The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-09-03

All long term investments shall be on ths
amortization plan. Further regulations and
limitations concerning these investments shall
be provided by law.
Section 8 (of Article 21.) Whenever the
security given for q loan 10 liable TO dam
age or destruction by fire. the insurance
company accepting the risk shall be absolute
~ liable 70 the State for the full amount
of the policy. and the policy itself shall
State may itself provide for insurance on
any property constituting security Tor us
loans.
Section 9 Cof Article 21.) The Legislative
Assembly may provide other additional ways
and means for beginning or increasing any
of the funds created or authorized By this
Article.
Section 10 (f Article 2I.) The State of
Montana shall accept for investment and ad-
ministratiOn together with the aforesaid funds
constituting the Montana Trust and Legacy
fund. but as separable parts thereof. sinking
funds. permanent funds. and cumulative
funds belonging 70 the state and its political
subdivisions. and also other funds designated
! b. the Legislative 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 COM
pensatiOn hereinafter fixed. shall be repaid
VIXEN due. The provisions OF this section shall
not apply % the Public School Funds Of The
! State. which school fund shall be admins
tered separately as already prescribed by the
constitution.
Section II (of Article 2l). The State shall
De entitled 70 receive a. compensation 1Cr
the administration Of all the funds admin
istered under this act one twentieth l-2O)
Of all the interest collected thereon each
year. On the last day OF December OF each
year, the State Treasurer shall transfer 70
the State General Fund such one twentieth
! G-20) % al; the interest collected during the
year, less all the Losses asce-taInad during
the year. which losses shall be deducted from
the one twentieth constituting the eOmpensa-
ton Of the State. The balance Of the inter
est collected shall be the net earnings and
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 70 such fund. or held available for the
beneficiaries a. the case may be. Sums due
beneficiaries shall be paid out during the en-
suing month Of January a. far as practical
bic.
Section p (of Article 2l) All the net
earnings acctued 20 the State Permanent
Revenue Fund shall annually be added
thereto until it has reached the sum
on One Hundred Million Dollars $780,
900. O00. O0D. Thereafter only one twentieth
of the annual net earnings shall be
added to the fund itself. and the remaining
nineteen twentieths Of the net earnings shall
he used for the general expenses of the state.
Section I3 (Of Article 21). Ali the net
earnings accruing TO the State Permanent
School Fund shall annually be added thereto
until IL has reached the sum Of Five Humid
red Million Dollars $500. 600. OOO.OO). There
after only one twentieth of the annual net
earnings shall be added TO the fund itself,
and the remaining nineteen twentieths shall
annually be appOrtiOned 70 the school dis
tricts Of the State on the basis Of the az
gregate actual school attendance in each dis
lrlHt dur1ng the preceding school or calendar
year by persons between the ages Of six and
eighteen years and shall be used exclusively
for educational purposes, subject TO such regu-
lations and limitations az may be prescribed
by law.
Section Il. Cof Article 2D. All the net
earnings accrUing 20 the Permanent Revenue
Fund for the University Of Montana shall
annually be added thereto until it has reached
the sum Of One Hundred Million Dollars
( $500. 900. O0O.00). Thereafter only one TWEEN
tieth Of the annual net earnings shall be
added TO the fund itself. and the remaining
nineteen twentieths shall be apportiOned 20
all the educational institutions then compris
ing the University OF Montana. on the basis
Of the aggregate actual attendance in each
institution during the preceding school or
calendar year, and may be used for all pur-
poses properly connected with the work OF
these institutions. subject. however. 70 such
regulations and limitations as may be pre-
scribed by law.
Section IS (of Article 2I. Whenever the
purpose for which a certain contribution was
made has been accomplished. or can no longer
be ascertained or followed, then the total
amount OF such fund shall be transferred 20
the State Permanent School Fund and be-
come a Permanent and inviolabIe part there
of All contribution without a specified pur-
pose shall be credited to the State Perma-
nent School Fund.
Section Is (f Article 2I.D Should the
time ever come when any of the three afOre-
said permanent funds become so large that
no further increase Is necessary or desirable.
then. in such case. the Legislative Assembly
shall have power 20 provide for the use OF
all Of the net income from such fund for the
purpose for which Il was created, or il may
use the one twentieth Of the annual net in
come which was 10 be added TO the fund itself
for the creation of other permanent revenue
funds. or for any other public purpose that Il
may deem Wise provided hOrnvar that
none Of the foregoing provisions Of this sec
ton shall apply 20 any Of these fluids until
It has reached the specific amount fixed by
this Article.
Section II (of Article 2D. The justices
Of the Supreme Court Of the State of Mon
tana are hereby made and constituted a su-
ton or all the funds created or authorized
by this article and the income therefrom.
During January Of each year. this board
snail review the administration for the Dr.
ceGine year. Il shall decide an uncertsi1 o.
disputed points arising in the administration
Of the funds whenever requested 70 10 50 by
a beneficiary. by a State Official charged
with some part Of the administration Of the
fund, or any other interested party and Il
may do so upon It's own initiative Il shall
be the duty Of the supervisory board 70 do
and perform all acts and things u may deem
necessary in order to cause the board and
officers having direct charge Of these funds
70 administer the same carefully and wisely
in full compliance with the provisions If this
~ 4-~AAN N@hIn1NA q a. NN4L
be enacted relating thereto. The Clerk OF the
Supreme Court shall be Ex-Offici1 Clerk Of
this Supervisory Board.
Section 1s (of Article 2D. The Le,isla-
tive Assembly shall from time 70 time enact
such further legislation As il may Deem nee
esary to carry into effect the provision, OF
this article.
Section 3. Separate official ballots shall
be provided at the general election 70 be neld
in November, 1922, which shall have printed
thereon all Of Article Twenty-one (21) Of
the Constitution of the State of Montana as
proposed By this act. There shall also BE-
printed on said official ballots, below the
said article. squares and the words a. fol-
lows:
For the above written amendment
to the Constitution.
AGAINST the above written amend.
ment TO the Constitution.
Each eiector who approves this anan5ne,+
snail mark an X in the first square above
printed, and each electOr who rejects II shall
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