Art. IX §5 | LOSS OF PERMANENT FUND TO BECOME STATE DEBT

All losses to the permanent common school or any other state educational fund, which shall be occasioned by defalcation, mismanagement or fraud of the agents or officers controlling or managing the same, shall be audited by the proper authorities of the state. The amount so audited shall be a permanent funded debt against the state in favor of the particular fund sustaining such loss, upon which not less than six per cent annual interest shall be paid. The amount of liability so created shall not be counted as a part of the indebtedness authorized and limited elsewhere in this Constitution.

NOTES

Investment of permanent school fund: Art. 16 Section 5.

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Art. IX §5 | LOSS OF PERMANENT FUND TO BECOME STATE DEBT

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Art. IX §5 | LOSS OF PERMANENT FUND TO BECOME STATE DEBT

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