Montana labor news., 1938-10-27
CHAPTER SO

CHAPTER SO
An Act 10 Submit to the Qualified Electors
of the State of Montana an Amendment
to Sections 6, 7, 8, 8, 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 II ENACTED BY H LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
Section /. That Sections 6. 7. 3, 9. 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, 7, 8, 8, 10 and
IL of Article XXI of the constitution of the
State or Monatna 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
and Legacy Fund: SO also all other funds
IN the custody of any officer or officers
OF the State, subject to investment, hat
the legislative assembly may prescribe.
The separate existence and identity OF
each and every u invested and admin
istered as a part of the Montana Trust and
Legacy Fund shall be strictly maintained.
ALI 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 Il. (of Article XXI The State
shall accept for investment and admins
~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 Mon
tana Trust and Legacy Fund of any other
fund subject to its power;
tana Trust and Legacy Fund shall be
safely and e~onservatively invested in pub
lie securities within the State, as far as
possible. including school district, county
and municipal bonds, and bonds of the
State of Montana; but 1t may also be
partly invested in bonds of the United
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 a fixed rate of inter-
est. In making long term. investments
preference hall be given to securities
payable on the amortization plan or serial
ly. The 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
Z State University and to the funds OF all
l other state institutions Of learning, shall
4 remain in full force and effect,
! Section 8. (of Article XXI On the last
1 day Of March, of June, Of September and
OF December of each year, the State Treas
{ urer shall apportion all interest collected
f for the Montana Trust and Legacy Fund
during the three-month period then
4 terminating to all the separate and integral
= funds which constitute such U on the
day of such apportlonment and which
{ constituted parts of the u on the first
| day OF the three-month period then ter
minating. The basis Of ap-portionment
j shall be the average amount Of each such
tund between the first day and the last
G day of the three-month period.
e Section 10. (of Article XXI The State
S Treasurer shall keep al deposits OF money
e belonging to the Montana Trust ano
Legacy Fund separate and distinct from
+ other deposits OF money ia his keeping.
{ Section IL. (of Article XXI All money
4 in any of the separate and integral funds
: constituting the Montana Trust and Legacy
Fund and the interest apport1oned there
from, shall be subject to payment to the
u iDGIAQIlt lnollLhilbAA VI OAAA@A NLNAtJ NAAtAtt~N
= thereto, without appropriation by thu
Legislative Assembly, upon proper authort'
e cation as provided by law
d Section 3, That separate official balloti
shall be provided at the general election K
d be held in November, 1888, which shall
o have printed thereon under the heading
Proposed Amendment to Sections 8, Z, 9
e Q. 10 and II Of Article XXI OF the Consti
d tuition of the State OF Montana" all of tn,
If said Sections 6, Z, 8, 8, 10 and IL as amend
ed by this act. There shall also be printet
= on the official ballots following the SAT-
y sections the following;
n For the foregoing amendment to tn
n Constitution.
d } Against the foregoing amendment t
the Constitution.
The elector shall indicate his preference
k. by marking X before the proposition TO
which he desires to vote.
Section 4. That the votes cast for AM
against this proposed amendment shall b
~canvassed, determined and declared a
provided by law.
- Section S. That all Acts and parts Q
Acts in conflict with the provisions of thi
Act are hereby repealed.
Section 6. That this Act shall be in ful
i force and effect from and after its pas
d sage and approval by the Governor.
v Approved March Is, 1887.
4 UNITED STATES OF AMERICA.