OCR Text |
Show School Board Favors Proposed Amendment At its last meeting the Preston Board of Education endorsed Senate Sen-ate Joint Resolution No. 5, which is to be voted on in the general election. The resolution is a proposed pro-posed constitutional amendment which would prohibit the investment invest-ment of slate endowment fund money in farm loans. Such money would have to be invested in "United "Uni-ted States, county, city, village or school districts bonds or state warrants." war-rants." This recommendation is made in view of the fact that 54 per cent of the farm loans now outstanding out-standing are paying no interest, and many such loans have had to be foreclosed. Apparently many of the loans were "political" in character, char-acter, and were made to investors in land rather than to bona fide farmqrs. G. L. Jenkins, State Commission, er of Public Investments, says that these bad loans are costing the tax payers of Idaho more than $140,000 annualy. Furthermore, if the practice prac-tice continues the endowment fund of the state, now totaling $1S,000,-000.00 $1S,000,-000.00 will be frittered away. The school board has asked each of the political parties to provide for a short presentation on this at their nnxt rally. Citizens should inform in-form themselves and be prepared to cast an Intelligent ballot on the proposel amendment. |