Section 32b. Internal Improvement Lands -- Investment of Proceeds in Bonds
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Internal Improvement Lands; Investment of Proceeds in Bonds
All lands donated to the State of Minnesota for the purpose of internal improvement, under the eighth section of the act of Congress, approved September fourth, eighteen hundred and forty-one, being "An act to appropriate the proceeds of the sale of the public lands, and to grant pre-emption rights." shall be appraised and sold, in the same manner and by the same officers, and the minimum price shall be the same as is provided by law for the appraisement and sale of the school lands, under the provisions of title one (1), chapter thirty-eight, of the General Statutes, except the modifications hereinafter mentioned. All moneys derived from the sales of said lands shall be invested in the bonds of the United States, or of the States of Minnesota issued since 1860; and the moneys so invested shall constitute the Internal Improvement Land Fund of the State. All moneys received by the county treasurer under the provisions of title one (1), chapter thirty-eight (38), aforesaid, derived from the sale of internal improvement lands, shall be held at all times subject to the order and direction of the state treasurer, for the benefit of the fund to which it belongs; and on the fifteenth day of June in each year, and at such other times as he may be requested so to do by the state treasurer, he shall pay over to the said state treasurer all moneys received on account of such fund.
The bonds purchased in accordance with this amendment shall be transferable only upon the order of the governor, and on each bond shall be written "Minnesota Internal Improvement Land Fund of the State, transferable only on the order of the governor."
Principal not to be reduced. The principal sum from all sales of internal improvement lands shall not be reduced by any charges or costs of officers, by fees, or by any other means whatever; and section fifty (50), of title one (1), chapter thirty-eight (38), of the General Statutes, shall not be applicable to the provisions of this amendment, and wherever the words "school lands" are used in said title, it shall read as applicable to this amendment, "Internal Improvement Lands."
Appropriations therefrom to be voted upon before valid. The force of this amendment shall be to authorize the sale of the internal improvement lands, without further legislative enactment.
Internal Improvement Lands -- Investment of Proceeds in Bonds
All lands donated to the state of Minnesota for the purpose of internal improvement, under the eighth section of the act of congress, approved September fourth, eighteen hundred and forty-one, being "an act to appropriate the proceeds of the sales of the public lands, and to grant preemption rights," shall be appraised and sold, in the same manner and by the same officers, and the minimum price shall be the same as is provided by law for the appraisement and sale of the school lands, under the provisions of title one (1), of chapter thirty-eight (38), of the general statutes, except the modifications hereinafter mentioned. All moneys derived from the sales of the said lands shall be invested in the bonds of the United States, or of the state of Minnesota, issued since 1860, and the moneys so invested shall constitute the internal improvement land fund of the state. All moneys received by the county treasurer under the provisions of title one (1), chapter thirty-eight aforesaid, derived from the sale of the internal improvement lands, shall be held at all times subject to the order and direction of the state treasurer, for the benefit of the fund to which it belongs, and on the fifteenth day of June in each year, and at such other times as he may be requested so to do by the state treasurer, he shall pay over to the said state treasurer, all moneys received on account of such fund.
The bonds purchased in accordance with this amendment shall be transferable only upon the order of the governor, and on each bond shall be written, "Minnesota internal improvement land fund of the state, transferable only on the order of the governor."
The principal sum from all sales of internal improvement lands, shall not be reduced by any charges or costs of officers, by fees, or by any other means whatever; and section fifty (50), of title one (1), of chapter thirty-eight (38), of the general statutes, shall not be applicable to the provisions of this amendment, and wherever the words "school lands," arc used in said title, it shall read as applicable to this amendment, "internal improvement lands."
The moneys belonging to the internal improvement land fund shall not be appropriated for any purpose whatever until the enactment for that purpose shall have been approved by a majority of the electors of the state, voting at the annual general election following the passage of the act.
The force of this amendment shall be to authorize the sale of the internal improvement lands, without further legislative enactment.