Montana labor news., 1938-10-06

An Act to Submit to the Qualified Electors
of the State of Montana an Amendment
to Sections g. 2, 8. 8. 10 and II Of Article
XXI of the Constitution of the State of
Montana Relating to the Investment n
Administration of the Public School
Permanent Fund, the Other Permanent
FUNDS Originating in Lane Grants From
the United States for the Support Of
Higher Institutions of Learning, and of
Other FUNDS as Separate and Integral
n OF the Montana Trust and Legacy
BE IT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF H STATE OF MON
Section l.. That Sections G.. T. g.. 9. 10 and
II Of Article XXI of the Constitution OF
the State of Montana be amended as here
matter provided, and that the question of
such amendment be submitted to the quail
flied electors of the State of Montana at
the next general election.
Section z. That Sections 6, z, 8, 8, 10 and
II OF Article XXI of the constitution of the
State or Montana be, n the same are
hereby amended to read as follows:
Section 6. (of Article XXI The Public
School Permanent Fund, the other perma-
nent funds originating in land grants from
the United States for the support of higher
institutions of learning, and for other state
institutions, subject to investment, shall
be invested as parts of the Montana Trust
and Legacy Fund; SO also all other funds
in the custody Of any officer or officers
OF the State, subject to investment, that
the legislative assembly may prescribe.
Inc separate existence and identity of
each and every fund invested and admin
lstered as a part of the Montana Trust and
Legacy Fund shall be strictly maintained.
All Investments belonging to the Public
oehool permanent Fund, except invest
ments IN state farm mortgage loans, n
all Investments belonging to the said land
grant funds. shall be transferred to the
Montana Trust and Legacy Fund at the
such investments.
Section Z. (of Article XXI The State
shal accept Tor investment and adminis-
ration as parts OF the Montana Trust n
Legacy FUND, sinking funds, permanent
FUNDS, cumulative funds and trust funds
belonging to or in the custody of any of
the political subdivisions of the State when
requested to do so by the governing board
ever, to such limitations as the Legislative
Assembly may prescribe. The Legislative
Assembly may provide for the investment
and administration as a part of the Mon
tam Trust and Legacy Fun Of any other
fund subject to its power.
Section .. (of Article XXI The Mon
tana rust and Legacy Fund shall be
safely and conservatlVely invested in pub
lie securities within the State, as far as
possible, including school district, county
ana municipal bonds, and bonds of the
state OF Montana; but it may also be
partly invested in bonds of the United
states, bonds fully guaranteed by the
United States as to principal n interest,
and Federal Land Bank bonds. All in
VtstlllSALS SildL DC limited TO SAFE loan
Investments bearing a fixed rate of inter-
est. In making long term investments
preference shall be given to securities
payable on the amortization plan or serial
ly. h Legislative Assembly may provide
additional regulations and limitations for
all investments from the Montana Trust
and Legacy Fund.
All existing constitutional guarantees
against loss or diversion applying to the
public school fund, to the funds of the
State University and to the funds of all
other state institutions of learning, shall
remain in full force and effect.
Section 8. (of Article XXI On the last
day of March, OF June, of September and
OF December of each year, the State Treas
urer shall apportion all interest collected
for the Montana Trust and Legacy Fund
terminating to all the separate and integral
funds which constitute such fund on the
Gay OF such apport1onment and which
constituted parts of the inc on the first
DAY OF the three-mopth period then ter
mlnating. The basis OF apportionment
snail be the average amount OF each such
fund between the first day and the last
Gay OF the three-month period.
Section 10. (of Article XXI The State
Treasurer shall keep all deposits OF money
belonging to the Montana Trust and
Legacy Fund separate and distinct from
other deposits OF money in his keeping.
Section II. (of Article XXI All money
in any of the separate and integral funds
constituting the Montana Trust n Legacy
4 ulu anu llG Interest dppoILlOhGQ tiSIG-
from, shall be subject to payment to the
person, institution or other entity entitled
thereto, without appropriation by the
Legislative Assembly, upon proper authort-
cation as provided by law"
Section 3. That separate official ballots
shall be provided at the general election to
be held in November, 1888, which shall
have printed thereon under the heading
Proposed Amendment to Sections 6, z, g.,
8, 10 and IL of Article XXI of the Consti-
tuition OF the State OF Montana" all of the
said Sections 6, Z, 8, 9, 10 and IL as amend
ed by this act. There shall also be printed
on the official ballots following the said
sections the following:
For the foregoing amendment to the
Constitution.
Against the foregoing amendment to