St. Paul recorder. [volume] (St. Paul, Minn.) 1934-2000, 1962-10-19

the sale disposition thereof nteresbearinr bonds Of tS
one thousand eight hundred and sixty 86O such other state
by Byo the State TO- that SF Ss; A...
sSs :, t. tn: State ss r.
leg. Onehrd is provided by apprasmsnt and
SssSS I9si SFd sFsTSRa St Title S9: 81
and 'i onsR ga, Of f g:
Of the ssd The h be @ to The hS
to the ' d ; al. and charitable p;titgtio9 Of the
Section The school fund: Of the Stat.
The several counties school districts State used
made m: % bsf A Sn shall
audtor and the state treasurer who hereby constituted
han such loan sScssdRE tire. Is per cent
Tse?ns same The stat. ' .1dof .Sa al
ANNUALLY At tn: time Of certifying state ia. to
u: :eRRc district, whose Sal.
pEnsp. such loan and shall be the duty Of every
taxable property Of his county of the several school
all fifty 5c per cent in excess
] o % b d on o S of
INTO the county and state treasures in the state
interest assEuing in given shall credited
any after the making no Of ng such
provided & @ % anH b s the & herein
msnt Of any such principal interest reducing
with any snh ioaR suabf. sw E1 nos
Carrying same INTO esct O 'n'
funds S % tRe
bonds Of any county school district city town. village Of this
waited farm lands of this state shall
By regulate Investment Of the school fu1d S1d
Re Be SG sHa inh C Would
make the entire bonded exceed Is cent Of the
tct city town village issuing bonds; nor shall any such
would exceed Taue Of the farm iSnd
loans interest than two per eent per
period years change of the wear District oeES
village county lines shall relieve property such town
in
issuing any liability for taxation to pay such bond.
AMENDMENT NO 1-INvEsTMENT OF TRUST FUNDS
FOR SCHOOLS
As Sections amended
ARTICLE VIII
Sections and consolidated into section which
Section permanent state shall consist
d United township
and @ al credited to the
5 snd S ~ u a 20 % S U h InS NO pSF 10
provided 81 law All funds arising
sale d,POstiOn thereof shall be credited the
the T Of he S sP
Ss ] Il. % and on Is fixed
S the bonds the @ Of Rns.o and
SD OS. agencies other states but
chased 0 stocks corporations which cash dividends
% Sie'
stock corporation percent Of
eS ;Ss AMY SnS S @ % be ] bonds Of cor:
requirements outstanding consecutive years or
longer prior purchase but than 40
OF said fund shall invested bonds given
The percentages referred to above shall be computed the
price Of the stocks bonds The principal Of the
fund shall be perpetual nvoe provided
shall the sale Of public private
less than the thereof the fund.- however all losses
BY all gains shall be repaid the fund from the interest
dends earned thereafter The interest and dividends arising
the investment thereof shall be distributed
districts Of the state proportion to the number Of scholars
district between the Of five and
investment shall be made until approved by board Of
secretary Of state and the attorney
suted state board Of investment for the
and directing the investment Of all state funds
state board Of investment shall not permit the fund be
the underwriting municipal
from the issuer or his agent.
Section The permanent university may be
loaned invested in the bonds Of school district
town. village this and first
vesment loan shall be made until by the
mssoner designated by law regulate the
manent school fund and the university fund Of this
shall such loan investment be made when the
exceed 10 Of the valuation Of the taxable
Of the county school district city, village
bonds shall such farm loan investment be made
such investment loan would exceed 30 Of the
snail such investments loans be made lower Of
than two percent shorter period than
nor Tor longer period than 80 and change
cnool district city, village county lines shall relieve the real
state at the time Of issuing such any liability for taxa
ton to such bonds.
Article VIM, Sections g. T. and remembered e. s. g.
g. and respeetvey and old sections and repealed
AMENDMENT NO. a STATE DEBT AUTHORITY,
BUILDINGS AND OTHER PURPOSES
Present Form Of Sections