The Western news. [volume] (Libby, Mont.) 1933-current, 1938-09-01
CHAPTER 90


tnrs OF the Stats OF Mnntana an Anssra1-
ar sae 20 XXI asY' Of ,hs eonssitation Of *.
State of Montana Relating to tho In
psbIe sch nad f fsrmansns Fund. &.
Other Permanent Funds Originating In
Land Grants From the United States
for the Support OF Higher Institutions
Separate and Integral Funds OF tho
Montana Trust and Legacy Fund:
BE IT ENACTED BY THE LEGISLA-
TIVE ASSEMBLY OF THE STATE
Section i. That Sections 6, I. 8, Q. 10
and ii of Article MI Of the Constitution
of the State of Montana be amended al
hereinafter provided. and that the ques-
ton of such amendment be submitted TO
The qualified electors OF the state OK
Montana at the next general election
Section Z. That Sections 6, Z. g. 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 6. (of Article XXI The Public
School Permanent Fund the other per-
manent funds originating In land grants
from the United States for the support
OF higher institutions OF learning. and Tor
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
officer or officers OF the State, subject
to investment, that the legislative as
istence and Identity of each and every
fund invested and administered Is a part
of the Montana Trust and Legacy FUND
shall be strictly maintained.
All investments belonging TO the FubHo
School Permanent Fund, except invest
ments In state farm mortgage loans, ana
all investments belonging to the said lana
grant funds SHALL be transferred to the
Montana Trust and Legacy Fund at the
full amounts of the unpaid balances OF
such investments.
Section l.. tof Article xxD The State
shall accept for investment and admins
tratton 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
State when requested to do SO by the
governing board OF such political supdi-
vision. subject, however. to such limita-
tions as the Legislative Assembly may
prescribe. The Legislative Assembly may
provide for the investment and admins
tration as n part of the Montana trust
and Legacy Fund of any other fund sub
Section (of Article xXD The Mon
tana Trust and Legacy Fund shall DO
safely and conservatively invested In
public securities within the state, as lar
as possible, including school district,
county and municipal bonds. and bonds
OF the State OF Montana; but II may also
be partly invested in bonds OF the United
States, bonds fully guaranteed Dy the
United States as to principal and interest,
and Federal Land Bank bonds. All in
vestments shall be limited TO safe loan
Investments bearing liked rate OF m
terest In making long term investments
preference shall be given 70 securities
payable on the amortization plan or
serally. The Legislative Assembly may
provide additional regulations and linn
itations for all investments from the
Montana Trust and Legacy Fund.
All existing constitutional guarantees
against loss or diversion applying to the
~ L.. a-hA n
State University and to the funds OF al
other state institutions OF learning, shall
remain In full force and effect.
Section O. (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
ected 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 day of such apportionment and
which constituted parts of the fund on
the first day OF the three month period
then terminating. The basis or appor-
tionment shall be the average amount or
each such fund between the first day ana
the last day Of the three month period.
Section 10. (of Article xxD The State
Treasurer shall keep all deposits OF money
belonging to the Montana Trust and Leg
acy Fund separate and distinct from other
deposits of money In his keeping.
Section IL. tof Article XXD All money
In any OF the separate and integral funds
constituting the Montana Trust ana 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 Dali
| lots shall be provided at the. general
election to ha held in November, 1898,
the heading Proposed Amendment to
| Sections g. 7, 5, 3, 10 and ii OF Artcle
| XXI OF the Constitution Of the State Of
| Montana all Of the said Sections 9, Z, :,
| There shall also be printed on the official
| ballots following 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 prefer
ence by marking X before the proposition
| for which he desires to vote.
Section A. That the votes cast for and
against this proposed amendment shall Oh
Section s. That all Acts and parts o.
Acts In conflict with the provisions o.
~ se AHs .' rsTs0Ah XII. shall be in full
force and effncs from and aftsr its paz'
sage and approval BY the Governor.
Approyea MARCH ID I'M;
STATE OF MONTANA
! I, Sam w. Mitchell, Secretary Of Stat
OF tho State OF Montana, do hereby Ger
tify that the, foregoing u \ true ant
to submit htt L the Qualified Electors Of tn
state OF Montana an Amendment to Sec
tons 3, z, g. p, 10 and IL OF Article Xxx
OF the Constitution OF the State OF Mon
tAna Relating to the Investment and Ad
ministrAtion Of the Public School Perma
nent. Fund. the Other Permanent Fund
Originating In Land Grants From tn
United States for the Support OF Highe
Institutions OF Learning, and OF Othe
Funds as Separate and Integral Funds o
the Montana Trust and Legacy Fund"
IN TESTIMONY WHEREOF, hay
hereunto set my hand and affixed tn
Great Seal OF the State of Montana, q
Helena. the Capital. July rs, 1898.
SAM w. MITCHELL
tdraat Ssa) Secretary OF Stats