The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1924-10-15

AL AONE NLm oAaA TX vi A-
amortization plan. Further regulations and
limitations concerning these investments shall
be provided by law.
Section S (of Article 21.) Whenever the
security given for a loan is liable 70 dam
age "r destruction by fire, the insurance
company accepting the risk shall be absolute
~ liable 70 the State for the full amount
Of the policy. and the policy itself shall
State may itself provide for insurance or
any property constituting security for its
loans.
Section 9 (of Article 21.) 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 COf Article 21.) 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
70 do so by the authorities having the care
and custody Of such funds. Al 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 70 the Public School Funds of The
State, which school fund shall be admins
tered separately as already prescribed by the
constitution.
Section II Cof Article 21). The State shall
be entitled TO receive as compensation Tor
the administration Of all the funds admin
istered under this act ore twentieth Q-2OJ
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
(1-2O) Of all the interest collected during the
year, less all the losses ascertained durinL
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 70 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 on
the total thereof on that date. and shall b.
added to such fund, or held available for the
beneflclaries a the case may be. Gums due
beneficiaries shall be paid out during the en-
suing month OF January as far as practical
bic.
Section y Cof Article 81 All the net
earnings accrued 10 the State Permane't
Revenue Fund shall annually be added
thereto until it has reached the sum
Of One Hundred Million Dollars $780,
5000 .0O1. Thereafter only one twentieth
Of the annual net EARNINGS shall be-
added 70 the fund itself. and the remaining
! nineteen twentieths of the net earnings shall
be used Tor the general expenses Of the state.
Section - (f Article 21). All the net
/ earnings accruing TO the state Permanent
School Fund shall annually be added thereto
until il has reached the sum Of Five Hunt
red Million Dollars $500. 900. 600. COZ. There
N~EE%I - EE AAe4 W.
earnings shall be added 70 the fund itself.
and the remaining nineteen twentieths shall
annually be appOrtioned 70 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 20 such regu-
lations and limitations as may be prescribed
by law.
Section Il. (of Article 2lD. All the net
earnings accruing 70 the Permanent Revenue
Fund for the University of Montana shall
annually be added thereto until II has reached
the sum Of One Hundred Million Dollars
I $500, OO0, 900. 00). Thereafter only one wen
tieth Of the annual net earnings shall be
added TO 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. 10 such
regulations and limitations as may be pre-
scribed by law.
Section IS Cof Article 2D. Whenever the
purpose for which a certain contribution was
made has been accomplished. or can no longer
be ascertained or followed. then fba total
amount of such fund shall be t~a~-es--o 20
the State Permanent School Fund 7r3 >.
come a Permanent and inviOlabie part thc-,-
Of All contributions without a specified pr
pose shall be credited TO the State Perma-
nent School Fund.
Section Is (cf Article 2I.O Should the
time ever come when any OF the three afcre-
said permanent funds become so large that
no further increase is necessary or desirable.
then. in such case, the Legislative Assembly
shall have 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 may
use the one twentieth OF the annual net in
come which was to be added to the fund itself
Tor the creation Of other permanent revenue
funds, or for any other public purpose that il
may deem wise; provided, however. that
none o. the FOREGOING provisions of this Sec
ton shall apply TO any Of these fluids until
II has reached the specific amount fixed by
this Article.
Section II (of Article 2l). The Justices
Of the Supreme Court of the State Of Hon-
tana are hereby made and constituted a SUI
pervlsory board over the entire adm,uistra-
ton or all the funds created 3r authorized
by this article and the income therefrom.
during January OF each year, thi5 board
snail review the administration fo- the pre-
ce6inR year. Il shall decide all uncertst1 o.
disputed points arising in the administration
OF the funds whenever requested L. .c - hy
a beneficiary. by a State Official charged
With some part OF the administrati1a of the
fund, or any other interested rarity ard II
may do so uDon its own initiative Il shall
be the duty OF the supervisory board to do
ana perform all acts and thirgs II may deem
necessary IN order to cause the board and
! officers having direct charge of these funds
TO administer the same carefully and wisely
IN full compliance with the provisions of thi.
article and such further legislator a may
he e~actod relating thereto. The Clerk ~ the
5u"rcme Court hall be Ex-Offici2 Clerk Of
this Supervisory Board.
Section IS ,ot Article 2D. The Le1isla-
tive Assembly shall from time Il tine enact
such further lerislatio1 rs il may deem nec-
CESAR TO carry into effrt the provision. Of
this article.
Section 3. Separate fetal ballots shall
be provided n the genera election 10 he neId
in November. 1921. which shall have print,d
thereOn all of Article Twenty-one (2Il OF
The Constitution OF the state of Montana as
proposed by this act. There shall also be
printed on said official ballots. below the
aid article, squares and the words as fol-
lows:
For the above written amendment
70 the Constitution.
Against the above written amend
ment to the Constitution
Each electOr who approves this amendmen,
shaIi mark an x in the first square above
printed and each electOr who rejects il shan
marx an x in the second square.
section 4. The votes cast for and agsi,s+
Inis proposed amendment shall be canvassed
determined and declared ~ pro,:1-I