The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-09-22
CONSTITUTIONAL AMENDMENT
90

ferinanent funu. the Other fetma.
nent Funds originating in Land
Grants From the United States for
the Support Of Higher Institutions
Of Learning, and Of Other Funds as
Separate and integral Funds Of the
Montana Trust and Legacy Fund.
BE * ENACTED BY THE hEGISLA-
TIVE ASSEMBLY OF THE STATE
OF MONTANA:
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.
Section .. That Sections G., Z, s. 9,
10 and II of Article MI Of the Con-
stitution of the State If Montana be.
and the same are hereby amended to
''SeclioE &. loc Article XXD The
Public School Permanent Fund. the
land grants from the United States
for the support of higher institutions
Of learning. and for other state insti-
buttons. subject to investment, shall
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 as
Sembly may preSrriDe. the separate
existence and identity of each and
every fund inverted 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 mortgage
loans. and all Investments belonging
to the said lI:d grant funds. shall be
transferred to the Montana Trust and
Legac" Fund at the full Of
the unpaid balances of such invest
ments.
ff A1o WIN 1l
State shall accept for investment and
administration as parts of the Mon
ta4a Trust and Legacy Fund. sinking
funds, permanent funds, cumulative
in the custody. of any of the political
subdivisions of the State when re-
quested to do so by the governing
board Of such political subdivision.
as the Legislative Assembly may pre-
scribe. The Legislative Assembly may
provide for the investment and ad-
ministration as a part of the Montana
Trust and Legacy Fund of n other
Section s. 1of Itrticie xXD The
Montana Trust and Legacy Fund shall
be safely and cons, Avatively invested
as far as possible. including school
district. county and municipal bonds.
n bonds Of the State of Montana;
but 1t may also be partly invested in
OIu5 VI ZIG CIllSu oldlCS, Jill
fully guaranteed by the United States
as to principal and interest. and Fed
eral land Bank bonds. All invest
ments shall be limited to safe loan
interest. In making long term invest
ments preference shall be given to
securities payable on the amortization
plan or serially. The Legislative AS
tions n limitations for all invest
ments from the Montana Trust and
Legacy Fund.
All existing constitutional guaran-
to the public school fund. to the funds
Of the State University and to the
funds Of all other state institutions of
learning. shall emain in full force
Section 8 lof Article Xx1) On the
TENDER 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
stituted parts of the fun on the first
day of the three-month period then
terminating. The basis Of %apportion-
ment shall be the average amount OF
and the last day of the three-month
period.
Section 10. (of Article XXD The
State Treasurer shall keep all deposits
Trust and Legacy Fund separate and
distinct from other deposits of money
in his keeping.
Section ii. tof Article NNn All
tegral funds constituting the Montana
Trust n Legacy Fund and the inter-
est apportioned therefrom. shall be
subject to payment to the person.
trc CT tN, I. @s1-
thereto. without appropriation by the
Legislative Assembly. upon proper au-
thorization as provided by law"
h, Sestio sh, Z he That nr6i SEPARATE Official
eral election to be held in November.
1888. which shall have printed thereon
under the heading Proposed Amend
ment to SECTIONS g.. 5, 3. 10 and II
the state of Montana ali Of the said
amended by this act. There shall aiso
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
h be c~anvassed. 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
State of the State Of Montana, do
hereby certify that the foregoing is a
rue and correct cop Of an Act en-
titled: A Act to Submit to the
Qualified Electors Of the State of
Montana an Amendment to Sections
8, T., 8, 9, 10 and IL of Article Xxi 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
and Integral Funds of the Montana
trust and Legacy Fund"
IN TESTIMONY WHEREOF, I have
hereunto set my hand and affixed tine
Great Sealpf the State Of Montana, at
Helena. the Capital. July %. 1888.
SAM w.