Minneapolis spokesman. [volume] (Minneapolis, Minn.) 1934-2000, 1950-10-06

schools within each townenlo az
thls state shall Fsna q perpetuaI
school fund TO the State; and not
more than one third "a Of SAID
lands may be sold IN two f2D years,
one third (bsD IN I'VE ~ VeSrs, and
ons third "a IN ten CtoD years; but
tire lands Of the greatest valuation
snan % sold FIRST; provided. that
soid otherwise than a. public sale.
me principal o. sI funds arisina
from sales or other disposition of
lance Or other property. GRANTED or
entrusted to this stats In each
township for educational purposes,
snail forever be preserved inViol ate
and undInrinishsdI and the Income
arising from the lease or sale Of
said school land shall be distributed
TO the dlnsrent townships through.
out the state, In proportion 10 the
number OF scholars In each town.
snip, between the spss OF 1--WE ard
twenty .ons years. and shah be
faithfully applied 70 the SPECIFIC OBJ
leets o. the original grants or sp
"A revolving fund Of not over
two hundred hfty thousand dollars
$3.50 .oooD may be set apart from
the fund derived from the sale o.
school and swamp lands. TO be used
~ constructing roads, bitches and
hre breaks IN, through ard around
unsoid school and swamp lands and
IN clearing such lands. such fund
to be repIsnlshed 80 long as needed
from the enhanced VaIus realized
flied.
Suitable laws shaII BE- enacted
BY the legislature for the safe In.
.sstment o. the principal Of al
FUNDS which have heretofore arisen
o. which may hereafter arise from
the sale or other disposition Of such
lands, or the income from such
lAnds aecruinp In any way before
the sale or disposition thereof. In
interest bearing b d Of the
United states, or Of the state Of
Minnesota. Issued after the year
one thousand eight hundred and
sixty. ts6o), or Of such other state
as the legislature may, BY law,
from time TO time direct.
IAN swamp lands now held by
the state. or that may hereafter
accrue 20 the State. shall be 40.
praised and sold In the same man.
ner and by the same offieers. and
the minimum price shall be the
same Tess one third 20, as 10 pro.
Vided BY law for the appraisenent
and sale Of the school lands under
the provisions Of title enc ~ Of
chapter thirty eight 1881 OF the
General Statutes. The principal Of
all funds derived from sales OF
swamp lands. as aforesaid, shall
forever be preserved inVioIste ard
undIminishsd. One. hAn Cial OF the
proceeds OF sad principal shan be
appropriated to the common school
fund Of the state The remaining
one-haH On shalt be appropriat
TO the educational and charitable
institutions Of the state In the rela.
tive ratio o. cost TO support said
Institutions"
The purpose Of the proposed amend
nent Is to eliminate the present above
Cferred TO revolving fund provided foi
n said Article VIII, Section 2. to re
move the present restrictions which
would require entire proceeds OF Tho
ale Of state trust lands to remain per,
'stuhi trust funds; to authorize the de
IuCtiun Of reasonable cost Of admin
stration. conservation, and develop,
nent from the proceeds Of the use. sale
Y other disposition Of lands and pro
Tide that such proceeds less such
deduction shall constitute met pro,
eeds" to set aside as perpetual trus
unds 75fe Of such net proceeds, to IS
ahlsh a new revolving fund TO b,
Inown rs the forestry revolving fund
" paying into that fund 25eo Of sue
4 administration OF the income from
he principal to he deducted before the
distribution OF such income.
The effect Of the adoption OF the pro,
owing
~ Deductions from principal of rea
Ionable cost OF administration, cOnser'
'ation aud development. and from In.
ONE from principal. Of cost OF admin
stratiUn would be authorized
t2b Seventy-five per cent Of the mel
proceeds from the sale or other dISpo.
iltion Of lands belonging TO the fouI
unds referred to, would remain a. per
sotual trust funds The other twenty,
I've per cent Of such net proceeds woulC
~ paid into q newly created forestry
evolving fund. The principal therein
md the interest therefrom would b,
lscd to promote q forestry manage
nent and production program and q
cha bilitate cut-oyeF timber areas II
uch manner as tho legislature MAJ
provide.
i5) The principal Of each Of the Ioul
undA hereInbefore referred to could ID
invested In bonds OF the United States
he State OF Minnesota and its politICa
IubdlViEions, and bonds Of other stateI
u may he provided by law.
go The Income from investment o.
he prime ipal In the funds heTeinbef for,
'eferred 70, after deductIng the cost o.
would no apportiOned Al
olluws; From the school fund, to thu
public schools. from the university
und. to the University Of Minnesota
rom the swamp land fund. one hal
% the public schools and one han Il
he charitable and educa tiOnal institu
ions OF the state. and. from the inter.
nal impToN ement fund. as provided b.
aw,
Very truly yours,
lAAB-Sm J, A. A. RURNQUlST,
Attorney Genera
honorable Mike Holm June . 1884