The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-10-20
CONSTITUTIONAL AMENDMENT
90

SE1Hf I'm ~
An Act to Submit to the Qualified
Electors Of the State of Montana an
Amendment TO Sections g., 7, 8, 9, ~
and II of Article XXI of the Consti-
lating to- the investment and Ad-
ministration of the Public School
Permanent Fund. the Other Perma-
nent Funds originating in and
the Support of Higher Institutions
OF Learning, and of Other Funds as
Separate and Integral Funds Of the
Montana Trust and Legacy Fund.
BE IS ENAGTEB EY T. THE EiI hEG SE
OF MONTANA:
Section l.. That Sec ions 6, 2, 8. 9,
10 and II Of Article TN! Of the Con-
stitution Of Ae 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
Section ,. That Sections 6. Z. s, 9,
10 and II OF Article MI of the Con-
stitution o! the State of Montana be.
and the same are hereby amended to
Section G.. toc 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-
buttons. subject to INVESTMENT. shall
be invested as parts of the Montana
Trust aud Legacy Fund: SO also all
other funds in the custody Of any
officer Or officers of the State. subject
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 PermaneTS Fund. except
Investments in state farm mortgage
to the said land grant funds. sha be
transfe :red to the Montana Trust and
Legac" Fund at the full amounts Of
the unpaid balances of such invest
mentS.
Section Z. (of Article NXD The
State shal accept for investment and
administration as parts OF the Mon
tana Trust and Legacy Fund. sinking
funds and trust funds belonging to or
in the custody of any of the political
subdivisions of the State when re-
quested to do SO by the g%oyerning
subject, however. to such limitations
as the Legislative Assembly may pre-
scribe. The Legislative Assembly may
provide for the investment and ad-
Trust and Legacy FUND of any other
Section 8. (of article XNl) The
Montana Trust and Legacy Fund shall
in public securities within the State,
as far as possible, including school
district. county and municipal bonds.
and ponds of the State of Montana;
bonds Of the United States. bonds
fully guaranteed by the United States
as to principal and interest: and Fed
eral Land Bank bonds. All invest
-~-- ---n - ~sk - 49,
investments bearing a fixed rate Of
interest. In making long term invest
ments preference shall be given to
securities payable on the amortization
sembly may provide additional regula-
tions and limitations for all invest
ments from the Montana Trust and
Legacy Fund.
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
Section 8: !?f Article KID On the
tember and Of December of each year,
the State Treasurer shall apportion all
Trust and Legacy Fund during the
three-month period then terminating
to all the separate and integral funds
which constitute such fund on the day
Of such apportionment and which con-
stituted parts of the FUND or the first
day Of the three-month period then
terminating. The basis Of apportion-
ment shall be the average amount of
each such fund between the first day
and the last day of the three-month
period.
State Treasurer shall keep all deposits
Of money belonging to the Montana
Tr1Sf ond apanv INt,pd canarota and
distinct from other deposits of money
in his keeping.
Section II. tof Article NXD All
money in n of the separate and in
tegral funds constituting the Montana
Trust and Legacy Fund and the inter-
est apportioned therefrom. shall b.
subject to payment to the person.,
institution or other entity entitled
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
Of Article Xxx! Of the Constitution of
s She Stase g Of !? M0a s. "a % al s of the Il sa as
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 this 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
I, Sam W. Mitchell, Secretary Of
State Of the State OF Montana, do
hereby certify hat the foregoing is a
true and correct copy of an Act en-
titled: AN Act to Submit to the
Qualified Electors Of the State of
Montana an Amendment to Sections
9, z, 8, 9, 10 and IL of Article NXI of
the Constitution OF the State of Mon
n Relating to the Investment and
administration of the Public School
Permanent Fund, the Other Permanent
Funds Originating in Land Grants
port Of Higher Institutions of Learn
ing, and Of Other Funds as Separate
n Integral Funds Of the Montana
Trust and Legacy Fund"
IN TESTIMONY WHEREOF, I have
nereuntO set my hand and affixed the