The Western news. [volume] (Libby, Mont.) 1933-current, 1938-10-13
INSTITUTIONAL AMEN pMENT

CHAPTER SO
An Act TO Submit to the Qualified E1eo-
tors of the State OF Montana an Amend.
ment TO Sections G., L 8. 9, 10 and IL OF
Article XXI OF the Constitution of the
State of Montana Relating TO the In.
vestment and Administration of the
Public School Permanent Fund. the
Other Permanent Funds Originating in
Land Grants From the United States
for the Support of Higher Institutions
of Learning. and of Other Funds "A
Separate and Integral Funds OF the
Montana Trust and Legacy Fund.
BE 1T ENACTED BY THE LEGIsI.A-
TIVE ASSEMBLY OF THE STATE
OF MONTANA.
and ii of Article XXI of the Constitution
OF the State of Montana be amended as
hereinafter provided, and that the -aues-
tlon of such amendment be submitted to
the qualified electors OF the state OF
Montana at the next general election.
Section 7. That Sections 6, 7. g. 3, 10
and IL OF Article XNl OF the constitution
of the State OF Montana be, and the same
are hereby amended to read as follows.
"Section g. tof Article xXD 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-
stence 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, 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
Section Z. tof Article XXI The State
shall accept for investment and admins
tration as parts of the Montana Trust
and Legacy Fund. sinking funds. peTma.
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
governing board of such political subdi-
vision. subject. however, to such limita-
sionH as the Legislative Assembly may
prescribe. The Legislative Assembly may
provide for the investment and admins
tration as a part of the Montana trust
and Legacy Fund OF any other fund sub
ject to Its power.
Section 8 tof Article XND The Mon
tana Trust and Legacy FUND shall be
safely and conservatively 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 may also
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 q fixed rate OF In
terest. In making long term investments
preference shall be given 10 securities
payable on the amortization plan or
seriaily. The Legislative Assembly may
provide additional regulations and linn
ltations for all investments from the
Montana Trust and Legacy Fund.
All existing constitutional guarantees
against loss or diversion applying TO the
public school fund. to the funds of the
State University and to the funds OF AL
other state institutions OF learning, shall
remain In full force and effect.
Section g. tof Article XxI 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-
teEral funds which constitute such fund
on the day OF such apportionment ana
tho first day Of the three month period
then terminating. The basis OF appor-
tionment shall be the average amount OF
each such fund between the first day and
tho last day OF the three month period.
Section To- (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 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 8. That separate official bal.
lots shall be provided At the general
election to be held In November, 1883
which shail have printed thereon under
the heading Proposed Amendment. 70
Sections {. T. 8. ., 10 and II OF Article
XXI OF the Constitution Of the State q
Montana all OF the said Sections :, 7. :,
D 10 and ii. As amended by this act
There ahal also be printed on the official
ballots following the said sections the
following.
For the foregoing amendment
10 the Constitution.