Montana labor news., 1938-08-11

OF the State of Montana an Amendment
to Sections s, Z. g., 8, 10 and II OF Article
Montana Relating to the Investment and
Administration of the Public School
Permanent Fund, the Other Permanent
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 IT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
Section /. That Sections s, 7, 8. 9, 10 and
II of Article XXI of the Constitution of
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 2. That Sections 8. Z, 8. o. 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
in the custody of any officer or officers
of the State, subject to investment, that
| the legislative assembly may prescribe.
The separate existence and ldenuty OF
istered 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
such investments.
Section Z. (of Article XXI The State
shall accept for investment and admInls-
i <xEt tl.x "A
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
ever, to such limitations as the Legislative
| Assembly may prescribe. The Legislative
| Assembly may provide for the investment
| and administration as 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
| lie securities within the State, as far as
possible, including school district, county
and municipal bonds, and bonds OF the
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 inter-
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 all
other state institutions OF learning, snail
lra oil in ftIn
Section 8. (of Article XXI On the last
day of March, of June. of September ano
of December of each year, the State treas,
for the Montana Trust and Legacy Funo
during the three-month period ther
terminating to all the separate and integral
funds which constitute such. fund on the
day of such apportionment and waieE .sa,
constituted parts of the fund on the frs
lday of the three-month period then ter
lminating. The basis of apportonmen1
fund between the first day. and the las
day of the three-month period.
Section 10. (of Article XXI The State
Treasurer shall keep all deposits of money
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 nlesrai I@unai @
constituting the Montana Trust and Legacy
Fund and the interest apportioned there
from, shall be subject to payment TO tht
person, institution or other entity enIitles
thereto, without appropriation by tins
Legislative Assembly, upon. proper authori
zation as provided by law
Section 3. That separate official ballot
shall be provided at the general election Z
be held in November. 1888. which shal
have printed thereon under the headml
Proposed Amendment to Sections ., Z, y
g. 10 and IL Of Article XXI OF the Consti
said Sections 6, Z, 8, 8, 10 and II as amend
ed by this act. There shall also be prlnte'
on the official ballots following the sai'
sections the following: a.
IL For the foregoing amendment TO III
} Constitution
al( Against the foregoing amendment t
III the Constitution.
! The elector shall Indicate his preference
! by marking x before the proposltion 10
T which he desires to vote. e.. -,
7 Section A. That the votes cast for an
t canvassed, ias determined and declared a
, provided by law
4 Section S. That all Acts and parts Z
Acts in conflict with the provisions Oh TN
Act are hereby repealed. A.,
Section 6. That this Act shall be in fu
!, force and effect from and after its pas
e sage and approval by the Governor
!: Approved March Is, 1887.
UNIFIED STATES OF AMERICA
+ STATE OF MONTANA
I l. Sam w. Mitchell, Secretary OF state s
i | the State of Montana, do hereby cerut
: that the foregoing is a true and correS
= copy Of an Act entitled AN Act to SUI
: init to the Qualified Electors of the stat
r of Montana an Amendment to Sections
/ In g. 9. 10 and IL of Article XXI OF N
Constitution of the State of Montana re
lating to the Investment and Admlnlstrt
ton Of the Public School Permanent Fun. il.
the other Permanent Funds Originatln
e ~ T. and Grants From the United State
: for the Support of Higher Institutions
y Learning, and of Other Funds as Separal
i and Integral Funds of the Montana Iru
d and Legacy Fund. .,v, 49,, -.
n IN TESTIMONY WHEREOF, have here
lunto set my hand and affixed the Gre
Seal of the State of Montana, at Helen
v Wv SAM w. MITCHELL,
: Secretary of State.
e First publication August 4. 1s3a.-l4T.
d