Montana labor news., 1938-11-03

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.
The 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
School 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 n Legacy Fund at the
ful amounts of the unpaid balances OF
such investments.
shall accept for investment and admins
tration as parts of the Montana Trust and
Legacy Fund, sinking funds, permanent
funds, cumulative n and trust
belonging to or in the custody of any OF
the political subdivisions OF the State when
requested to do so by the governing board
Of such political subdivision, subject, how
ever, to such limitations as the Legislative
| Assembly may prescribe. The Legislative
Assembly nay provide for the investment
and administration as a part of the Mon
tana Trust and Legacy Fund of any other
fund subject to its power.
Section 8. (of Article XXI The Mon
tana Trust and Legacy Fund shall be
safely and conservatively invested in pub
lie securities within he State. as far as
possible, including school district, county
and municipal bonds, 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 as to principal and interest,
and Federal Land Bank bonds. All in
vestments shall be limited to safe loan
4 fnW ~ ~ nT4f n IfOad afA ~ T0F
est. In making long term investments
preference shall be given to securities
payable on the amortization plan or serial
iy. The Legislative Assembly may provide
additional regulations and limitations fol-
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 of al
other state institutions OF learning, shall
remain in full force and effect.
Section 8. (of Article XXI on the las
day of March, of June, OF september ane
OF December of each year, the State Treas
urer shall apportion all interest collected
| tor the Montana Trust and Legacy tunC
during the three-month period thei
Terminating to all the separate and integra
funds which constitute such fund on TN
uay of such apportlonment and Whlcl
constituted parts of the fund OF the frs
day of the three-month period then ter
minating. The basis OF apportionmen
shall be the average amount OF each sue
rund between the first day and the las
day OF the three-month period.
Section 10. (of Article XXI The Stat
Treasurer shall keep all deposits OF none,
belonging to the Montana Trust an
Legacy Fund separate and distinct trof
} other deposits OF money in his keeping.
l Section IL. (of Article XXI ALI none
in any of the separate and integral funo
constituting the Montana trust and Legac
from, shall be subject to paymen 10 N
: person, institution or other entity entitle
t thereto, without appropriation by tn
Legislative Assembly, upon proper authofl
. cation as provided by law"
f Section 3. That separate official ballot
shall be provided at the general election I
. be held in November, 1888, which sha
nave printed thereon under the headln
+ Proposed Amendment to Sections ., q,
e 9, 10 and II of Article XXI of the Const
e tuition of the State of Montana" all OF III
said Sections 6, 7. 8. 8, 10 and II as amene
; on the official ballots following the sal
= sections the following: !.
e For the foregoing amendment TO u
: Constitution.
lI( } Against the foregoing amendment
. the Constitution.
n The elector shall indicate his preterenl
d by marking x before the proposition Il
e which he desires to vote.
d Section 4. That the votes cast for ar
d against this proposed amendment shall
~ iEdlNdSnE0l dGA1A AlAAAAN0 0Aa ~NANA~
Section 5. That all Acts and parts
y Acts in conflict with the provisions OF tn
Act are hereby repealed.
n Section 6. That this Act shall be in fl
force and effect from and after its pa
d sage and approval by the Governor.
g. Approved March Is, 1887.
UNITED STATES OF AMERICA.
STATE OF MONTANA
1, Sam w. Mitchell, Secretary Of State
the State Of Montana, do hereby eertl
that the foregoing is a true and CORE
copy of an Act entitled: An Act to Su
init to the Qualified Electors of the Sta
OF Montana an Amendment to Sections
i Z, 8, 9, 10 and IL of Article XXI OF t
l. Constitution of the State of Montana K
a, lating to the Investment and Admlnlstr
N. ton Of the Public School Permanent Fur
Y the Other Permanent Funds Orlginatl
in Land Grants From the United stat
es for the Support Of Higher Institutions
es Learning, and OF Other Funds as Separf
and Integral Funds of the Montana TIT
&c and Legacy FUND
to IN TESTIMONY WHEREOF, ! have hel
lg unto set my hand and affixed the Gre
Of Seal of the State of Montana, at Heller
the Capital, July rs, 1898.
ed SAM w.