The Western news. [volume] (Libby, Mont.) 1933-current, 1938-09-29
CONSTITUTIONAL AMENDMENT
CHAPTER 90

CHAPTER 90
An Act to Submit to tho Qualified Else-
tors of tho State OF Montana an Amend=
Article XXI OF the Constitution of the
State OF Montana Relating to the ln-
vestment and Administration OF The
Other Permanent Funds Originating II
Land Grants From the United States
for the Support of Higher Institutions
o. Learning, ana T Oh p' Re,na run n9 ths
Montana Trust and Legacy Fund
TIVE ASSEMBLY OF THE sTATH
Section i. THAT Sections 6, Z. g. o.. ~
and III OF Article XXI Of the Constitution
OF the State OF Montana be amended ~
ton of such amendment be submitted te
the qualified electors OF the stats OF
Montana at the next general election.
Section 7. That sections ., Z, u "
OF the State Of Montana be-. and the same
are hereby amended to read as follows;
Section 6. (of Article Xxl The Public
School Permanent Fund. the other per-
manent funds originating in land grant.
from the United States for the support
of higher institutions of learning. ana LOT
other state institutions. subject 10 invest
ment shall be invested as parts OF tns
Montana Trust and Legacy Fund; 80 ALSO
all other funds In the. custody OF any
officer or officers OF the state. aubJcct
III
sembly 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.
ALI investments belonging 10 the Pupuo
School Permanent Fund, except invest
ments In state farm mortgage loans. ana
all investments belonging to the said land
grant funds, shall be transferred TO TINS
Montana Trust and Legacy Fund at ths
full amounts Of the unpaid balances OK
Section I. (of Article xxD The State
shall accept for investment and admins.
tfatlon as parts OF the Montana trust
and Legacy Fund. sinking fands, Pet tr,.a.
nent funds, cumulative funds ana trust
funds belonging to or In the CUSTODY OF
any of the political subdivisions OF me
state when requested TO 90 80 by tno
governing board of such political supdl-
Vision. subject however to such iimlta-
tlons as the Legislative Assembly may
prescribe The Legislative Assembly may
proyds for th nart 81 the Montana Trust
and Legacy Fund OF any other FUND SUD
ject to its power.
Section 8 (of Article Axn Inc MOI
tana Trust and Legacy FUND snaH %
safely -conseryatiYely invested In
public securities within the State, as FAR
as possible, including school aislrlct,
county and municipal bonds, and bonns
N the state OF Montana; but 1t may ALSO
be partly invested in bonds of the United
States bonds fully guaranteed ny tne
United States as 70 prlnehlpaa an nha All in
vestments shall be limited to safe loan
| investments bearing ilxeu rate o. ~
/ terest In making long term investments
preference shall be given 10 securities
i payable on the amortization plan or
serially, The Legislative Assembly may
provide additional regulations ana UNI
lasions Tor rns a ana nhs legacy Fund.
All existing constitutional guarantees
against loss or diversion applying to ths
public school fund. TO the tunds OF en n
State University and TO the funds OF q,
other state institutions OF learning, snal
remain In full force and effect: -,
Section o. (of Article XXl) on the lasl
day OF March, OF June, OF september ant
OF December Of each year, the stals
Treasurer shall apportion all interest col
lected for the Montana trust anu l,es ",
Fund during the three month pefioo tne 70
terminating to all the separate and IN
tegral funds which constitute such Iunt
on the day OF such apportonment ant
which constituted parts Oh inc Iunu W
the first day of the three-montn perlos
then terminating The basis or appor.
tionment shall be the average amount o.
each such fund between the first day anc
the last day OF the three month peTlous
Section 10. fof Article XXI The State
Treasurer shall keep all deposits OF money
belonging to the Montana Trust and Leg
acy Fund separate ana dis s,in ,roii o'A''
Section IL. (of Article XNll All money
In any OF the separate ana integral iunuA
constituting the Montana Trust anu Leg
acy Fund and the interest apportion
therefron, shall be subject to payment 20
the person, institution. or other eneiss
entitled thereto. without appropriation by
the Legislative Assembly, upon, propo1
authorization as provided by law
Section g. That separate Official pal
lots shall be provided ct the genera ~
election to be held In hoyemns1' , rssa
the heading Proposed Amendment e
Sections 6, I, s, .. 10 and II OF Artici'
xxi OF the Constitution Of the state Q |,
Montana all OF the said Sections :. =,
q 10 and ii MS amended by this. act
There shall also be printed on tho o1IiciA
ballots following the said sections TAI
following:
For the foregoing amendment
TO the Constitution.
Against the foregoing amend
ment to the Constitution.
The slscsor shall indicate his prtIsr
sncs by marking X before the propositiol
for which he desires to vote.
Section 4. That the votes cast Tor N
against this proposed amendment shall b
canvassed. determined and declared
provided by Law. :, -. r.r..
Acts In conflict with the provisions .
Section &. That this Act shail b. In ~
force and effect from and after its p@z
sag xpp a1S aps March Il Il. rs 1857:
UNIFIED STATES OF AMERICA.
STATE OF MONTANA
4, Sam w. Mitchell Secretary o. 1tAs
of the State Of Montana, do hereby 81
tify that this foregoing y = true ~
correct copy of an Act entitled: An A.
to Submit to tho Qualified Electors o. ~ =
tons 8. I. 8, .. 10 and ii Of Article ~
OK the Constitution OF tho State Of hct
tana Relating to the Investment ana A.
ministrxtion OF the Public School rnrn.. I'll.
: nent Fund, the Other Permanent Funs
( Originating In Land Grants From z
, United States for tho Support OF hign
: Institutions OF Learning. and O. v.n
Y Funds as Separate and Integral Funds
the Montana Trust and Legacy FUND
. IN TESTIMONY. WHEREOF ! M,
2 hersunto set my hand and sffixsa
/ Great Seal az tho stats Of Montana
Helena this Capital July rs, 1859
SAM w. MITCHELL
!. ,n~..t r..n SscrstAry ct stat