Minneapolis spokesman., 1962-10-19

%
snss ss Of J s ISSUED % 5 s's the
The n ssi.Iat9f: nay By from ''''
s;P
B % PS: he :S1 S a:
s.; & I s s q &. e a:n:s s:s:: 4: ;
: M be FROM s%s of lands as shall
il 1.jPsPs
Charitable institution. Of the ssss IN Se
F'x: o ratio Of % cost to support said psttStOn s
% S:n:s at the so rate Of five
q. erection buildings shah bs
~ S Ps $ $ %
!;:T:nt loans
OF the last valuation Of the Es. estate
Of the tax to 4. s.VraI county
made the eer1ns interest Or
county levy and extend such tax upon ali the
1s5'S tS e. :sRGs
% a s the s.sus tax 80 shall al be go
sesQps principal interest shan and paid
and collected principal or
&. tS.d, Of az d
ni9s amy spn
P5Sydsd sH L; for shall law extending
interest," or any manner waving mPairng rights of the
S1sH % S sE
Section The permanent school, permanent university and
swamp land funds Of this state be loaned invested the
state and in first oEtgage loans secured improved and cult
until s
the university fund of state; loan
nS % .n. %' oHsd h e be ..
assessed valuation of the taxable property county
farm loan investment loan
orgged investment nor shall such investments
an be nor af shorter F 5so 3 Of DS than two
period than 80 years and change the school district city
village f9f sd eFSRss's It the SSsa
AMENDMENT NO. INVESTMENT OF TRUST FUNDS
FOR SCHOOLS
As Sections will read if amended
ARTICLE VIII
Sections and consolidated a section which See
Section The school fund of the state shall consist
an. @ an .Sa ssA and md es % now here
aid Land: I,1Ia than
Ts SRS
return thereon consistent with the pspstuty Of
ii: s g. . .na nd E :
States. bonds
It. .R RT S % .S2 Of s s but
chased 0 corporations dividends have been
Sies Safss
stock corporation percent Of
the voting stock corporation be owned
poraons earnings three times the
requirements outstanding bonds for FIVE consecutive
longer Immediately prior purchase
Of said fund shall be invested corporate given time
The percentages referred above shall be computed using the
price Of the stocks or bonds The the school
fund shall be perpetual and nvoae forever provided
shall not the sale Of public private
at less than the thereof fund.-
dends earned thereafter The interest dividends
the Investment thereof shall be distributed the
districts the state in proportion the number Of scholars
district between the ages Of five and years No
investment shall be made until approved by board
consisting the the state auditor the
secretary Of state and the attorney general who hereby
and directing the investment Of all state funds. n
state board Of investment shall permit
used for the underwriting direct purchase Of municipal
from the issuer his agent
Section The permanent university state may be
loaned TO invested the bonds county school district
village Of this state and "
vesment shall be until approved board Of
mssone designated BY law regulate the investment
manent school fund and the university fund Of this
shall such loan bonds
exceed ID percent Of the assessed valuation the taxable property
OF the county school district city town. village issuing
nor shall any such farm loan investment be made
value OF the farm land mogaged to said investment nor
shall such loans be made lower
two percent shorter period than
school district city village lines shall real
property IN such town. school district county village city this
state at the time Of issuing such bonds liability taxa
Article VIM, Sections T. and are rsnumbsrsd T. T. s.
g. and respectively; and old sections and repealed
AMENDMENT NO. q STATE DEBT AUTHORITY,
BUILDINGS AND OTHER PURPOSES
Present Form Of Sections
ARTICLE TX