The Western news. [volume] (Libby, Mont.) 1933-current, 1938-08-18
INSTITUTIONAL AMENDMENT
90


tors of the State of Montanasan Amend
ment to Sections 6. 7, 8, .. 10 and IL OF
Article XXI OF the Constitution of the
on and to tn ~
Public School Permanent Fund, tina
Other Permanent Funds Originating In
Land Grants From the United States
for the Support OF Higher Institutions
OF Learning, and of Other Funds AZ
Separate and Integral Funds Of the
Montana Trust and Legacy Fund.
TIVE ASSEMBLY OF THE STATE
OF MONTANA.
Section /. That Sections G, 7. 5, Q. ID
and IL of Article XXI OF the Constitution
hereinafter provided. and that the ques-
ton of such amendment be submitted to
the qualified electors of the state OF
Montana at the next general election. :.
and II OF Article XXI OF the constitution
of the State OF Montana be. and the same
are hereby amended to read as follows:
nSectiun 6, fof 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 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
officer or officers of the state, subject
to investment, that the legislative as
sembly may prescribe. The separate ex~
istence and Identity of each and every
fund invested and administered 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 ana
all investments belonging to the said land
grant funds. sisill be transferred to the
Montana Trust and Legacy Fund at the
full amounts OF the unpaid balances OK
such investments.
INF AYtt -
shall accept for investment and adminis-
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
any of the political subdivisions of the
State when requested to do 80 by the
governing board of such political subdl~
vision, subject, however, to such iimila-
lions as the Legislative Assembly may
prescribe The Legislative Assembly may
provide for the investment and auminis-
tratIon as part of the Montana trust
and Legacy Fund OF any otneT Iund SUD
Section (of Article XXI The Mon
tana Trust and Legacy Fund shall be
public securities within the. State. as far
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 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
nayable on the amortization plan OF
serially. The Legislative Assembly MAJ MAJ
provide additional regulations and Inn
itations for all Investments from TN
Montana Trust and Legacy Fund.
All existing constitutional guarantee
against loss or diversion applying to IN
sl1f fy
State University and to the funds OK a
other state institutions OF learning. sha
remain In full force and effect
Section o. (of Article XXI On the las
day Of March. OF June. of September an
OF December of each year, the stat
Treasurer shall appOrtion all interest COZ
lected for the Montana Trust ana Leea H.
Fund during the three month period the
terminating to all the separate and III
tegral funds which constitute such fun
on the day OF such apportionment an
tho first day OF the three month perio
then terminating. The basis of appor
tlonment shall be the average amount 0
each such fund between the fiTst gay an
i Section 10. tof Article XXI The stat
Treasurer shall keep all deposits OF none
belonging TO the Montana Trust and Leg
acy Fund separate and distinc, from o,h1
deposits of money In his keeping.
i Section IL. (of Article xxD All none
In any OF the separate ane-fhteBfai iqno
! constituting the Montana trust aiu Lus
acy Fund and the Interest apportione'
therefrom, shall be subject to payment Y
the person, institution or other ent,t
entitled thereto, without appropriation .
the Legislative Assembly upon prope
authorization as provided by law.
Section g. That separate official Dai
lots shall be provided at the gen,eargs,
election to be held In November, lys
l. the heading Proposed Amendment
Sections 6, z, s, 3. 10 and Ii or Artic
XXI OF the Constitution ef the state
Montana" all OF the said Sections =, Z.
3, 10 and II as amended by this &C
There shall also be printed on the offici
ballots following the said sections u
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 proposltio
for which he desires to vote.
Section 1. That the votes cast for an
ssnnsa sha and declared
section {. THAT all Acts and parts
Acts in conflict with the provisions
Section 9. That this Act shall be in y
force and effect from and after It's pA
sage and approval by the Governor.
Approved March 10, leafs
UNITED STATES OF AMERICA.
State OF MONTANA
T., Sam wv. Mitchell. Secretary of Sta
OF the State OF Montana, do hereby %
tify that the foregoing Ia true y
correct COPY of An ACT entitled. An
to Submit 70 the Qualified Electors OF
State OF Montana an Amendment TO *
lions q, Z. 8, o. 10 and IL Of Article y
OF the Constitution OF the State OF No
tana Relating to the Investment and =
ministrxtion OF tho Public School, Perm
, nent Fund. this Other Permanent Fun
Originating In Land Grants From I
United States for the Support OF Hlxs
) Institutions OF Learning, and Of Oth
Funds as Separate and Integral Fund.
. the Montana Trust and Legacy Fund.
IN TESTIMONY WHEREOF. l n.
! hereunto set my hand and Affixeo
Great Seal OF tho state OF Montana,
Hxlsna. the Capital July ~ lyas,