The Western news. [volume] (Libby, Mont.) 1933-current, 1938-10-20
CONSTITUTIONAL MENQMENT
tlApTER 90

tors of the State OF Montana an Amend
ment to Sections q. 7, s, Q 10 and IL OF
Article XXI of the Constitution of tho
State OF Montana Relating to the In
vestment and Administration of the
Public School Permanent Fund. ths
Other Permanent Funds Originating in
Land Grants From the United States
for the Support of Higher Institutions
Of Learning, and of Other Funds an
Separate and Integral Funds of the
Montana Trust and Legacy Fund
BE 1T ENACTED BY THE LEGlsLA-
TIVE ASSEMBLY OF THE STATE
OF MONTANA:
Section !. THAT Sections g., 7. 3, ., 10
and II of Article MI of the Constitution
OF the State of Montana be amended al
hereinafter provided, and that the ques-
ton Of such amendment be submitted to
the qualified electors of the State of
Montana Mt the next general election.
Section Z. That Sections 8, 7. y, ., 10
and II of Article mi OF the constitution
OF the State Of Montana be, and the Same
are hereby amended TO rpHd rs TUftUWs.
'Section 6. (of 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 lie 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-
lstenee and Identity OF each and every
fund invested and administered 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 Oh
such investments.
secttun I. tof Article xxT The State
shall accept for investment and admins
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 me
State when requested to do SO by the
governing board of such political subdi-
vision. subject, however, to such limita-
lions as the Legislative Assembly may
prescribe. The Legislative Assembly may
provide for the investment and admins
tratiun as a part of the Montana Trust
and Legacy Fund Of any other fund sub
iect TO its power. 49,.
tana Trust and Legacy Fund shall be
safely and conservatiyely 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 II may also
be partly invested in bonds OF the United
States, bonds fully guaranteed by the
United States as 10 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 10 SECURITIES
payable on the amortization plan or
seriaiiy. The Legislative Assembly may
provide additional regulations and nm
itatons for all investments from the
Montana Trust and Legacy Fund.
All existing constitutional guarantees
against loss or diversion applying TO me
public school fund, TO the FUNDS OF me
TtaI.s atEt f4 1n
other state institutions Of learning, snail
remain in full force and effect
Section .. tof Article MID 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 m
tegral funds which constitute such iund
on the day Of such apportionment ana
which constituted parts Of the FUND on
the first day OF the three-month peIloo
then terminating. The basis OF appor..
tionment shall be the average amount OF
each such fund between the first day ana
the last day OF the three month period.
Section 10. lof Article XXI 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 N ms Keepingi, h, ,,,ono,
Section III. (of Article xAll All money
In any OF the separate and integral funus
constituting the Montana Trust ana Leg,
acy Fund and the interest apportione.d
therefrom, shall be subject to payment 70
the person. institution or other entity
entitled thereto, without appropriation Dy
the Legislative Assembly, upon, proper
authorization as provided by law.
Section 8. That separate official bal,
lots shall be nroyded at the general
election toi lye lgeiA if1 " aasa a.
which shall have printed thereon unaer
the heading Proposed Amendment 70
Sections 6, Z, s, 8, 10 and. II OF Article
XXI Of the Constitution OF the state OF
Montana all of the said sections o. 4 >,
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
fer which he desires to vote.
Section 4. That the votes cast for and
against this proposed amendment shall pc
canvassed. determined and declared as
section i. 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 ard effect from and after its pas
sage and approval by the Governor.
+ Approved March Is. 1887.
4 UNIFIED STATES or AMERICA.
STATE OF MONTANA
/, Sam w. Mitchell, Secretary of State
OF the State OF Montana, do hereby GER
tify that the foregoing Is a true and
correct copy OF an Act entitled: An Act
to Submit to the Qualified Electors OF the
State Of Montana an Amendment to Sec
tions 6, Z, 8, 9, 10 and II OF Article XXI
OF tho Constitution OF the State Of Mon
tana Relating to the Investment and Ad-
mInistration of the Public School perma-
npuf Fund. tna Other PeTmAnenf@ EundH
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 and Legacy Fund"
IN TESTIMONY WHEREOF, | have
hereunto set my hand and affixed the
Great Seal OF the State Of Montana, "a,
Helena. the Capital. July rs, 1893.
SAM w. MITCHELL
t0reat SeaD Secretary Of State,