The Western news. [volume] (Libby, Mont.) 1933-current, 1938-10-06
CONSTITUTIONAL AMENDMENT
CHAPTER %

tors of the State of Montana an Amends
ment to Sections 6. Z, 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
for the Support Of Higher Institutions
of Learning, and of Other Funds ~
Separate and Integral Funds Of ths
Montana Trust and Legacy Fund;
BE IT ENACTED BY THE LEGIsLA~
TIVE ASSEMBLY OF THE STATE
OF MONTANA.
Section |. That Sections 6, 7. 8, o, 10
and II OF Article XXI of the Constitution
of the State of Montana be amended az
hereinafter provided, and that the anea-
ton of such amendment be submitted to
the qualified electors of the State OF
Montana at the next general election.
Section T. That Sections 6, Z. s, 3, 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. 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
TO investment. that the Legislative as
semby 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, 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.
inf Arff nh
shall accept for investment and adminis-
tration 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 so by tne
governing board OF such political subdt-
vision, subject, however. to such iimita-
lions as the Legislative Assembly may
prescribe The Legislative Assembly may
provide for the investment and admins
trhtion as part Of the Montana trust
and Legacy fund of any other fund sub
ject to Its power.
Section s lnf Article XXD The Mon
tana Trust and Legacy FUND shall be
safely and conserVatiyely invested IN
public securities within the State. as far
az possible, including school district,
county and municipal bonds, anu bonds
~ the State Of Montana but It may also
be partly invested in bonds of the United
States, bonds fully guaranteed by the
United States aa@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
payable on the amortization plan or
serialy The Legislative Assembly may
provide additional regulations and linn
! itatons 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 or al
other state institutions Of learning. shall
remain in full force and effect
Section 9. (of Article NAD On the last
day OF March, OF June, OF September and
OF December OF each year. the state
Treasurer shall apportion all interest coli
lected 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 of appor--
tlonment shall be the average amount OF
each such fund between the first day ana
the last day OF the three month period.
Section 10. fof Article Xxl1 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 70
the person, institution or other entity
entitled thereto, without appropriation by
the Legislative Assembly, upona proper
authorization as provided by law"
Section g. That separate official ball
lots shall be provided at the genera
election TO be held In November, 1888.
which shall have printed thereof under
the heading Proposed Amendment TO
Sections 6, Z, s, 0, 10 and III Of Article
XXI OF the Constitution Of the state Of
Montana" all Of the said Sections q Z, T.
3, 10 and ii as amended by this act,
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 4. That the votes cast for and
against this proposed amendment shall be
canvassed. determined and declared ~
Section {. THAT all Acts and parts Of
Acts In conflict with the provisions OF
Section .. That this Act shall be in full
forcs and effect from and after its pas
sage and approval by the Governor
Approved March Id, 1887.
| UNITED STATES OF AMERICA.
STATE OF MONTANA
I. Sam w. Mitchell, Secretary OF State
OF the. State Of Montana, do hereby Ger,
/ tify that the foregoing Is q true and
/ correct copy OF an Act entitled. IAN Aca
to Submit to the Qualified Electors u tn
/ State OF Montana an Amendment to $50.
tions 8, 7, s, 8, 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 Parma.
nent Fund, thu Other Permanent Fnndi
Originating In Land Grants From IN
United States for tho Support OF Higher
Institutions OF Learning, and OF otnel
Fund.- NJ Separate and Integral FUND. o.
the Montana Trust and Legacy Fund.
I'm TESTIMONY WHEREOF, 1 have
hsreunto set my hand and AFFIXED tne
Great Seal OF the State OF Montana, ~
Z Helena. th~ Capital. July IS, 1885
SAM w. MITCHELL
fUrSat Seal, Secretary OF AtAtA
aAx