The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-08-27

specifically recite such full liability
The State may itself provide for in,
;uranee on any property constituting
iecur.ty for its loans.
Section 9. (of Article 2ll. The leg
isIative Assembly may provide Other
and additional ways and means foi
beginning or increasing any Of the
funds created or authorized by this
Article.
Section 10. (of Article Ply. The
State of Montana shall accept for in.
vestment and administration together
with the aforesaid funds constituting
the Montana Trust and Legacy fund
but as separable parts thereof, sink
ing funds permanent funds, and cum
ulative funds belonging to the State
and its political subdivisions, and also
other funds designated by the Legis-
ative Assembly, when requested to dc
so by the authorities having the care
and custody of such funds. All such
funds and the accrued interest, less the
State compensation hereinafter fixed
shall be repaid when due. The pro-
visions of this section shall not apply
70 the Public School Funds of The
State, which school fund shall be ad-
ministered separately as already pre-
scribed by the constitution.
Section IL. tof Article 2l). The
State shall be entitled to receive as
compensation for the administration
all the funds administered under
his act one twentieth (i-20) of all
he interest collected thereon each
year. On the last day of December
of each year, the State Treasurer
shall transfer to the State Geneal
fund such one twentieth (l-20) of all
he interest collected during the year,
ess all the losses ascertained during
he year, which losses shall be deduct
I'd from the one twentieth constituting
the compensation Of the State. The
balance of the interest collected shall
De the net earnings and shall be cred
tied pro rata to each and every fund
constituting the Montana Trust and
Legacy Fund that was in the keeping
Of the State on January LIST of that
year, based on the total thereof on
hat date, and shall be added to each
such fund, or held available for the
beneficiaries as the case may be
sums due beneficiaries shall be paid
nut during the ensuing month Of Jan
uary, as far as practicable.
Section II. (of Article 2i). All the
net earnings accruIng to the State
permanent Revenue Fund shall an
nually be added thereto until it has
reached the sum of One Hundred Mil
lion Dollars $4,000, 000.00). There.
after only one twentieth Of the an
nual net earnings shall be added tC
he fund itself, and the remaining
nineteen twentieths Of the net earn.
ings shall be usd for the general ex'
penses of the State.
Section -. Tor Article 2l). AL
he net earrings accruing to the STATE
Permanent School Fund shall annual
| Ly be added thereto until it has reach
cd the sum of Five Hundred Million
Dollars $500, 100000 Thereafte
only one twentieth of the annual ne
earnings shall be added to the fun'
tself, and the remaining ninteen TWEEN
rieths shall annually be apportionel
TO the school districts of the State OF
The basis of the aggregate aetua
school attendance in each district dur
ing the preceding school or calcnda
year by persons between the ages 0
six and eighteen years and shall b
used exclusively for educational pur
poses. subject to such regulations ant
| limitations as may be prescribed b
law.
Section ID. (of Article 2l). All tn
net earnings accruing to the Perman
mt Revenue Fund for the Universit
Of Montana shall annually be adde
thereto until it has reached the sum Q
One Hundred Million Dollars ($l00
| 300 ,000.00). Thereafter only on
twentieth Of the annual net earning
shall be added to the fund itself, and tn
remaining nineteen twentieths shall b
apportioned to all the educational inf
situtions then comprising the Univers
Nv of Montana, on the basis Of the ae
! gregate actual attendance IN each u
/ stitution during the preceding scho'
or calendar year, and may be used K
Ill purposes properly connected wit
the work Of these institutions, sui
! Get, however, to such regulations ar
limitations as may be prescribed }
/ law
Section Is. (of Article 2l). Whel
I ayer the purpose for which q certal
: contribution was made has been a
r complished, or can no longer be asce
E sained or followed, then the tot
: amount of such fund shall be tran
$ ferred to the State Permanent Scho
e Fund and become Permanent and /
: giolable part thereof. All contrib
|, lions without specified purpose shf
z be credited to the State Permane
e School Fund.
G Section 16. (of Article 2l). Shou
& The time ever come when any OF 7
0 three aforesaid permanent funds b
i come so large that no further increa
f IL necessary or desirable, then, IN su
r ,ase, the Legislative Assembly shl
e have power to provide for the use
t. III Of the net income from such fu
n for the purpose for which it was CT
) Ated, or it may use the one twentle
a If the annual net income which was
II ,e added to the fund itself for
IS creation Of other permanent reven
Or FUNDS, or for any other public purpC
ut that it may deem wise; provid
ID however, that none Of the foregoi
1e 3rovisions of this section shall apl
ct any Of these funds until It
en- reached the specific amount fixed
n his Article.
lie Section IL, (of Article III.