The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-08-25
CONSTITUTIONAL AMENDMENT
CHAPTER 90


CHAPTER 90
An Act to Submit to the Qualified
Electors Of the state Of Montana an
n IL of Article XXI of the Consti-
tuition of the State Of Montana Re-
lating to the Investment and Ad-
ministration of the Public Schoo
Permanent Fund. the Other Perma-
nent Funds Originating in Land
Grants From the United States for
the support of Higher institutions
of Learning. aad of Other Funds as
Separate and Integral Funds Of the
Montana Trust and Legacy Fund.
TINE ASSEMBL-Y OF THE STATE
Section i. THAT Sections 6, ?, s. 9,
10 and II Of Article NNI Of the Con
stitution of the State of Montana be
amended as hereinafter provided. and
that the question of UGH amendment
be submitted to the qualified electors
of the State of Montana at the next
general election.
Section .. hat Sections 6 7. 8. ..
10 and II Of Article XXI of the Con-
stitution OF the State Of Montana be.
and the same are hereby amended to
read as follows:
section G.. tof Article NND, The
Public School Permanent Fund, the
other permanent funds originating in
Land grants from the United States
fer the support of higher institutions
Of learning. and for other state insti-
tutions, subject to investment. shall
be invested as parts of the Montana
Trust and Legacy Fund: so also all
other funds i'll the custody of any
officer or officers Of the state. subject
to Investment. that .{he legisIatiye as
existence and identity Of each and
every fund inve+ted and administered
as a art Of the Montana Trust and
Legacy tund shall be strictly main-
tanned.
All investments belonging to the
Public ScIorl Permanent Fund. except
investments i'll state farm mortgage
leans. and all inTvstnIrnts belonging
to the said land grant funds. snail b.
transferred to the Montana Trust and
Legac" Fund at the full amounts If
the unpaid balances OF such invest
mentS.
section :. (of Article NXD The
State shall accept for INVESTMENT and
administration IS parts of the Aiun-
tana Trust and LEGACY Fund, sink ,n@
funds, pciman' NJ fu'.,lE, cumulative
in the custody Of any "f the political
subdivisions Of the State when re-
QuuSted to do SO by the governing
board of sue political subdivision,
subject. however. to such Limitations
as the Legislative Assembly may pre-
scribe. The Legislative Assembly may
provide for tho inveStEltnt and adj
miniS;rati"n as a part Of the Montana
- -N7' = N'''' NS oA
Section s. COT .tr,:clc XND The
Montana Trust and Legacy Fund shall
be safely and cun*orva!ively invested
in public securities within the State.
as far as possible, including school
district. county and municipal bonds,
and bonds of the state of Montana;
but it ma also he partly invested in
bonds of the United States. bonds
fully ~guaranteed by the United States
as to princiral and interest. and Fed
eral Land Bank bonds. All invest
ments shall be limited to safe loan
investments bearing a fixed rate of
interest. In making long term invest
ments preference shall be given to
securities payable on the amortization
plan pan1hi or n ssri1 nlov IL The sd dgfiTlati rsrn As
tons and limitations for all invest.
ments from the Montana Trust and
Legacy Fund.
All existing constitutional guaran-
to the public school fund. to 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 COT Article NND On the
last day Of March. of June, of Sep
TENDER and of December of each year.
the State Treasurer shall appovtinn 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 con-
Stituted parts of the fund on the first
day of the three-month period then
terminating. The basis of apportion-
ment shall be the average amount of
each such fund between the first day
and the last day Of the three-month
period.
Section 10. (of Article NND The
State Treasurer shall keep all deposits
nf Gonna\" hn1nnfinr 70 tho Montana
Trust and Legacy Fund separate and
distinct from other deposits of money
in his keeping.
Section II. (of Article NND All
money in any of the separate and in
tegral funds constituting the Montana
Trust and Legacy Fund and the inter-
est apportioned therefrom. shall be
subject. to payment to the person:
thereto. without appropriation by the
Legislative Assembly. upon proper au-
thorization as provided by law."..
ba iestio Tba + he That nrovj sep1r at the eff fsnl
eral election to be held in November.
1898. which shall have printed thereon
under the heading Proposed Amend
ment to Sections o.. $. 9. 10 and l!
the State of. Montana all of the said
Sections 6. I, s. 9, 10 and II as
amended by this act. There shall also
be printed on the official ballots fol-
Fol the foregoing amendment
to the Constitution.
Against the foregoing amend
ment to the Constitution.
The elector shall indicate his pref
erence by marking y before the prop
osition for which he desires to vote.
Section 4. That the votes cast for
and against this proposed amendment
shall he any " CSpI t1afnl.o1j mod and