The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-29

All long term investments shall be on the
amortization plan. Further regulations ane
limitations concerning these investments shall
be provided by law.
Section 8 (of Article 21.) Whenever the
security given for a loan is liable to dam
age or destruction by fire, the insurance
company accepting the risk shall be absolute
~ liaole to the State for the full amount
Of the policy, and the policy itself shall
specifically recite such full liability. The
! State may itself provide for insurance or
any property constituting security Tor it,
loans.
Section 9 (of Article 2I.) 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 (of Article 21.) 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 to the State and its political
subdivisions. and also other funds designated
by 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
when due. The provisions of this section shall
not apply to 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 2D. The State shall
be entitled TO receive as compensation for
tine administration of all the funds admin
istered under this act one twentieth il-2Ol
Of all the interest collected thereon each
year. On the last day Of December OF each
year, the State Treasurer shall transfer tc
the State General Fund such one twentieth
(l-2O) of all the interest collected during the
year, less all the losses ascertained during
the year. which losses shall be deducted from
the one twentieth constituting the cOmpensa-
ton of the State. The balance Of the inter
est collected shall be the net earnings and
shall be credited pro rata to each and every
fund constituting the Montana Trust and
| Legacy Fund that was in the keeping of the
State on January it Of that year, based on
the total thereof on that date. and shall be
added to such fund, or held available for the
beneficiaries as the case may be. Sums cue
beneficiaries shall be paid out during the en-
suing month OF January as far as practical
bic.
Section y (of Article 2!D All the net
earnings accrued to the State Permanent
Revenue Fund shall annually be added
thereto until 1t has reached the sum
OF One Hundred Million Dollars CslO0.-
OOO.O0O.O0). Thereafter only one twentieth
Of the annual net earnings shall be
added 10 the fund itself. and the remaining
nineteen twentieths of the net earnings shall
be used for the general expenses of the State.
Section Is (of Article 2l). All the net
earnings accruing 20 the State Permanent
School Fund shall annually be added thereto
until It has reached the sum Of Five Humid
80 ~aAAA1hA 1AAaA NHHVVuVgNuVVWsVVN ~
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 to the school dis
tricts Of the State on the basis of the ag-
grngate actual school attendance in each dis
trict during 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 as may be prescribed
by law.
Section IA. (of Article 2I). All the net
earnings accrUing 10 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
I 100000 .ooo.OO). 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 TO
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. to such
regulations and limitations as may be pre-
scribed by law.
Section IS (Of Article 21). 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 to
the State Permanent School Fund and be-
come a Permanent and inviolabIe part there
Of All contributions without a specified pur-
pose shall be credited to the State Perma-
nent School Fund.
Section ie (of Article Oh 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
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 to be added to the fund itself
for the creation of other permanent revenue
funds, or for any other public purpose that II
may deem wise; provided, however. that
none OF the foregoing provisions Of this Sec
ton shall apply TO any Of these fluids until
It has reached the specific amount fixed by
this Article.
Section IT COf Article Ply. The Justices
of the Supreme Court Of the State Of Mon
tana are hereby made and constituted a su.
pervisory board over the entire adm,nistra-
ton or ali the funds created or authorized
by this article and the income therefrOm
During January of each year. TIT board
s'ail review the administration for the pre-
ce6ing year. It shall decide all uncertsl1 o.
disputed points arising in the adm;nistret;or
OF the funds whenever requested to 10 50 ty
a beneficiary, by a State Official charged
with some part Of the administration OF ths
fund. or any other interested rarty: and il
may do so upon its own initiative II shall
be the duty OF the supervisory board TO dc
ana perform all acts and thir;ys u may 6een
necessary IN order to cause the board ant
Officers having direct charge OF these fund.
1A~AHN anu Wv
in full compliance with the provisions OF thi
article and such further Legislation az MAJ
be enacted relating thereto. The Clerk Of III,
Supreme Court shall be Ex-offici1 Clerk c1
this Supervisory Board.
Section IS (of Article 21). The LegisIa.
tive Assembly shall from time to time enact
such further legislation as it may dem nee.
essary to carry into effect the provisions oil
this article.
Section 3. Separate official ballots shal
be provided at the general election TO be mel,
in November, 1924, which shall have print u
thereon all of Article Twenty-one on Of
the Constitution of the State of Montana a.
proposed by this act. There shall also b,
printed on said official ballots. below IN,
said article, squares and the words as fol
/ lows:
For the above written amendment
TO the Constitution.
Against the above written amend
ment to the Constitution.
Each electOr who approves this a-mendme,
snail mark an x in the first square abov,
printed, and each elector who rejects II sbsI
mark an x in the second square.