In re State Warrants

Reese, Ch. J.

In response to the resolution presented to the supreme court by the house of representatives, in which is requested the opinion of the court upon the question, “Whether or not state warrants drawing interest are state securities un*660der article 8, section 9 of the state constitution?” we have to say : The section referred to in the interrogatory is as follows:

“All funds belonging to the state for educational purposes, the interest and income whereof only are to be used,, shall be deemed trust funds held by the state, and the state shall supply all losses thereof that may in any…