The Western news. [volume] (Libby, Mont.) 1933-current, 1938-09-15
CONSTITUTIONAL AMENDMENT
CHAPTER 90

CHAPTER 90
An Act to Submit to the Qualified Elec-
tors of the State OF Montana an Amend
ment to SECTIONS 6. 7, 8. 3, 10 and II OF
State OF Montana Relating to the In-
vestment and Administration OF the
Public School Permanent Fund, tbs
Other Permanent Funds Originating In
Land Grants From the United States
for the Support OF Higher Institutions
of Learning, and of Other Funds n
Separate and Integral Funds of the
BE 1T ENACTED BY THE LEGisLA-
TIVE ASSEMBLY OF THE sTATH
OF MONTANA.
Section That Sections g.. st.e.. 10
OF the State OF Montana be amended an
hereinafter provided. and that the guess
ton OF such amendment be submitted to
tho qualified electors OF the State Of
Montana at the next general election.
Section 4. That Sections 8, q. 6, q, 10
and II OF Article XXI OF the constitution
OF the State of Montana be-. and the same
are hereby amended to read as follows:
Section s. (of Article XXI The Public
School Permanent Fund. the other per-
manent funds originating In land grants
from the United States for the support
or higher institutions OF learning, and for
other state institutions. subject to invest
ment. shall be invested as parts of the
Montana Trust and Legacy Fund. so also
all other funds In the custody OF any
to investment. that the legislative as
sembly may prescribe. The separate ex-
istence and identity OF each and every
fund invested and administered 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. and
all investments belonging to the said Land
grant funds, slhll be transferred to the
Montana Trust and Legacy Fund at the
full amounts OF the unpaid balances OF
Section 7. (of Article XXI The State
shall accept for Investment and adminia-
traton as parts OF the Montana Trust
and Legacy Fund, sinking funds, perma-
nent 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
vision, subject, however, to such itmita-
lions as the Legislative Assembly may
prescribe. The Legislative Assembly may
provide for the investment and adminis-
tration as a part of the Montana Trust
and Legacy Fund OF any other fund sub
ject to It's power.
Section s (of Article xXD The Mon
tana Trust and Legacy Fund shall BIO
safely and conservatvely invested In
public securities within the State. as far
as possible, including school district,
county and municipal bonds, and bonds
nf the State OF Montana; 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 Federal Land Bank bonds. All in
vestments shall be limited to safe loan
investments bearing fixed rate OF IN
terest. In making long term investments
preference shall be given to securities
payable on the amortization plan or
serlaly. The Legislative Assembly may
provide additional regulations and lin
itations for all investments from the
Montana Trust and Legacy Fund.
All existing constitutional guarantees
against loss or diversion applying to the
public school fund.- 10 the funds Of the
State University and to the funds OF all
other state institutions OF learning, shall
remain In full force and effect.
Section 9. (of Article XxD On the last
day Of March. OF june, Of September and
OF December OF each year, the State
Treasurer shall apportion all interest col
lected for the Montana Trust and Legacy
Fund during the three month period then
terminating to all the separate and In
tegral funds which constitute such fund
on the day9-ef such apportionment and
which constituted parts OF the fund on
the first day OF the three month period
then terminating. The basis Of appor--
each such fund between the first day and
the last day OF the three month period.
Section 10. tof Article xXI) The State
Treasurer shall Keep all deposits Of money
acy Fund separate and distinct from other
deposits of money In his keeping.
Section II. tof Article XXD All money
In any OF the separate and integral funds
constituting the Montana Trust and Leg
acy Fund and the interest apportioned
therefrom, shall be subject to payment to
the. person, institution or other entity
entitled thereto, without appropriation by
the Legislative Assembly, upon proper
authorization as provided by law"
Section 3. That separate official bal.
lots shall be provided at the general
election to be held In November. 1883.
which shall have printed thereon under
the heading Proposed Amendment to
Sections s. q, s. 8, 10 and. II OF Article
Montana" all Of the said Sections s, I, !.
8, 10 and III as amended by this act.
There shall also be printed on the official
ballots following the said sections this
folowing
For the foregoing amendment
to the Constitution.
/ Against the foregoing amend
mentato the Constitution.
The siector shall indicate his prefer
ence by marking X before tho proposition
for which he desires to vote.
Section 4. That the votes cast for and
against this proposed amendment shall be-
canvassed, determined and declared ~
Section {. That Al Acts and parts q
Acts In conflict with the provisions OF
this Act are hereby repealed.
Section .. That this Act shall b. In fun
force aud effect from and after its pas
'.s anS Eoreh II t ls7 Governor
UNITED STATES OF AMERICA.
STATE OF MONTANA
OF the State of Montana, do hereby car
tify that ths foregoing ID = true and
correct copy Of an Act entitled. AN Act
e Submit to The Qualified Eisctor. Of ths
tons &, Z. & 8. 10 and III OF Article XXI