The Carbon County chronicle., 1924-10-01

Surance on any properly constituting
security for its loans.
Section 0. (of Article 2l). The leg
islative Assembly may provide other
and additional ways and means for
beginning or increasing any of the
funds created or authorized by this
Article.
Section 10. (of Article 2l). 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-
lative Assembly, when requested to do
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. (of Article 2il. The
State shall be entitled to receive as
compensation for the administration
# all the funds administered under
this act one twentieth l-20) of all
the 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 (1-20) Of all
the interest collected during the year,
the year, which losses shall be deduct
ed from the one twentieth constituting
the compensation of the State. The
balance of the interest collected shall
be 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 lst of that
year, based on the total thereof on
that 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
out during the ensuing month of Jan
uary, as far as practicable,
Section IL. (of Article 2l). 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 Mill
lion Dollars ($l000,000.00). There
after only one twentieth of the an
nual net earnings shall be added to
the fund itself, and the remaining
nineteen twentieths of the net earn
ings shall be usd for the general ex-
penses of the State.
Section 13. Tor Article 21). All
the net earrings accruing to the State
Permanent School Fund shall annual
/ ly be added thereto until it has reach
ed the sum of Five Hundred Million
Dollars ($500,000, ,00000) Thereafter
only one twentieth of the annual net
earnings shall be added to the fund
Itself, and the remaining ninteen TWEEN
tieths shall annually be apportioned
to the school districts Of the State on
the basis of the aggregate actual
school attendance in each district dur
ing the preceding school or calendar
year by persons between the ages OF
six and eighteen years and shall be
used exclusively for educational pur.
poses, subject to such regulations and
limitations as may be prescribed by
law
Section ID. (of Article 21). All the
net earnings accruing to the Perman'
ent Revenue Fund for the University
Of Montana shall annually be added
thereto until it has reached the sum Of
One Hu1 dred Million Dollars ($l00,
/ 900 33i,.00) Thereafter only one
twentieth of the annual net earnings
shall be added to the fund itself, and th'
remaining nineteen twentieths shall bs
/ apportioned to all the educational ins.
titutions then comprising the Universe
ty of Montana, on the basis Of the ag
gregate actual attendance In each in
stitution during the preceding schoo
or calendar year, and may be used fol
all purposes properly connected will
the work of these institutions, sub
\ iect, however, to such regulations ane
limitations as may be prescribed b.
law.
Section l5. (of Article 21). When
ever the purpose for which certain
contribution was made has been ac
: coiaplished, or can no longer be ascer
! tained or followed, then the tota
amount Of such fund shall be trans
ferred to the State Permanent Schoo
. Fund and become a Permanent and in
yiolable part thereof. All contribu
tions without specified purpose shal
|. be credited to the State Permanen
, School Fund.
Section 16. (of Article 21). Shoul'
!, the time ever come when any Of tn
, three aforesaid permanent funds be
come so large that no further increas
{ is necessary or desirable, then, in sue
: case, the Legislative Assembly shal
! have power to provide for the use o
all Of the net income from such fun
/ for the purpose for which it was ere
ated, or it may use the one twentiet
! of the annual net income which was I
| be added to the fund itself for tn
) creation Of other permanent revenu
r funds, or for any other public purpos
I that it may deem wise; provided
however, that none Of the foregoin
e provisions of this section shall appl
t 10 any of these funds until it ha
. reached the specific amount fixed b
: This Article.
e Section II. (of Article 21). TIL
e Justices Of the Supreme Court Of til
s State of Montana are hereby mad