Montana labor news., 1938-09-08

HI En- %
An Act TO Submit to the Qualified Electors
of the State of Montana an Amendment
to Sections 6. Z, 8, 9. 10 and II of Article
XXI of the Constitution of the State OF
Montana Relating to the Investment 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 as Separate and Integral
Funds of the Montana Trust and Legacy
BE IT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF IL STATE OF MON
Section /. That Sections 6, Z, 8. 8. 10 and
IL of Article XXI of the 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, 8, 8, 10 and
II of Article XXI of the constitution Of the
State or Montana be, n the same are
hereby amended to read as follows:
Section 6. (of Article XXI The Public
School permanent Fund, the other perma-
nent n 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
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 assembly may prescribe.
AAAt RaA 16AaitAAA1 d44 AlGllllI u
each and every fund invested and admin
istered as a part of the Montana Trust and
Legacy Fund shall be strictly maintained.
Al 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 balance OF
sucn investments.
Section 2. (of Article XXD The State
shall accept for investment and admins
tration as parts OF the Montana Trust and
Legacy Fund, sinking funds, permanent
tundsi 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
and Administration as a part of the Mon
tana Trust and Legacy Fund of any other
fund subject to its power
Section 3. (of Article XXI The Mon
tana Trust and Legacy Fund shall be
safely and con%servatiVely invested in pub
lie securities within the State, as far as
and municipal bonds, and bonds OF the
State OF Montana but it may also be
partly invested in bonds of the United
States, bonds fully guaranteed by the
United states as to principal n interest,
n 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
payable on the amortization plan or serial
ly. The Legislative Assembly may provide
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 funds OF all
other state institutions of learning, shall
remain in full force and effect.
Section 8. (of Article XXI On the last
day of March, of June, of September and
of December of each year, the State Treas
urer shall apportion all interest collected
for the Montana Trust and Legacy Fund
during the three-month period then
terminating to all the separate and integral
funds which constitute such fund on the
day OF such a-pportionment and which
constituted parts OF the fund on the first
day of the three-month period then ter
minatlng. The 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 IL. (of Article XXI All money
in any of the separate and integral funds
constituting the Montana Trust and Legacy
and the interest apportioned there
Nf0NAp 6N~I&N ~ EaS AAEAN N0kAA(
person, institution or other entity entitled
thereto, without appropriation by the
Legislative Assembly. upon proper authori-
cation as provided by law"
Section 3. That separate official ballots
shall be provided at the general election to
be held in November, 1888, which shall
printed thereon under the heading
Proposed Amendment to Sections 6, Z. 8,
8, 10 and ii Of Article XXI Of the Consti-
tuition of the State of Montana" all of the
said Sections 6, z 8. 8, 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
eanvassed, determined and declared as
Section S. That all Acts and parts OF
Acts in conflict with the provisions of this
Act are hereby repealed.
force and effect from and after its pas
sage n approval by the Governor.
Approved March 10, 1887.
United STATES OF AMERICA.
STATE OF MONTANA
l. Sam w. Mitchell, Secretary of State of
the state OF montana, 90 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 6,
T. 8, 8, 10 and IL of Article XXI of the
Constitution of the State OF Montana Re-
lating to the Investment and Administra-
ton of the Public School Permanent Fund,
the Other Permanent Funds Originating
Land Grants From the United States
for the Support of Higher Institutions of
Learning, and Of Other INT as Separate
and Integral Funds Of the Montana Trust
and Legacy Fund"
IN TESTIMONY WHEREOF, / haVe here
unto set my hand and affixed the Great
Seal of the State of Montana, at Helena.
Capital, July %, 1888.
SAM w. MITCHELL.
Secretary of State,
First publication August 4, l938.-l4T.