such money is deposited shall furnish security to be approved as provided by law; and provided further, that such bank or banks shall pay the same rate of interest on any money so deposited therein on time certificates of deposit by the legal custodian or custodians of any such public moneys as such bank or banks pay on time certificates of deposit of private depositors, and the custodian or custodians of any such public moneys shall be authorized to deposit same under time certificates of deposit as may be provided by law. Such interest shall accrue to the fund from which it is derived.
This section was amended by a resolution adopted by the 1937 legislature, ratified by a vote of the people at the general election held on November 8, 1938, and proclaimed in effect on January 3, 1939.
Sec. 8. Profit making from public funds prohibited. The making of profit, directly or indirectly, out of state, county, city, town or school district money or other public fund, or using the same for any purpose not authorized by law, by any public officer, shall be deemed a felony, and shall be punished as provided by law.
Sec. 9. Legislature to provide for state board of equalization. The legislature shall provide by law for a state board of equalization.
This section was amended by a resolution adopted by the 1909 legislature, ratified by a vote of the people at the general election held on November 8, 1910, and proclaimed in effect on December 12, 1910.
Sec. 10. Duties of state board of equalization. The duties of the state board shall be to equalize the valuation on all property in the several counties and such other duties as may be prescribed by law.
This section was amended by a resolution adopted by the 1985 legislature, ratified by a vote of the people at the general election held on November 4, 1986, and proclaimed in effect on November 18, 1986.
Sec. 11. Uniformity of assessment required.
(a) All property, except as in this constitution otherwise provided, shall be uniformly valued at its full value as defined by the legislature, in three (3) classes as follows:
- (i) Gross production of minerals and mine products in lieu of taxes on the land where produced;
- (ii) Property used for industrial purposes as defined by the legislature; and
- (iii) All other property, real and personal.
(b) The legislature shall prescribe the percentage of value which shall be assessed within each designated class. All taxable property shall be valued at its full value as defined by the legislature except agricultural and
