The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-09-10

All long term investments shall be on the
amortization plan. Further regulations and
limitations concerning these investments shall
be provided by law.
Section s (of Article 2l.) Whenever the
/ security given for a loan Is liable 70 dam
age or destruction by fire. the insurance
company accepting the risk shall be absolute
y haOle 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 on
any property constituting security for its
loans.
Section 9 Cof 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 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 20 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 IL (of Article 2I). The State shall
be entitled 70 receive as compensation for
the administration of all the funds admin
istered under this act one twentieth (1-2O)
of all the interest collected thereon each
year. On the last day of December of each
year, the State Treasurer shall transfer 10
the State General Fund such one twentieth
Q-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 1st 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 due
beneficiaries shall be paid out du~ing the en-
suing month of January as far as p~ractica-
bic.
Section y (f Article 2I) All the net
earnings accrued to the State Permanent
Revenue Fund shall annually be added
thereto until it has reached the sum
on One Hundred Million Dollars $780,
coo, 1000. OO). 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
be used for the general expenses of the State.
Section Is (of Article 21). All the net
earnings accruinR to the State Permanent
School Fund shall annually be added thereto
until it has reached the sum Of Five Humid
- NAAAAch 0OAAaA ARJgVsVVVsVuU-UVys mere
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 az.
gregate 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 Il. Cof Article 2l). All the net
earnings accruing to 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
tSl0O. Oo0, 100000. Thereafter only one twen-
tieth OF the annual net earnings shall be
added 10 the fund itself. and the remaining
nineteen twentieths shall be apportioned 70
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 2l). 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 70
the State Permanent School Fund and be-
come a Permanent and inviolable part there
OF All contributions without a specified pur-
pose shall be credited to the State Perma-
nent School Fund.
Section Is (of Article 21.) 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
snail nave power to provide for the use OF
all of the net income from such fund for the
purpose for which it was created. or il NAV
use the one twentieth of the annual net in
come which was TO be added to the fund itself
for the creation nf other na-naonapk rovor,,.
FUNDS or for any other public purpose that Il
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 II Cof Article 21). 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 all the funds created or authorized
by this article and the income therefrom.
During January of each wear. thiq board
sHall review the administration for the IRE
ce6inp year. It shall decide all uncertsl1 o.
disputed points arising in the administration
of the funds whenever requested L. 10 50 ~
a beneficiary, by a State Official charged
with some part of the administrator OF the
fund, or any other interested rarity and II
may DO so upon its own initiative It shall
be the duty of the superviso-v hoard n do
and perform all acts and th,rgs Z maS Deem
AecesSary IN order TO cause the board and
officers having direct charge Of these funds
70 administer tho same carefully and wisely
IN tuii compliance with the provisions Of this
article and such further legislatiol as roqy
be enacted relating thereto. The ''iprk OF the
supreme Court shall be Ex-Offici, Clerk Of
this Supervisory Board.
Section l8 (of Article 21). The Leyi,k-
tive Assembly shall from time To ,;0ra enact
such further le-i-istioa ns i ny 1"m nee
essary to carry into effect the provision, of
this article.
Section 3. Separate official ballots shall
be provided at the general election to be neld
in November, 1924, which shall! have prirt,d
thereon all of Article Twenty-one C2Il Of
the Constitution of the State of Montana as
proposed by this act. There shall also he
printed on said official ballots. below The
said article, squares and the words as fol
lows:
For the above written amendment
TO the Constitution.
Against the above written snond
ment TO the Constitution.
Each elector who approves this amendne,,
snail mark an x in the first sonar. 49,
prlh1eo' and each ~elector who rejects II sbsi