Montana labor news., 1938-09-29

to Sections 6. Z. g.. o. 10 and II of Article
XXI of the Constitution of the State of
AAl dministr sflsahg 81 70 t lne i Pvsiir Scb and
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 as Separate and Integral
Funds OF the Montana Trust n Legacy
Fund.
BE IT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
TANA:
Section l. That Sections 6. 7. 8. Q. 10 and
IL of Article XXI of he 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 6, z, 3, g.. 10 and
II OF Article XXI of the constitution of the
State or Montana 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
n the custody Of any officer or officers
of the State, subject to investment, that
the legislative assembly may prescribe.
h separate existence and identity of
each and every u II invested and admin
istered as a 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 adminis-
tration as parts of the Montana Trust and
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 a part of the Non
tana Trust and Legacy Fund of any other
fund subject to its owe
Section 8. (of Article XXI The Mon
tana Trust and Legacy Fund shall be
safely and conserVatively invested in pub
lie securities within the State, as far as
and municipal bonds, n bonds of the
State of Montana, but 1t may also be
partly invested in bonds of the United
States, bonds fully guaranteed by the
and Federal Land Bank bonds. All in
vestments shall be limited to safe loan
investments bearing a fixed rate Of inter-
est. In making long term investments
preference shall be given to securities
payable on the amortization plan or serial
ly. Tit Legislative Assembly may provide
additional regulations and limitations 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 n of all
other state institutions OF learning, shall
remain in full force and effect.
Section 8. (of Article XXI On the last
In1U nf March. of IlInD- of SRnfpmher and
of December of each year, the State Treas
urer shall apportion all interest collected
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
constituted parts of the u on the first
day Of the three-month period then ter
minating. Tn basis of apportionment
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 XXI The State
Treasurer shall keep all deposits OF money
belonging to the Montana Trust and
Legacy Fund separate and. distinct from
other deposits of money in his keeping.
Section II. (of Article XXI All money
in any of the separate and integral funds
Fund and the interest apportioned there
from, shall be subject to payment to the
person, institution or other entity emitted
thereto, without appropriation by the
Legislative Assembly, upon proper authort-
cation as provided by law"
Section 3. hat separate official ballots
shall be provided at the general election to
be held in November, 1888, which shall
have printed thereon under the heading
Proposed Amendment to Sections 6, z, 8,
8, 10 and IL OF Article XXI of the Const1-
tuition of the State of Montana all Of the
said Sections 6, z 8, 9, 10 and II as amend
ed 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 amendment to
the Constitution.
The elector shall indicate his preference
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 as
provided by law.
Section s. That all Acts and parts Of
Acts in conflict with the provisions Of this
Act are hereby repealed.
Section 6. That this Act shall be in full
force and effect from and after It's pas
Approved March Is, 1887.
UNITED STATES OF AMERICA.
STATE OF MONTANA
1, Sam W. Mitchell, Secretary of State Of
the State of Montana, do hereby certify
that the foregoing is a true and correct
COPY of an Act entitled: An Act to Sub
NIT to the Qualified Electors of the State
of Montana an Amendment to Sections g.,
I, 8, 9, 10 n II of Article XXI of the
Constitution of the State of Montana Re
lating to the Investment and Admin1stra-
ton 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, III of Other Funds as Separate
and Integral Funds of the Montana Trust
and Legacy Fund"
IN TESTIMONY WHEREOF, l have here
unto set my hand and affixed the Great
Seal of the State of Montana, at Helena,
the Capital, July 25, 1888.