Minneapolis spokesman. [volume] (Minneapolis, Minn.) 1934-2000, 1950-10-20

schools within each township o.
thls State shaft remain O perpetual
school fund to the State: and not
more than one third "a Of SAID
lands may 0s sold IN two az TsarS,
one third "a In I'VE (sl VssrS, and
ere third ga In ten (tol years! but
the lands Of the greatest valuation
shall % solo arst; provided. that
ne portion Of said lands GhaIt DO
sold otherwise than az public safe.
The principal OF al funds arising
from sales or other DISPOSITION o.
lands Or other property. GRANTED or
entrusted TO this state In each
township for sdueationAI purposes,
shall forever be preserved inSioiSts
and undlmlnishsd; and the income
arteino from the lease or sale Of
said school land shall De distributsd
TO the different townships through.
cut the State, IN proportion 20 the
number o. scholars In each town
ship, between the ages Of i've ara
twenty ore years; and shall be
faithfully applied 10 the specific OBJ.
lsets o. the original grants or ap.
"a revolving fund Of not over
two hundred hftI thousand dollars
$3.50 ,oool may be Get apart from
the fund derived from the sale OF
school and swamp lands. to be used
~ constructing roads, bitches and
hre breaks IN, through and around
unsold school and swamp lands and
IN Clearing such lands. such fund
to be repisnIshed az long as needed
from the enhanced value realized
fted.
Suitable laws snail be enacted
by the legislature for the safe in.
vsstment o. the principal Of an
funds which have heretofore arisen
or which may hereafter arise from
the sale or other disposition OF such
lands, or the Income from such
lands aeeruinp IN any way before
the sale or disposition thereof. In
Interest bearing b o n ds OF the
United states, or Of the state Of
Minnesota, Issued AFTER the year
one Thousand SSsso, eight sunSrsd ard
a. the legislature may. by law.
from time 10 time direct.
"All 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.
nsr and by the same othee-S. and
the minimum price shalt be the
same less one. third 90. as 10 pro.
Vided by law for the appralsen,ent
and sale Of the school lands under
the provisions OF title one ~ Of
chapter thirty eight 1897 OF the
General Statutes. The prime pal Of
all funds derived from sales Of
swamp lands. as Aforesaid. shall
forever be preserves inviolate ard
undtTinishsd. one. haf tIz) Of the
proceeds Of said principal shah be
appropriated to the common school
fund Of the state. The remaining
ons.hAH 90 shall be appropriated
TO the educational and charitable
institutions Of the state In the reia.
tive ratio o. cost to support said
Institutions"
The purpose Of the proposed amend
nent Is to eliminate the present Aoov,
'e.erred to revolving fund provided 70
IN said Article VIII, Section 2: to re
move the present restrictions whicl
would require entire proceeds Of tn
,ale Of state trust lands to remain per
petual trust funds; to authorize the de
iuCtiOn Of a reasonAb le cost OF admin
strhtlOn, conservation, and develop
nent from the proceeds OF the use. sale
Dr other disposition OF lands and pro
vide that such proceeds less sucl
deduction shall constitute net pro
,eeds' to set aside as perpetual trus
'unds 1856 Of such net proceeds. to Is
.ablish q new revolving fund to b,
Known as the forestry revolving funt
~ paying into that fund Is % Of SUE
net proceeds. and to permit the cos
u administration OF the Income from
he principal to he deducted before tn,
Of such income.
The effect Of the adoption Of the pro
posed amendment would be the fol
owing:
~ Deductions from principal OF rea
,onable cost Of administration. couser
'atlOn and development. and from In
'ome from principal. Of cost OF admin
stration would be authorized.
(2D SeVenty-nys per cent OF the ne
proceeds from the sale or other dispo
Iltion Of lands belonging TO the foul
unds referred to, would remain as per
DetuAl trust funds. The other twenty
I've per cent Of such net proceeds WoulC
~ paid into q newly created forestrI
evolving fund, The principal therein
md the interest theTefrom would b,
lsed TO promote q forestry manage
nent and production program and q
'ehabilitats cut-over timber areas IL
Iuch manner a. the legislature mai
provide.
(S) The principal Of each Of the fou
unds heTeInbefOre referred to could b.
Invested in bonds Of the United States
he State Of Minnesota and Its politica
and bonds Of other stAtei
" may be provided by law.
90 The Income from investment o
he principal In the funds hereinbefoF'
administration would be appOrtloned Al
Ollows: From the school fund. 10 The
public schools from the university
und, To the University OF Minnesota
rom the swamp land fund, one. hal
% the public schools and one half 4
he charitable and educa tiOnal tnstltu
ions OF the state; and. from the inter.
1al Improvement fund. as provided b.
AW.
Very truly yourn.
IAAB-sm J. A. A. BURSQUIST.
Attorney Gsnera
Ianorah la Nil. uol.. I,.z.a taas