits
sioners designated by law to regu-
late the investment Of the perma-
uSuI SCIlOOi luuu anu Tile pSELlld-
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 ex-
coed Is per cent of the assessed
valuation Of the taxable property
Of the county, school district, city.
bonds; nor shall any farm loan or
investment be made when such
investment or loan would exceed
80 per cent of the actual cash
value Of the farm land mortgage
to secure said investment, nor shall
such Investments or loans be made
at a lower rate of interest than 3
per cent per annum, nor for q
shorter period than five years, nor
for a longer period than thirty
years. and no change Of the town,
school district, city, village or Of
county lines shall relieve the real
property in such town, school
district, county, village or city in
this state at the time Of issuing
Of such bonds from any liability
for taxation to pay such bonds"
II amended as proposed by the leg
stature. this section will read as fol
ows:
THE permanent school, perma-
nent university and swamp land
funds of this state may be loaned
to or invested in the bonds of any
county, school district, city, town
or 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 80 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
than two per cent per annum
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
POSED amendment is to reduce the rate
Of Interest at which certain Of the
states permanent trust funds may be
loaned to, or Invested In the bonds OF
any county, city, village, town, OF
school district In the state from three
per cent per annum to two per cent
per annum; also to reduce the mini.
mum term for which such loans anc
Investments may be made from five
years to one year. and also to Include
the swamp land fund among the
loaned and Invested.
PROPOSED AMENDMENT
NUMBER 2
By the enactment of Laws 1871
;hapter 555, the legislature proposed
IN amendment to Section 36 OF Article
Nv Of the constitution, and required
is proposal to be stated on the ballot
thus:
"Shall Article ", Section So, of
the constitution be amended so as
to simplify and reduce the expense
Of publishing amendments to nome
rule charters of cities and vii
lagos"
The part Of the section IN which {,
hange Is proposed now reads as fol
,ws:
""S -" Such charter so deposited
may be amended by proposal
therefor made by a board Of fif.
teen commissioners aforesaid, pub
lished for at least thirty days In
three newspapers OF general, cir
culation in such city or village,
and accepted by ee-fifths of the
qualified voters of such city OF
village voting at the next election
and not otherwise: hut such
charter shall always he in har-
mony with and subject to the con-
stitutlon and laws OF the state OF
Minnesota.
II amended as proposed by the legis
ture. the same part OF this section
III read:
80 Such charter so deposited
may lie amended by proposal
therefor made by a board of If
lshed foI at least once each week
for four successive weeks in o
legal newspaper Of general circu.
ation in such city or village, and
accepted by three-fifths Of the
qualified voters of such city or VIII
lage voting at the next election
and not otherwise; hut such char
ter shall always he in harmony
with and subject to the constitu-
ton and laws of the state Of Min
nesota.
PURPOSE AND EFFECT
The purpose and effect Of the pre-
posed amendment Is to require publ
cation OF amendments to home rul
charters once each week for four u
successive weeks In a legal newspape
Of general circulation In such city 9
village Instead of publication In thre
(3) newspapers OF general eIrculatlo