The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-09-10

| policy, and the pollcy lJSelf snail
;pecifically recite such full liability.
The State may itself provide for in
,urance on any property constituting
iecurity for its loans.
Section 8. (of Article 2l). The leg
slative Assembly may provide other
md 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 in
gestment 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-
alive Assembly, when requested to do
20 by the authorities having the care
and custody of such funds. All such
unds and the accrued interest, less the
State compensation hereinafter fixed,
shall be repaid when due. The pro-
visions of this section shall not apply
TO the Public School Funds of The
State, which school fund shall be adj
ministered separately as already pre-
scfibed by the constitution.
Section IL. (of Article 21). The
State shall be entitled to receive as
compensation for the administration
t all the funds administered under
his act one twentieth (f-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 (1-20) Of all
The interest collected during the year,
ess all the losses ascertained during
he year, which losses shall be deduct
"a 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 LIST 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 heneficiaries shall be paid
tut during the ensuing month OF Jan
uary, as far as practicable.
Section IL. (of Article 2l). All the
act earnings accruing to the State
Permanent Revenue Fund shall an
nually be added thereto until 1t has
reached the sum Of One Hundred Mil
lion Dollars $4,000, 100000. 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.
Iings shall be usd for the general ex'
penses of the State.
/ Section 13. Tor Article I'll. All
The net earrings accruing to the State
Permanent School Fund shall annual
ly be added thereto until it has reach
n the sum of Five Hundred MillioT
Dollars $500, 900, 00000) Thereafter
only one twentieth of the annual ne
earnings shall be added to the fun'
Itself, and the remaining ninteen TWEEN
tieths shall annually be apportionel
10 the school districts of the State o.
, the basis of the aggregate actua
school attendance in each district dur
ing the preceding school or calenda
wear by persons between the ages Q
Tx and eighteen years and shall b
! used exclusively for educational pur
poses. subject to such regulations an
: limitations as may be prescribed b
! law. =,
/ Section IA. (of Article 21). All tn
: net earnings accruing to the Perman
/ ant Revenue Fund for the universit
} of Montana shall annually be adde
thereto until it has reached the sum Q
: One Hundred Million Dollars t$lO0
& 900 000.00). Thereafter only on
: twentieth Of the annual net earning
n shall be added to the fund itself, and IN
n remaining nineteen twentieths shall !
d apportioned to all the educational in'
Q titutions then comprising the Unlvers
], ty Of Montana, on the basis OF the ~
r gregate actual attendance IN eacn u
s stitution during the preceding scho'
e or calendar year, and may be used X
h all purposes properly connected WI
: the work of these institutions, sui
h iect. however, to such regulations al
> limitations as may be prescribed
q law.
d Section is. (of Article 21). Whel
v ever the purpose for which certa
l. contribution was made has been a
II .omplished, or can no longer be asce
le tanned or followed, then the tot
j. amount Of such fund shall be tran
IS ferred to the State Permanent Soho
le Fund and become a Permanent and |
n violable part thereof. All contrib
d, tions without specified purpose SIN
70 be credited to the State Permane
Sc School Fund.
Be Section 10. (of Article 21). Shou
70 The time ever come when any OF t
no three aforesaid permanent funds
n come so large that no further increa
Of 4 necessary or desirable, then, in So
r. ease. the Legislative Assembly sh
ne have power to provide for the use
It. all of the net income from such fu
yn for the purpose for which it was g
o. ated, or it may use the one twentlt
if the annual net income which was
all be added to the fund itself for
SIS creation Of other permanent rever
Ter funds, or for any other pubic purp'
int that it may deem wise; provld
nd however, that none Of the foregoi
he provisions Of this section shall ap
Get d any of these funds until it
ION reached the specific amount fixed