The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-10-06
CONSTITUTIONAL AMENDMENT
+ 90

<tliISliuIiSIl I y SSCti''lIS U, 4, 0, y, ~
and II of Article NXI of the Consti-
tuition of the State Of Montana Re
lating to the Investment and Ad.
ministration Of the Public School
nent Funds Originating in Land
Grants From the United States for
the Support of Higher Institutions
of Learning. and of Other Funds as
Montana Trust and Legacy Fund.
TISE AsEEMBLY OF THE STATE
Section n- i. That Sec, lions 6, ?. 8. 9.
10 and ii Of Article TXI Of the ON
stitution of the State of Montana be
amended as hereinafter provided. and
tn sub n desst to the %. a susn aaie eieeiers
of the State OF Montana at the next
Section .. That Sections 81 8. 9.
stitut!on of the State of Montana be.
and the same are hereby amended to
~:secSion G., coz Article XXD, 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 for other state INST,
t%utions, subject to Investment. h
be invested as parts Of the Mnntana
Trust and Legacy Fund: so also all
other funds in the custody OF any
officer or Officers OF me Slalc, SubJFtt
to investment. that the legislative as
sembly may prescribe. The separate
existence and identity of each and
every fund invested ard administered
as a part of the Montana Trust and
Legacy Fund shall be strictly main
tanned.
All investments belonging to the
Public School Permane.1 Fund, except
loans. and all Investments belonging
to the said land grant funds. shall be
transfe red to the Montana Trust and
Legac" Fund at the full amounts Of
the unpaid balances OF such invest
Section 2. (of Article NXD The
State shall accept for investment and
administration as parts of the Mon
funds, permanent funds, cumulative
funds and trust funds belonging to or
in the custody of any of the political
subdivisions Of the State when re-
board Of such political subdivision,
subject, however, to such limitations
as the Legislative Assembly may pre-
scribe; The Legislative Assembly may
ministration as a part Of the Montana
Trust and Legacy Fund Of n other
fund subject to its power.
Me oeeaiHh Trust =; tG and H legacy Fund shall
be safely and consA vatively, invested
in public securities within the State,
as far as possible, including school
a aas1rle N Seu Of the a"e st men, Of Montana nonns:
but it may also be partly invested in
bonds of the United States, bonds
fully guaranteed by the United States
eral land Bank bonds. All invest
ments shall be limited to safe loan
investments bearing a fixed rate Of
interest. In making long term invest
securities payable on the amortization
plan or serially. The Legislative As
sembly may provide additional regula-
tons and limitations for all invest:
All existing constitutional guaran-
tees against loss or diversion applying
to the public school fund. to IN funds
funds Of all other state institutions of
learning. shall remain in full force
last sec day Of Il March dha Of june, Of sepe
TENDER and of December Of each year,
the State Treasurer shall apportion all
interest collected for the Montana
three-month period then terminating
to all the separate and integral funds
which constitute such fund on the day
OF such apportionment and which con-
day Of the three-month period then
terminating. The basis Of apportion-
ment shall be the average amount Of
each such fund between the first day
and the last day Of the three-month
Section 10. (of Article XxI) The
State Treasurer shall keep all deposits
of money belonging to the Montana
distinct from other deposits of money
in his keeping.
Section II. (of Article NXD All
money in any of the separate and in
o~,.ol 49, ~ q | ~ liz Npfn ~
Trust and Legacy Fund and the inter-
est ap%portioned therefrom. shall be
subject to payment to the person.
institution or other entity entitled
Legislative Assembly, upon proper au-
thorization as provided by law
Section 8. That eparate official
ballots shall be provided at the gem
eral election to be held in November.
1888, which shall have printed thereon
under the heading Proposed Amend
ment to Sections G.. 7, s, .. 10 and l!
Of A stbts y SS NIo of the c am ST ute s, Of
a anser1ns BY B.; this ii a act T. There h en Shall il al as
be printed on the official ballots fol-
lowing 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 pref
erence by marking Y before the prop
osition 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 5. 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
passage and approval by the Governor.
Approved March Is. 1887.
UNITED STATES OF AMERICA.
STATE OF MONTANA
l., Sam w. Mitchell, Secretary Of
hereby certify that the foregoing is a
true and correct cop of an Act en-
titled: IAN Act to Submit to the
Qualified Electors Of the State of
Montana an Amendment to Sections
6, IS, 9, 10 and II of Article XXI Of
theC Constitution Of the State of Mon
ana 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 Sup
port Of Higher Institutions of Learn