§ 1.   School and governmental bonds--Farm loans. The several counties of the state shall invest the moneys of the permanent school and endowment funds in bonds of school corporations, state, county and municipal bonds or in first mortgages upon good improved farm lands within their limits respectively, under such regulations as the Legislature may provide, but no farm loan shall exceed one thousand dollars to any one person, firm or corporation.

History: Section proposed by SL 1899, ch 63, adopted Nov., 1900.