The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-08-20

All long term investments shall be on tine
amortization plan. Further regulations and
limitations concerning these investments shall
be provided by law.
Section ; Cf Article 2I.) 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
~ liable to the State for the full amount
OF tie police, and the policy itself shall
/ specifically recite such full liability. The
State may Itself provide FOR insurance or
any property constituting security for its
loans.
Section 9 (of Article 21.) The Legislative
Assembly may provide ether additional ways
and means for beginning or increasing any
Of the funds created or authorized by this
Article.
Section 20 lof Article 2I.) The state of
Montana shall accept for investment and ad-
mlnlstrat.on together with the aforesaid funds
constltutihg Tire Montana Trust and Legacy
fund. but As separable parts thereof. sinking
FUNDS, permanent funds. and cumulative
funds belonging % the State and its political
subdivisions. and also other funds designated
BY the Legislative Assembly, when requested
to % so BY the authorities having the care
ard custody Of such funds. All such funds
ara the accrued interest, less the State com
PEI lion hereinafter fixed, shall he repaid
when due. The provisions of this section shall
not apply to the Public School Fund.- Of The
State. which school fund shall be admins
tered separately as already prescribed By the
constitution.
&N~N0@ - " ~ u ~ @A1AA
be entitled TO receive a compensation for
the administration OF all the funds admin
istered under this act one twentieth C-20J
of all the interest collected thereon Zach
year. On the last day OF December Of each
year. the State Treasurer shall transfer 70
the State General Fund such one twentieth
CO. OF all the interest collected during the
year, less ali tie losses ascertained during
he year. which losses shall BE- deducted from
the one twentieth constituting the compen,a-
ton Of the state. The balance OF the inter
o. antfalA-H I'LL L.
shall be credited pro rata 10 each and every
fund constituting the Montana Trust and
Legacy Fund that was in the keeping Of the
state on January lst of that year. based or
the total thereof on that date. and shall b
added to such fund, or held available for the
beneflclarles as he case may be. Sums due
beneficiaries shall he paid out during the en-
Jung month o. January as FAR as p~ractica-
Section Y tof Article III All the net
earnings accrued ~ the State Permanent
Revenue Fuad hail annually be added
o: One Hua Ired Million Dollars lsl05.-
100. 900. 0O). Thereafter only one twentieth
II the annual net earnings shall h.
added to the frni Itself. and the remaining
nineteen JWentie,hs of the net earning, shan
ne used for the general expense OF the state.
Section Il tot Article 2D. All the net
earnings accruiog to the state Permanent
school Fund shall annually be added thereto
until It has reached the sum of Five Humid
red Million Dollars $500. 900. 100000. There
after only one twentieth OF the annual net
earnings shall be added 70 the fund itself.
and the remaining nineteen tyentieths shall
annually be apportioned 70 the school dis
Ilcts OF the State on the basis Of the az
2regate actual school attendance in each DIS
H.i-t curing the preceding school, or calendar
"r by persons between the ayes Of six and
item as ard shall be used exclusively
for educational purposes. subject to such regu-
b law.
Section Il. (of Article 21). All the net
earnings accruine to the Permanent Revenue
Fund for the University OF Montana shar
annually be added thereto until It has reached
lhe sum Of One Hundred Million Dollars
s$le0. OO9. 100000. Thereafter only one TWEEN
tieth of the annual net earnings shall be
added to the fund itself. and the remaining
nineteen twentieths shall be apportio7ed to
ali the educational institutions then compris
ing the University Of Montana, on the basis
q the aggregate actual attendance in each
institution during the preceding school or
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 Tor 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 inviolabIe part there
of All contributions without a specified pur- 4
pose shall be credited TO the State Perma-
nent School Fund.
Section 16 (of Article 21.) Should the
time ever come when any of the three afore-
said permanent funds become 50 large that
40 further increase Is necessary or desirable.
then. IN such case, the Legislative Assembly |
shall have power TO provide for the use or
all OF the net income from such fund for the
purpose for which IL 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 of other permanent reveDua
funds. or for any OfhoW nnhN9~ 1880 49, - I
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 (f Article 2r. The Justices
OF the Supreme Court of the State OF Mon
ana 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 year, this board
snalI review the administration FOR the pre-
ceoine year. 1t shall decide all uncertain Or
disputed points arising in the adn.nfstretion /
OF the funds whenever requested 70 10 50 by
4 beneficiary, by a State Official CHARGED
with some part of the administration OF the
fund. or any other interested rartv: and II
may do so upon It's own initiative It shall
Oe the auty OF the supervisory board to dc
ana perform all acts and thiugs Il may ceem
necessary IN order to cause the board and
Officers having direct charge of these funds
TO administer the same carefully and wisely
VIII AAAE pGUN&SlD4iS Of EnlS 3
article and such further legislation as may
be enacted relating thereto. The Clerk Of the
supreme Court shall Be Ex-Offici1 CLERK Of
this Supervisory Board.
Section IS (of Article 2D. The Lsgisla-
tive Assembly shall from time 70 time enact
sueh further legislation As it may lem nee
essary 70 carry into effect the provision. OF
Section Separate official ballots shall
3e provided at the general election In he raid
IN November. 1872, which shall have prints !,
tSeF.9n all Of Article Twenty-ono (2!l Or
the Constitution Of the State Of Montana q.
proposed by this act. There shall ai-o 10
printed on said official ballots. below tho
80 article. squares and the wor5. as fol
For the above written amendment
- to the Constitution.
Against the above written amend
ment 70 the Constitution.
aach el3ctor who approves this amendment
n-i-to5 mars an \ IN the first square above
printed and each elector who rejects Il Eli
marx an \ in the second square. ~
9ection J. The votes cast for and AGAINST
TINS proposed amendment shall he can-e-4a5