The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-09-24

Surance on any properly constituting
security for its loans.
Section 3. (of Article 21l. The leg
islative Assembly may provide other
and additional ways and means for
beginning OF 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-
lative 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 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 ad
ministered separately as already pre-
scribed by the constitution
Section II. (of Article 21). The
State shall be entitled to receive as
compensation for the administration
IF all the funds administered under
this act one twentieth (l-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 (l-20l of all
the interest collected during the year,
less all the losses ascertained during
the 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 ~. (of Article 21). All the
net earnings accruing to the State
Permanent Revenue Fund shall an
nually be added thereto until 1t has
reached the sum Of One Hundred Mill
lion Dollars $4,000, 00000). 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 10. Cor Article 21). All
The net earrings accruing to the State
Permanent School Fund shall annual
4 ly be added thereto until it has reach
ed the sum of Five Hundred Million
Dollars ($500,000 100000 Thereafter
only one twentieth of the annual net
earnings shall be added to the fund
4 itself, and the remaining ninteen TWEEN.
tieths shall annually be apportionec
to the school districts of the State o.
The basis of the aggregate actual
school attendance in each district dur
ing the preceding school or calendar
i year by persons between the ages Of
Tx and eighteen years and shall be
used exclusively for educational pur.
poses, subject to such regulations and
limitations as may be prescribed BY
law
i Section Ia. (of Article 2l). All ths
net earnings accruing to the Perman
ont Revenue Fund for the University
/ Of Montana shall annually be addet
thereto until it has reached the sum o.
One Hundred Million Dollars ($100,
900 ,000.00). Thereafter only oni
twentieth of the annual net earnings
shall be added to the fund itself, and tn
remaining nineteen twentieths shall b.
apportioned to all the educational ms
, titutions then comprising the Universe
~ Of Montana, on the basis of the ag
: gregate actual attendance in each in
J stitution during the preceding schoo
} or calendar year, and may be used fol
/ all purposes properly connected will
the work Of these institutions, sub
j ect, however, to such regulations ant
: limitations as may be prescribed b.
! law
Section 10. (of Article 21). When
, ever the purpose for which certain
: contribution was made has been &C
+ romplished, or can no longer be ascer
3 aimed or followed, then the tota
: AMOUNT of such fund shall be trans
s ferred to the State Permanent Schoo
e Fund and become Permanent and in
: violable part thereof All contribu
|, tions without a specified purpose shal
! be credited to the State Permanen
e School Fund.
g Section IS. (of Article 21). Shout
2 The tins ever come when any Of tn
o three aforesaid permanent funds be
+ come so large that no further increas
+ Is necessary or desirable, then, in sue
: case, the Legislative Assembly sha
& have power to provide for the use G
/. all Of the net income from such fun
n FOR the purpose for which 1t was crt
J. ated, or it may use the one twentiet
a If the annual net income which was
II be added to the fund itself for til
IS creation Of other permanent revenu
II funds, or for any other public purpos
1t hat it may deem wise; provide
d however, that none Of the foregoin
Ie provisions Of this section shall appl
It D any of these funds until 1t hi
N reached the specific amount fixed
4 mis- Article.
lie Section II. (of Article 21). I'll
lie Justices of the Supreme Court Of Il
ss State Of Montana are hereby mac