The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-09-08
CONSTITUTIONAL AMENDMENT
CHAPTER 90

All <iSl ~ ublll! ~ lHc NudlIlltu
Electors Of the State of Montana an
Amendment TO Sections 9. Z, S, 3, IL
and IL of Article MI of the Consti-
tution Of the State Of Montana Re-
lating to the Investment and Ad-
ministration of the Public School
Permanent Fund. the Other Perma-
nent Funds Originating in Land
Grants From the United States for
of Learning, and of Other Funds as
Separate and Integral Funds Of the
Montana Trust and Legacy Fund.
BE * ENACTED EY The hEGlSLA;
Section J.. That Sec ions 6, ?, 8. 9,
10 and II Of Article WI Of the Con-
stitution of the State of Montana be
amended as hereinafter provided. and
that the question of such amendment
be submitted to the qualified electors
of the State of Montana at the next
general election.
10 and II Of Article XXI of the Con-
stitulion of the State # Montana be.
and the same are hereby amended to
read as follows:
section 6. loc Article XND The
Public School Permanent Fund, the
other permanent funds originating in
land grants from the United states
for the support of higher Institutions
of learning. and for other state insti-
%tutions. subject to investment. shall
be invested as parts of tine Montana
Trust and Legacy Fund: so also all
other funds in the custody OF any
to investment, that the legislative as
sembly may prescribe. The separate
existence and identity of each and
every fund invested and administered
as a part of the Montana Trust and
Legacy Fund shall be strictly main
tanned.
All investments belonging to the
Public School Permanent Fund, except
Investments in state farm m nrtrDtrA
loans. and all Investments belonging
to the said land grant funds. shall be
transferred to the Montana Trust and
Legac' Fund at the full amounts IF
the unpaid balances of such invest
mentS.
Section 2. (of Article XXD The
State shall accept for investment and
adminIstrati snd as parts E Of 1he si1 Non,
funds, permanent funds, cumulative
funds and trust funds belonging to or
in the custody of any Of the political
subdivisions of the State when re-
board Of such political subdivision,
subject. however, to such limitations
as the Legislative Assembly may pre-
scribe. The Legislative Assembly nay
provide for the investment and adj
ministration as a part of the Montana
Trust and Legacy Fund Of n other
fund subject to it's power.
Section s. (of article MD The
be safely and cons svatively Invested
in public securities within the State,
as far as possible, including school
and bonds Of the State Of Montana:
but 1t may also be partly invested in
bonds of the United States. bonds
fully guaranteed by the United States
eral Land Bank bonds. All invest
ments shall be limited to safe loan
investments bearing a fixed rate Of
interest. In making long term invest
securities payable on the amortization
plan or serially. The Legislative AS
sembly may provide additional regula-
tons n limitations for all invest
Legacy Fund.
All existing constitutional guaran-
tees 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 9 !9f Article KID On the
TENDER and Of December Of each year,
the State Treasurer shall apportion ali
interest collected for the Montana
Trust and Legacy. Fund during the
three-month period then terminating
to all the separate and integral funds
which constitute such fun on the day
OF such apportionment and which con-
stituted parts of the fund on the first
terminating: The basis Of apportion-
nent shall be the average amount Of
each such fund between the first day
and the last day of the three-month
Section 10. (of Article NXD 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 d
Section ii. COT Article XXD All
money in any of the separate and in
tegral funds constituting the Montana
Trust and Legacy Fund and the inter-
est apportioned therefrom. shall be
subject to payment to the person..
institution or other entity entitled
thereto, without appropriation by the
thorization as provided by law"
Section 3. That separate official
ballots shall be provided at the gem
1888. which shall have printed thereon
under the heading Proposed Amend
ment to SECTIONS O.. 8. 9. 10 and II
OF Article EE! of the Constitution Of
she State Of MoStana' all of the said
amended by this act. There shall also
be printed on the official ballots fol-
lowing the said sections the following:
For the foregoing amendment
to the Constitution.
Against the foregoing amend.
ment to the Constitution.
The %elector shall indicate his pref
erence by marking Y before the prop
osition for which he desires to vote.
Section 4. That the votes cast for
and against this proposed amendment
shall be canvassed. determined and
declared as provided by law.
Section 5. That all Acts and parts
Of Acts in conflict with the provisions
Of this Act are hereby repealed.
Section 6. That his Act shall be in
full force and effect from and after its
passage and approval by the Governor.
Approved March Is, 1887.
UNITED STATES OF AMERICA
STATE OF MONTANA
H., Sam w. Mitchell, Secretary of
State Of the State Of Montana, do
hereby certify that the foregoing is a
true and correct copy of an Act en-
titled: IAN Act to Submit to the
Qualified Electors Of the State of
Montana an Amendment to Sections
.. Z, 3, 3, 10 and II of Article MI of
the Constitution of the State of Mon
tana Relating to the Investment and
administration Of the Public School
Permanent Fund, the Other Permanent
Funds Originating in Land Grants
From the United States for the Sup
port OF Higher Institutions Of Learn
ing, and OF Other Funds as Separate
ana Integral Funds Of the Montana
trust and Legacy Fund"
IN TESTIMONY WHEREOF. I have