St. Paul recorder. [volume] (St. Paul, Minn.) 1934-2000, 1950-10-20

schools within each township Of
this State shall remain a perpetual
school fund 10 the State: and not
more than one. third UsD Of SAID
lands may be sold IN two ~ years,
one third tbsl In five ~ wears. and
one third 90 In ten lto) years: out
the lands Of the greatest valuation
shall be sold first; provided that
no portion OF SAID lands shall be
sold otherwise than az public sale.
The principal OF all funds arising
from sales or other disposition OF
lands or other property. granted or
entrusted TO this State IN each
township for educational purposes.
shall forever be preserved inviolate
and undtn1lnished: and the income
arising from the lease or sale OF
said school land shall be distributed
to the different townships through
out the State, IN proportion to the
number Of scholars In each town.
ship, between the ages OF five and
twenty ore years: and snail be
faithfully applied 20 the specific Oh.
Jeets Of the original grants or ap
propriations.
"A revolving fund OF not over
two hundred fifty thousand dollars
t$25O 000D may be set apart from
the fund derived from the sale OF
school and swamp lands. 70 be used
IN constructing roads, bitches and
IRE breaks in, through and around
unSold school and swamp lands and
In clearing such lands. such fund
TO be replenished as long as needed
from the enhanced value realized
from the sale OF such lands so bere-
fitted.
Suitable laws snail be enacted
by the legislature for the safe in.
vestment Of the principal OF all
funds which have heretofore arisen
or which may hereafter arise from
the sale or other dlspos ition OF such
LANDS, or the income from such
lands accruinp In any way before
the sale or disposition thereof. In
Interest bearing b is Of the
United states, or OF the State Of
Minnesota, issued after the year
one thousand eight hundred and
sixty Cs6o), or OF such other state
as the legislature may, by law.
from time TO time direct.
AN swamp lands now held by
the State. or that may hereafter
accrue to the State, shall be ap.
praised and sold In the same man.
ner and by the same Officers. and
the minimum price shall be the
same less one.third %, as is pro.
Vided by Jaw for the appraisemert
and sale OF the school lands under
the proVis ons OF title one ~ Of
NNhpANl NViIly HtlHflI 1901 OF tnt
General Statutes. The prime pal OF
all funds derived from sales OF
swamp lands, as aforesaid, shall
forever be preserved lnViolate and
undI minished. one haf Ng) OF the
proceeds Of said principal shall he
appropriated TO the common school
fund Of the State The remaining
one half q p shall be appropriated
to the educational and charitable
Institutions Of the State In the rela.
tive ratio Of cost TO support said
Institutions"
The purpose Of the proposed amend
nent is to eliminate the present auuve
'eterrci to revolving fund provided for
n said Article VII. Section .. to re.
move the present restrictions which
would require entire proceeds Of the
'aIe OF state trust lands to remain per
letuaI trust funds to authorize the de.
iuCtiOn Of reasonable cost Of admin
Stratl0n, conservation, and develop
nent from the proceeds Of the use, sale
" other disposition OF lands and pro-
,iie that such proceeds less such
deduction shall constitute net pro.
'eeds", to set aside as perpetual trust
unds 1870 Of such net proceeds to cs-
ahlish new revolving fund to be
,nOWn as the forestry revolving fund
~ paying into that fund $50 OF SUE h
ret proceeds, and to permit the cos,
- A'lAlAlAlAN'i 81 AAbll VI INT lliRll4t lltIU
he principal to be deducted before the
distribution OF such income.
The effect Of tho adoption of the pro
'osed amendment would be the FOL
owing
% Deductions from principal Of rca
onable cost OF administration. Conser-
alton and development. and from in
Ome from principal, of cost OF admin.
stratiun would be authorized.
90 Seventy five per cent OF the net
proceeds from the sale or other dispo-
tiOn OF lands belonging to the four
unds referred to. would remain as per-
'etual trust funds The other twenty
I've per cent OF such net proceeds would
70 paid into a newly created forestry
evolving fund. The principal therein
nd the interest therefTom would be
ised TO promote a forestry manage
nent and production program and TO
Cut-OVer timber areas In
UGH manner as the legislature may
'rOvide
C3) The principal Of each OF the four
unds heTeinbefOre referred to could be
invested in bonds Of the United States,
he State of Minnesota and its political
ubdlY lsiOns, and bonds OF other states
IS may be provided by law.
60 The income from investment OF
he principal In the funds hereinbefore
eferred to, after deduCting the cost OF
olows: From the school fund, TO the
'ublic schools: from the university
und, to the University Of Minnesota
rom the swamp land fund, one half
o the public schools and one half to
he charitable and educational institu-
ions OF the state. and, from the inter
lal improvement fund. as provided by
aw.
Very truly yours,
AAB-sm J. A. A. BURNQUIST,
Attorney General