The Western news. [volume] (Libby, Mont.) 1933-current, 1938-08-25
CONSTITUTIONAL AMENDMENT
CHAPTER 90

CHAPTER 80
An Act to Submit to the Qualified EIec-
tors of the State Of Montana an Amend
ment TO Sections s, I, g. Q. 10 and ii OF
Article XXI Of the Constitution of the
State of Montana Relating to the In
vestment and Administration of the
Public School Permanent Fund, the
Other Permanent Funds Originating In
Land Grants From the United States
of Learning. and of Other Funds ~
Separate and Integral Funds of the
Montana Trust and Legacy Fund:
BE 1T ENACTED BY THE LEGIsLA-
TIVE ASSEMBLY OF THE STATE
OF MONTANA:
Section l. That Sections 6, 7. 8, Q, 10
and IL OF Article XXI of the Constitution
of the State of Montana be amended an
hereinafter provided and that the ques-
tion OF such amendment be submitted to
the qualified electors of the State OF
Montana at the next general election.
Section. 7. That Sections 9. 7. q. q, -
and IL of Article XXI OF the constitution
OF the State of .hfoHtana be-, md the same
are hereby amended to read as follows:
Section g. {of Article xx) 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 be Invested al parts OF the
Montana Trust and Legacy Fund; 50 also
NIL 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-
istence and Identity of each and every
fund invested and administered as 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 ths
full amounts OF the unpaid balances OF
such investments.
Section 7. lof Article XXI The State
ahal accept for investment and admins
tration 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 the
State when requested to do so by the
governing board of such political suhdi-
Vision, subject, however, to such limita-
lions as the Legislative Assembly may
prescribe. The Legislative Assembly may
provide for the investment and admins
tration as q part OF the Montana Trust
and Legacy Fund OF any other fund SUD
Section s tof Article XXI The Mon
etana Trust and Legacy FUND shall be
safely and conservatlveiy invested In
public securities within the state, as Tar
Az 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, bonus lully 6ualahAt1u ny eho
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 TO securities
! payable on the amortization plan or
! serialy. The Legislative Assembly may
provide additional regulations and nm
itations for all investments from tins
Montana Trust and Legacy Fund.
All existing constitutional guarantees
| against loss or diversion applying TO I'M
public school fund. 10 the tunds OF IN,
other state institutions Of learning, shal
remain in full force and effect
Section 8. tof Article MID On the las
day OF March, Of June, of September ant
Of December OF each year, the Stat
Treasurer shall apportlon all interest col
lected for the Montana Trust ana Legac.
Fund during the three month period tnei
| terminating to all the separate ana IN
tegral funds which constitute such funt
on the day OF such apportonment ane
which constituted parts Of the fund or
the first day OF the three-month pertoc
then terminating. The basis OF appor-
tlonment shall be the average amount OF
each such fund between the first day anc
/ the last day OF the three month period.
Section TO- tof Article XxD The State
! Treasurer shall keep all deposits OF money
belonging TO the Montana Trust and Leg
-aey Fund separate and distinct from othef
deposits Of money IN ms keePingsu ,,,rav
/ in any OF the separate and integral FUNDS
constituting the Montana Trust and Leg,
acy Fund and the interest apporuoneo
therefroln shall be subject to payment tc
the person, institution or other entity
entitled thereto, without appropriation ps
the Legislative Assembly, upon proper
authorization as provided by law.
Section 3. That separate official pal
lots shall be provided at the genera
election to be held in November, 1888
which shall have printed thereon unde
the heading Proposed Amendment Z
Sections g. 3 70 and u OF ATticl
XXI OF the Constitution OF the state 2
Montana" all OF the said Sections 9, 7,
o. 10 and III as amended by this act
There shall also be printed on the officia
ballots following the said sections tn
following.
For the foregoing amendment
to the Constitution.
Against the foregoing amend
I ment to the Constitution.
The elector shall indicate his prefer
ence by marking X before the proposition
for which he desires to vote.
Section 4. That the votes cast for an
against this proposed amendment shalt b
canvassed. determined and declared :
Section {. That all, Acts ana parts .
Acts In conflict with the provisions 9
this Act are hereby repealed.
Section 9. That this Act shan BE- tn ~
!
sage and approval by the Governor.
Approved March is, 1887,
UNITED STATES OF AMERICA.
STATE or MONTANA
I, Sam w. Mitchell, Secretary OF Stat
of the Stats OF Montana, do hereby Ger
tify that the foregoing Is true m
correct copy OF an Act entitled. AN Az
to Submit to the Qualified Electors Of II
State OF Montana an Amendment to Set
tons 8, I, 3, 9, 10 and III OF, Article ~
of the Constitution OF the State OF Nor
tana Relating to the Investment and Al
ministration of tho Public School Perms
nent Fund, tho Other Permanent Funt
Originating I'm Land Grants From q
United States for the Support Of High
Institutions OF Learning, and of 9TH
Funds Al Separate and Integral Funds !
the Montana Trust and Legacy Fund"
I'm TESTIMONY WHEREOF ! hzs
hsreunto set my hand and affixed q
Great Seal OF the State Of Montana |
Helena. the Capital, July n. ts38.