PURPOSE: The purpose of this
amendment Is to permit the permanent
school and university funds of this
State to be Invested In first mortgage
loans upon Improved and cultivated
farm lands of the State. This amend
ment would change Section 6 of Article
8 of the Constitution, which now reads
as follows:
"Sec. 0. The permanent school and
university fund of this state may be
Invested In the bonds of any county
school district, city, town or village of
this state, but no such investment shall
be made, until approved by the board
of commissioners designated by law to
regulate the investment of the perma
nent school fund and the permanent
university fund of this state nor shall
such loan or investment be made when
the bonds to be issued or purchased
would make the entire bonded indebt
edness exceed fifteen (15) per cent of
the assessed valuation of the taxable
real property of the county, school dis
trict, city, town or village issuing such
bonds nor shall such loans or indebt
edness be made at a lower rate of in
terest than three (3) per cent per an
num, nor for a shorter period than five
(5) years, nor for a longer period than
twenty (20) years, and no change of
the town, school district, city, village
or of county lines shall relieve the real
property in such town, school district,
county, village or city in this state at
the time of the issuing of such bonds
from any liability for taxation to pay
such bonds."
and substitute therefor the following!
"Section 8. 