The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-08-20

he risk shall be absolutely liable I.
ie State for the full amount of tn.
,olicy, and the policy itself shall
| ipecifically recite such full liability
| The State may itself provide for IN
| iurance on any property constitutine
security for its loans.
Section 9. (of Article 2l). The leg.
slative Assembly may provide othe,
md additional ways and means foi
beginning or increasing ans of the
.uads created or authorized by this
article.
Section 10. (of Article 2l). The
State of Montana shall accept for in
yestment and administration together
with the aforesaid funds constituting
he Montana Trust aud Legacy fund
out as scparable parts thereof, sink
ng funds permanent funds, and cum
ulative funds belonging to the State
and its political subdivisions, and also
,ther funds designated by the Legis-
alive Assembly, when requested to do
% 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
o the Public School Funds of The
State, which school fund shall be adj
ninistered separately as already pre-
scribed by the constitution.
Section IL. tof Article 2i). The
State shall be entitled to receive as
compensation for the administration
Of all the funds administered under
This act one twentieth (1-20) of all
she 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 (l-20) OF all
the interest collected during the year,
less all the losses ascertained during
The year, which losses shall be deduct
I'd from the one twentieth constituting
the compensation of the State. The
balance of the interest collected Shall
be the net earnings and shall he cred
ted pro rata to each and every fund
the Montana Trust and
Legacy Fund that was in the keeping
If the State on January LIST Of that
year, based on the total thereof on
hat date, and shall be added to each
such fund, or held available for the
as the case may be. |
sums due beneficiaries shall be paid |
tut during the ensuing month of Jan
larry, as far as practicable.
Section IL. (of Article 21). All the |
let earnings accruing TO the State
Permanent Revenue Fund shall an
lually be added thereto until it has |
cached the sum of One Hundred Mill
ion Dollars $4,000 100000. There
fter only one twentieth of the an
Iual net earnings shall be added to
he fund itself, and the remaining
ineteen twentieths of the net earn
ngs shall be usd for the general ex-
lenses of the State.
Section 13. Tor Article 81 All I
he net earrings accruing to the State
Permanent School Fund shall annual
Y be added thereto until it has reach
d the sum Of Five Hundred Million
dollars s500,000,000.00) Thereafter
My one twentieth Of the annual net
arnings shall be added to the fund
.self, and the remaining ninteen TWEEN
ieths shall annually be apportioned
D the school districts of the State on
he basis of the aggregate actual
chool attendance in each district dur
lg the preceding school or calendar
ear by persons between the ages of
Tx and eighteen years and shall be
Sod exclusively for educational pur-
oaes, subject to such regulations and
mutations as may be prescribed by
wv.
Section ID. (of Article 2l). All the
ct earnings accruing to the Perman-
Mt Revenue Fund for the University
f Montana shall annually be added
hereto until it has reached the sum Of
me Hundred Million Dollars $780,
00,000.00). Thereafter only one
wentieth Of the annual net earnings
iall be added to the fund itself, and the
nineteen twentieths shall be
pportioned to all the educational ms
buttons then comprising the UNIVERSE
i Of Montana, on the basis of the ag-
regate actual attendance in each in
Bitution during the preceding school
+ calendar year, and may be used for
Il purposes properly connected with
ne work of these institutions, sub
sct, however, to such regulations and
mutations as may be prescribed by
w.
Section 10. (of Article 21). When
yer the purpose for which a certain
was made has been ac-
or can no longer be ascer-
aimed or followed, then the total
mount of such fund shall be trans
erred to the State Permanent School
und and become Permanent and In
iolable part thereof. All contribu-
ons without specified purpose shall
G credited to the State Permanent
chool Fund.
Section 16. (of Article 21). Should
ne time ever come when any of the
lree aforesaid permanent funds be-
ome so large that no further increase
necessary or desirable, then, in such
ase, the Legislative Assembly shall
ave power to provide for the use of
Il Of the net income from such fund
)r the purpose for which 1t was Gre
ted, or 1t may use the one twentieth
t the annual net income which was to
e added to the fund itself for the
reation of other permanent revenue
lnds, or for any other public purpose
nat it may deem wise; provided,
owever. that none of the foregoing
rovisions Of this section shall apply