The Carbon County chronicle. [volume] (Red Lodge, Mont.) 1924-1924, 1924-10-15

ne risk shall be absolutely liable to
e State for the full amount of the
olicy. and the policy itself shall
necifically recite such full liability.
The State may itself provide for in
urance on any property constituting
iecurity for its loans.
Section .. (of Article 2l). The leg
slative Assembly may provide other
md additional ways and means for
beginning or increasing any Of the
funds created or authorized by this
Article.
i Section 10. (of Article 2i). The
State of Montana shall accept for in
estment and administration together
with the aforesaid funds constituting
he Montana Trust and Legacy fund,
ut as separable parts thereof, sink
Il ng funds permanent funds, and cum
Native funds belonging to the State
and its political subdivisions, and also
other funds designated by the Legis-
,ative Assembly, when requested TO do
10 by the authorities having the care
and custody of such funds. All such
funds and the accrued interest, less the
State compensation hereinafter fixed,
hall 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 IL. (of Article 21). The
State shall be entitled to receive as
compensation for the administration
+ all the funds administered under
his 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 tl-20) of all
the interest collected during the year,
+ ,ess 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
e 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
s such fund, or held available for the
e beneficiaries as the case may be,
h Sums due beneficiaries shall be paid
: out during the ensuing month Of Jan
: uary, as far as practicable.
: Section IL. (of Article 2i). All the
0 net earnings aecruing to the State
@ Permanent Revenue Fund shall an.
' nually be added thereto until it has
r reached the sum OF One Hundred Mil
G lion Dollars ($1O00,000.00) There
n after only one twentieth Of the an.
nual net earnings shall be added tc
G The fund itself, and the remaining
+ nineteen twentieths Of the net earn
!, ings shall be usd for the general ex'
e penses Of the State.
G Section Is. Cor Article 21l. AL
Il III - net earrings accrulng to the State
IS Permanent School Fund shall annual
Y Nv be added thereto until it has reach
J cd the sum Of Five Hundred Million
l. Dollars (S500,000, 100000 Thereafte
n only one twentieth of the annual ne
" earnings shall be added to the fun
s. itself, and the remaining ninteen TWEEN
Il tieths shall annually be app0rtIone
TO the school districts of the State o.
lie the basis Of the aggregate actua
re school attendance in each district dur
4 inr the preceding school or calenda
ID wear by persons between the ages 0
lie six and eighteen years and shall b
II used exclusively for educational pur
r poses, subject to such regulations an
t. limitations as may be prescribed p
N law.
st Section ID. (of Article 2l). All tn
n net earnings uccruing to the Permar
IN emit Revenue Fund for the universlt
to Of Montana shall annually be adde
thereto until it has reached the sum Q
n One Hundred Million Dollars t$lOu
be 300, 000.00). Thereafter only on
f. twentieth of the annual net earning
m shall be added to the fund itself, and III
On remaining nineteen twentieths shall +
ed apportioned to all the educational ms
&c titutions then comprising the Univers
Is, ty Of Montana, on the basis Of the az
or pregate actual attendance in each II
MS stitution during the preceding scho'
be or calendar year. and may be used e
CHI all purposes properly connected wit
X the work of these institutions, sui
sh iect, however, to such regulations ar
'e- limitations as may be prescribed ;
law.
nd Section Is. (of Article 2l). Whel
ty ever the purpose for which certal
m contribution was made has been a.
or complished, or can no longer be asce
he tanned or followed, then the tot
is amount of such fund shall be tran
AS ferred to the State Permanent Soho
he Fund and become Permanent and \
in violable part thereof. All contrib
ed, tions without specified purpose sha
ng be credited to the State Permanel
use School Fund.
be Section 16. (of Article 2D. Shou
ng the time ever come when any Of u
no three aforesaid permanent funds b
in come SO large that no further increa
IF is necessary or desirable, then, in SUI
ar case, the Legislative Assembly shi
me have power to provide for the use
mt. all of the net income from such flu
WIN for the purpose for which it was CT
ro- ated, or it may use the one twentie
j IF the annual net income which was
,all be added to the fund itself for t
ess creation Of other permanent reven
ter funds, or for any other public purpo
ant hat it may deem wise; provide
and however, that none Of the foregoi
the provisions Of this section shall apr
eet TO any Of these funds until 1t h