The Ely miner., 1942-10-08
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
Honorable Mike Holm
Secretary of State
To be submitted at 1912
General Election i
STATE OF MINNESOTA
LEGAL DEPARTMENT
]. A. A. BURNQUIST
Attorney General

Honorable Mike Holm
Secretary of State :
State Capitol
st. Paul. Minnesota :,
Dear Sir:
In compliance with the provisions OF
the 1S41 Supplement to Mason's Min
nesota Statutes of 1927. Section IS.
make this statement of the purpose
and effect of the amendments pro-
posed to the constitution of Minnesota
to be voted on at the November 3.
1912 general election In accordance
PROPOSED AMENDMENT
NUMBER 1
BY the enactment of Laws 1871.
III, the legislature has pro-
posed an amendment to Article =.
Section 8. 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
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-
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 ex-
ceed 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 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 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 lianility
for taxation to pay such bonds"
II amended as proposed by the leg
lows:
1.-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 ana 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
he 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-
ceed 30 per cent of the actual cash
value of the farm land mortgaged
to secure said investment; nor
shall such investments or loans he
made at a lower rate of interest
than two per cent per annum,
nor for shorter period than one
year nor for a longer period than
80 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, or
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 and
investments may be made from five
the swamp land fund among the
states trust funds which may be SO
loaned and Invested.
PROPOSED AMENDMENT
NUMBER 2
BY the enactment of Laws 1871,
Chapter 555, the legislature proposed
an amendment to Section 36 of Article
~ of the constitution, and required
it's proposal to be stated on the ballot
thus:
"Shall Article W. Section SO. OF
the constitution be amended so as
to simplify and reduce the expense
of publishing amendments 70 nome
rule charters of cities and Wiz
lages?"
The part of the section in which 9
shanOo IA nr0nOSQ6 n0w raQnS q fnl.
lows:
80" 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 three-fifth of the
qualified voters of such city or
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 iegis.
lature. the same part of this sectior
will read:
''s - Such charter so deposited
may be amended by proposal
therefOr MADE Oy q board OF nf-
teen commissioners aforesaid. pub
lished for at least once each week
for four successive weeks In @
legal newspaper of general circu-
lation in such city or village, and
accepted by three-fifths of the
qualified voters of such city or vil-
lage voting at the next election
and not otherwise; but such char
ter shall always be in harmony
with and subject TO the constitu-
tion and laws of the state of Min
nesota. ."
PURPOSE AND EFFECT
The purpose and effect of the pro
posed amendment Is to require publ
cation of amendments to home rul
charters once each week for four ~
successive weeks in a legal newspape
of general circulation In such city o
village instead of publication In thre'
(3) newspapers of general circulation
In such city or village for at least thlr
ty 1907 days as now required.
There are many cities and village
which do not have three local news
papers. In such cases, under the pres
ent provision, publication must b
made In newspapers printed eisewher'
and circulating locally. u the pro
posed amendment Is adopted, pubtica
tIon will be required In only ore q
qualified newspaper four (41 times
thereby reducing the difficulty an
expense Of amending home rule char
ters.
uasv <rs,i,x vaura