Montana labor news., 1938-09-15

CHAPTER W
An Act to Submit to the Qualified Electors
of the State of Montana an Amendment
to Sections 6, 7, g., 8. 10 and II Of Article
XXI of the Constitution OF the State OF
Montana 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 Support of
Higher Institutions of Learning, and of
Other Funds as Separate and Integral
Funds of the Montana Trust and Legacy
BE TT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
TANA:
Section /. That Sections 6, z, 8, 9, 10 and
the State of Montana be amended as here
matter provided. and that the question OF
such amendment be submitted to the quail
flied electors of the State of Montana at
the next general election.
Section q That Sections 9, Z, q, 8. 10 and
| IL of Article XXI of the constitution of the
State or Monatna be, and the same are
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
stered as 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, and
all investments belonging to the said land
grant funds shall be transferred to the
Montana Trust and Legacy Fund at the
| full amounts of the unpaid balances of
l such investments,
| Section Z. (of Article XXI The State
L Investment
tration as parts of the Montana Trust and
! Legacy Fund, sinking funds, permanent
funds, cumulative funds and trust funds
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
l ever, to such limitations as the Legislative
| Assembly may prescribe. The Legislative
Assembly may 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 the 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
est In making long term investments
preference shall be given to securities
payable on the amortization plan or serial
ly. The Legislative Assembly may provide
additional regulations and limitations for
all investments from the Montana Trust
and Legacy Fund.
against loss or diversion applying to the
public school fund, to the funds of the
State University and to the funds OF al
other state institutions OF learning, shan
hra1 in in
Section 8. (of Article XxI) On the last
day of March, of June, of September and
of December of each year, the State Treas
urer shall apportion all 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 fund on the
day of such apportionment and which
constituted parts of the fund on the first
day Of the three-month period then ter
minating. The basis of apportionment
fund between the first day and the last
day of the three-month period.
Section 10. (of Article XXI 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 keeping
Section IL. (of Article XXI All money
in any of the separate and integral funds
constituting the Montana Trust and Legacy
Fund and the interest apporuoned there
from shall be subject to payment to the
thereto, without appropriation by the
Legislative Assembly, upon proper authort-
zation as provided by law"
Section g. That separate official ballots
shall be provided at the general election te
be held in November, 1888, which shall
have printed thereon under the heading
/ Proposed Amendment to Sections 6, z, 8
9, 10 and II of Article XXI of the Consti-
tuition of the State of Montana" all OF the
said Sections 6, Z, 8, 8, 10 and II as amend,
| ed by this act There shall also be printec
Ion rff sale
sections the following:
III } For the foregoing amendment to the
Il J Constitution.
.I( } Against the foregoing amendment tC
IL } the Constitution.
The elector shall indicate his preference
by marking X before the proposition fol
4 which he desires to vote.
Section 4. That the votes cast for anc
, against this proposed amendment snail p'
canvassed, determined and declared al
Section S. That all Acts and parts o
Acts in conflict with the provisions of thi
Act are hereby repealed. o.,
Section g. That this Act shall be in ful
force and effect from and after It's pas
sage and approval by the Governor.
Approved March 10, 1880.
UNITED STATES OF AMERICA.
/, STATE OF MONTANA
I. l, Sam W. Mitchell, Secretary of State O
the State of Montana. do hereby certif!
that the foregoing IS a true and correc
t copy Of an Act entitled "An Act to Sub
, NIT to the Qualified Electors of the Stat
. of Montana an Amendment to- Sections
D q g. 8, 10 and IL of Article XXI of tn
t Constitution of the State of Montana Re
z lating to the Investment and Administra
l ton of the Public School Permanent Fund
b the other Permanent Funds Originating
E | in Land Grants From the United State
!, for the Support Of Higher Institutions o
2 Learning, and of Other Funds as Separate
Z and Integral Funds of the Montana Trus
! and Legacy Fund"
+ IN TESTIMONY WHEREOF, have here
I unto set my hand and affixed the Grea
t Seal of the State of Montana, at Helena
the Capital. July 25 1888.
SAM w. MITCHELL,
IL Secretary of State.
. First publication August 4, l938.-l4T.