The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-09-03

he State for the full amount of the
policy, and the policy itself shall
specifically recite such full liability.
The State may itself provide for in
surance on any property constituting
security for its loans.
Section 8. (of Article 21). The leg
islative Assembly may provide other
and additional weys and means for
beginning or Increasing any of the
funds created or authorized by this
Article.
Section 10. (of Article 2l). The
State of Montana shall accept for in
vestment 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-
Ilative Assembly, when requested to do
40 by the authorities having the care
and custody Of such funds. All such
funds 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-
scribed by the constitution.
H. Section IL. (of Article 2D. The
State shall be entitled TO receive as
compensation for the administration
# all the funds administered under
this act one twentieth (1-20) of all
the 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 (1-20l of all
the interest collected during the year,
less all the losses ascertained during
he year, which losses shall be deduct
ed 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 beneficiaries shall be paid
out during the ensuing month OF Jan
uary, as far as practicable.
Section IL. (of Article 2l). All the
net earnings accruing to the State
Permanent Revenue Fund shall an
nually be added thereto until it has
reached the sum of One Hundred Mil
lion Dollars ($1000,0 0000). There
after only one twentieth of the an
nual net earnings shall be added to
The fund itself, and the remaining
nineteen twentieths of the net earn
ings shall be usd for the general ex-
penses of the State.
Section ID. Tor Article 21). All
the net earrings accruing to the State
Permanent School Fund shall annual
ly be added thereto until it has reach
ed the sum Of Five Hundred Million
Dollars (S500,000, 000.00) Thereafter
only one twentieth Of the annual net
earnings shall be added to the fund
itself, and the remaining ninteen TWEEN
. tieths shall annually be apportloned
to the school districts of the State on
the basis of the aggregate actual
school attendance in each district dur
ing the preceding school or calendar
year by persons between the ages OF
, six and eighteen years and shall be
used exclusively for educational pur-
poses, subject to such regulations and
limitations as may be prescribed by
! law.
Section Ia. (of Article 21). All the
net earnings accruing to the Perman-
mt Revenue Fund for the University
, Of Montana shall annually be added
thereto until it has reached the sum Of
: One Hundred Million Dollars ($l00,-
& 900. 000.00). Thereafter only one
: twentieth Of the annual net earnings
i shall be added to the fund itself, and ths
q remaining nineteen twentieths shall bs
J apportioned to all the educational ms.
e titutions then comprising the UNIVERSE
], ty of Montana, on the basis OF the ag
r preeate actual attendance in each in
3 stitution during the preceding schoo
e or calendar year, and may be used fol
b all purposes properly connected witt
: the work of these institutions, sub
b ect, however, to such regulations an'
r limitations as may be prescribed b.
O law.
d Section Is. (of Article 21). When
y aver the purpose for which certain
i contribution was made has been &C
n complished, or can no longer be ascer
e cained or followed, then the tota
J. amount of such fund shall be trans
IS ferred to the State Permanent Schoo
e Fund and become Permanent and IN
l. yiolable part thereof. All contribu
4, tions without specified purpose shal
& be credited to the State Permanen
Ie School Fund
,e Section 16. (of Article 21). Shout
e The time ever come when any Of tn
70 three aforesaid permanent funds BE-
n come so large that no further increas
IF is necessary or desirable, then, in sue
r. rase, the Legislative Assembly sha
ie have power to provide for the use
i. All of the net income from such fun
m for the purpose for which 1t was err
o. ated, or it may use the one twentiet
a II the annual net income which was
Ill be added to the fund itself for u
IS creation Of other permanent revent
er funds, or for any other public purpoi
Mt that it may deem wise; provide
nd however, that none Of the foregoir
he provisions of this section shall app
.at "a INV az those finds until ii n.