Montana labor news., 1938-08-25

Of The State OF Montana an Amendment
to Sections d, Z, o, y, ~ ana IL OF Arucle
XXI OF the Constitution of the State OF
Montana Relating to the Investment and
Administration of the Public School
Permanent tund, 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 ana Integral
Funds ofsthe Montana Trust and Legacy
BE IT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF H STATE OF MON
Section l. That Sections 6, Z, 8, 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
| the next general election.
Section 2. That Sections 6, z, Q, 8, 10 and
II of Article XXI of the constitution OF the
| State or Monatna be, and the same are
/ hereby amended to read as follows:
Section s. (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 Tor other state
institutions, subject TO investment, snail
be invested as parts of the Montana Trust
and Legacy Fund; SO also all other funds
N the custody OF any officer or officers
Of the State, subject to investment, that
Inc legislative assembly may prescribe.
h separate existence and identity of
each and every fund 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
ful amounts of the unpaid balances OF
such investments.
Section q. (of Article XXI The State
shall accept Tor investment and admins
traIion as parts OF the Montana Trust and
Legacy Fund, sinking funds, permanent
funds, cumulative funds ana trust funds
belonging to or IN the custody OF any Of
the political subdivisions of the State when
requested to 90 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.
Section 8. (of Article XXI h Mon
tana Trust and Legacy Fund shall be
safely and conservatlVely invested in pub
lie securities within the State, as far as
possible, including school district, county
ana 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 and interest,
and Federal Land Bank bonds. ALI in
vestments shall be limited to safe loan
Investments bearing a fixed rate of inter-
est. In making long term Investments
preference shall be given to securities
payable on the amortization plan or serial
~. The Legislative Assembly may provide
additional regulations and limitations for
all investments from the Montana rus
and Legacy Fund.
ALI 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 al
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
minating. The basis OF ap-portionment
shall be the average mount of each such
tund 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. lof Article XXI All money
in any of the separate and integral funds
constituting the Montana Trust and Legacy
Fund and the interest apportloned there
from, shall be subject to payment to the
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 tc
be held in November, 1888, which shall
have printed thereon under the heading
Proposed amendment to Sections 6, Z, 8
9, 10 and IL Of Article XXI Of the Consti.
tuition of the State of Montana" all of the
said Sections 8, Z, 3, 9, 10 and II as amend
ed by this act. There shall also be PRINTED
on the official ballots following the sale
sections the following:
sICO For the foregoing amendment to the
Constitution.
/ Against the foregoing amendment tt
! the Constitution.
! ! The elector shall indicate his preferences
= by marking x before the proposition fol
Z Which he desires to vote.
Section 4. That the votes cast for anC
, against this proposed amendment shall b'
: canvassed, determined and declared a
Section S. That all Acts and parts o
4 Acts in conflict with the provisions Of th1
Act are hereby repealed.
Section 6. this Act shall be in tul
a force and effect from and after its pas
e sage and approval by the Governor.
Approved March Is, 1887.
= UNITED STATES OF AMERICA.
STATE OF MONTANA
l, Sam w. Mitchell, Secretary of State 0
+ the State of Montana, do hereby certif,
6 that the foregoing is a true and correc
copy Of IN Act entitled: An Act to Sub
NIT to the Qualified Electors of the Stat
e of Montana an Amendment to Sections, 9
Z, 8, 8, 10 n IL of Article XXI of tn
Constitution Of the State of Montana Re
lating to the Investment and Administra
ton of the Public School Permanent Fund
e the Other Permanent Funds Originatini
h IN Land Grants From the United State
d for the Support of Higher Institutions 0
q Learning, and of Other Funds as Separati
and Integral Funds of the Montana Trus
4 and Legacy Fund"
. IN TESTIMONY WHEREOF, l have here
unto set my hand and affixed the Grea
n Seal of the State of Montana, at Helena
the Capital, July 25, 1888.
SAM w. MITCHELL,
Secretary of State.
] First publication August A, 19Ss.-14T.