Minneapolis spokesman. [volume] (Minneapolis, Minn.) 1934-2000, 1942-10-02
]. A. A. BURNQUIST
Attorney General
st. Paul, Minnesota
= January 20, 1912
Honorable Mike Holm
Secretary of State
State Capitol
st. Paul, Minnesota

N~~4~N~Ay "a OboNS
State Capitol
st. Paul, Minnesota
Dear Sir:
In compliance with the provisions O
the 1941 Supplement to Mason's Min
nesota Statutes of 1927, Section 46,
make this statement of the purpos
and effect of the amendments pro
posed to the constitution of Minnesota
TO be voted on at the November 3
1912 general election in accordanc
with Laws 1871. Chapters Ill and 555
PROPOSED AMENDMENT
NUMBER
By the enactment of Laws 1914
Chapter III, the legislature has pro
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-
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-
coed 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
30 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 8
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
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 lower rate of interest
than two per cent per annum,
nor for a 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.
% 4. l.
PURPOSE AND EFFECT
fhe purpose and effect Of this pro
lsed amendment Is to reduce the rate
{ interest at which certain Of thu
tate's permanent trust funds may be
1aned to, or invested In the bonds OF
ny county, city, village, town, or
chooI district In the state from three
er cent per annun to two per cent
er annum; also to reduce the mini.
1um term for which such loans anu
may be made from five
ears TO one year, and also to Include
he swamp land fund among the
tate's trust funds which may be &C
oaned and Invested.
PROPOSED AMENDMENT
NUMBER 2
By the enactment of Laws 1871,
HAPPIER 555, the legislature proposed
n amendment to Section 36 OF Article
V of the constitution, and required
IS proposal to be 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
rule charters of cities and VII
lages?"
The yoark ~ Tho aaotIax a., ,,,h,nh
hange is proposed now reads as fol
'ws:
-" ." Such charter so deposited
may be amended by proposal
therefor made by a board of if
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 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-
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:
odCAl 81 uGpOSllSu
may be amended by proposal
therefor made by a board of fif-
teen commissioners aforesaid, pub
lished 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
lage voting at the next election
and not otherwise; but such char
ter shall always be 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 pro
'osed amendment 10 to require pubII-
alton OF amendments to home rule
harters once each week for four az
uecessIVe weeks In a legal newspaper
{ general circulation In such city OF
lliage Instead of publication In three
- newspapers OF general circulation