The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-08-11
CONSTITUTIONAL AMENDMENT
CHAPTER 80

An Act to Submit to the Qualified
Electors of the State of Montana an
and ii Of Ar! tic se SYi Of t. ;b {: S 3; y; IL
tuition of the State Of Montana Re-
lating to the Investment and Ad-
ministration of the Public School
nent 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 Funds Of the
Montana Trust and Legacy turd.
BE X EEACTED EY THE hEGlSLA-
OF MONTANA:
~ and ii Of Article Xxi Of the Con
Stitutiun OF the State of Montana be
amended as hereinafter provided, and
that the question Of such mendmen
be submitted to the qualified electors
of the state of Montana at the next
general election.
Section .. That Sections G :. $. ..
10 and II Of Article MI of the Con-
stitution OF the state Of Montana be.
ara the same ale hereby amended to
read as follows:
section e. 'of Article NND. The
Public School PERMANENT Fund, the
other permanent funds originating in
Land Stants from the United States
for the support of higher institutions
of learning. and for other state lnstl-
t%utions, subject to investment. hall
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 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 mortgage
to the said land grant funds. shall be
transferred to the Montana Trust and
Legac" Fund at the full amounts of
the unpaid balances Of such invest
ments.
Section 2. (of Article XXD The
State shall accept for investment and
administration as parts OF the Mon
tana Trust n Legacy Fund. sinking
funds and trust funds belonging to or
in the custody. Of any Of the political
subdivisions Of the State when re-
S Sosr 5 of to su a3 so pol Hy the su fShSfatns
subject, however. to such limitations
as the Legislative Assembly may pre-
scribe. The Legislative Assembly may
ministration as a part Of the Montana
Trust and Legacy Fund OF any other
fund subject to its power.
Section s. (of Article XXI. The
VlOllldlld lluSl dllu ASSaSS II Shiai
be safely and conservativeH. invested
in public securities within the State.
as far as possible: including school
district, county and municipal bonds.
but it may also be partly invested in
bonds of the United States, bonds
fully guaranteed by the United States
as to principal and interest; and Fed
mcnts shall be limited to safe loan
investments bearing a fixed rate of
interest. In making long term invest
ments preference shall be given to
plan or serially. The Legislative AS
sembly may provide additional regula-
tions and limitations for all invest
n!ents from the Montana Trust and
Legacy Fund.
All existing constitutional guaran-
tees against loss Or diversion apply1nS
to the public school fund. t the funds
Of the State University and to the
funds of all other state institutions Ct
learning, shall remain in full force
n effect.
Section . (of Article MD On the
trmbrr and of December of each yea.
the state T~rcaaur"r shall appo"ti,n eli
interest collected for the Montana
trust and Legacy Fund during the
threr-month period then terminating
to al the separate and Integral funGs
which constitute such fund On the day
at such anportionmcnt and which con-
situated parts Of the fund on the first
day of the thrce-month period then
terminating. The basis of apportion-
,mcnt shall he the average moun Of
t2ch such fund between the first day
and the last day of the three-month
pC"iOd.
S~cct:on IN. (of Article NNN The
STATE Treasurer shall keep all deposits
It mo:,"y bclnn~.nC to the Montana
trust 2nl Lc~acy Fund separate and
Gct"lct frCm other deposits Of money
IN his ,CSDtr%.
Section IL. fof Article NXD All
money IN any CT the separate and in
-n::rIl funtI constituting the Montana
Tluct and Lc-a"y Fund and t'c i"tc"-
e-t anpo"tior"l tEc:Cfror'. shall BIZ
subject to Payment to the pc;s"G.
institution CT other ENTITY entitled
thereto, W:',"ut HrD-Opr..2t on bv the
Icci"laive y" 'cn:blH: u2.ra pr. HHr GU
t~hori;ni'cn as provided by !rw."..,,
ba TfG;io :.- ;: bs Th niov: :Gt2r at IT,: caT ycal
eel c,c".'cn to y" h"!d in November.
1?".". which Shall hcv" PRINTED thereon
under tie h.~uiN~ "l'rC1-seu N.crC-
rert t. ::crt'"r7 c. :, S. .. 20 :HI II
Of Article XXI Q: L." Constitution Of
Tie state :: MONTANA" II r til" ed
%ec:.c,s G. 8. Z. .. ~ and II as
cnlc3[cl by this ac'. There shGI $50
,-w."': tie "2:i s2ct.uAj the ~icl:>T:rT:
Fc" t,* to:cco'1r amendment
10 :nc Constitution.
E~c'a-t t..c fo-c~0:n~ crcnI-
hcnt /, t:t Constitution.
Tao e'cc.or :,:c; '@;.c::e LIS pref
ereccc by r:":.: IL :. hr.c:e the Irop-
OF tit ! Tor EH'ri h" G.3 res 10 vote.