The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-10-29

pecifically recite such full liability.
| he State may itself provide for in
urance on any property constituting
ecurity for its loans.
Section Q. (of Article 21). The leg
slative Assembly may provide other
nd additional ways and means for
,eginning or increasing any of the
unds created or authorized by this
krticle.
Section 10. (of Article 2l). The
State Of Montana shall accept for in
vestment and administration together
with the aforesaid funds constituting
he Montana Trust and Legacy fund,
but as separable parts thereof, sink
ng funds permanent funds. and cum
ulative funds belonging to the State
and its political subdivisions, and also
other funds designated by the Legis-
iative Assembly, when requested to do
80 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.
Section III. (of Article 21). The
State shall be entitled to receive as
compensation for the administration
I all the funds administered unuer
ibis 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-20) of all
The interest collected during the year,
less all the losses ascertained during
he year, which losses shall be deduct
cd from the one twentieth constituting
the compensation Of the State. The
balance of the interest collected shall
De 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 21). 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 100000. 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 13. Tor Article 2D. All
the net earrings accruing to the State
Permanent School Fund shall annual
ly be added thereto until IL has reach
ed the sum of Five Hundred Million
Dollars (S500, 900, 000.00)s 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 apportioned
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-
emit Revenue Fund for the University
of Montana shall annually be added
thereto until it has reached the sum Of
One Hundred Million Dollars $780,
DOC, 000.00). Thereafter only one
twentieth Of the annual net earnings
shall be added to the fund itself, and the
remaining nineteen twentieths shall be
apportioned to all the educational ms
titutions then comprising the UNIVERSE
ty of -.-ontana, on the basis of the ag-
gregate actual attendance in each in
stitution during the preceding school
or calendar year, and may be used for
all purposes properly connected with
the work of these institutions, SUBJ
iect, Loweve-, to such regulations and
limitations as may be prescribed by
law.
Section 15. (of Article 21). When
ever the purpose for which certain
contribution was made has been ac-
complished, or can no longer be ascer-
tanned or followed, then the total
amount Of such fund shall be trans
| ferred to the State Permanent School
Fund and become Permanent and in
violable part thereof. All contribu-
tions without specified purpose shall
be credited to the State Permanent
School Fund.
| Section 16. (of Article 21). Should
the time ever come when any Of the
hree aforesaid permanent funds be-
come 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
Ill of the net income from such fund
| for the purpose for which it was Gre
ated, or it may use the one twentieth
IF the annual net income which was to
be added to the fund itself for the
creation Of other permanent revenue
'unds, or for any other public purpose
hat it may deem wise; provided
however, that none Of the foregoing
H provisions Of this section shall apply
i 0 any Of these funds until it hat
reached the specific amount fixed b!
his Article
i Section II. (of Article 21). III
! Justices Of the Supreme Court Of tn
J State Of Montana are hereby mad