The Western news. [volume] (Libby, Mont.) 1933-current, 1938-10-27
CONSTITUTIONAL AMENDMENT
CHAPTER 90


tors OF the State OF Montana nm Amend
ment to Sections t. I, 3, ,. 10 and IL of
Article MI Of the Constitution of the
State OF Montana Relating TO the In
vestment and Administration of the
Public School Permanent Fund, tho
Other Permanent Funds Originating In
Land Grants From the United States
for the Support of Higher Institutions
Separate and Integral Funds Of the
Montana Trust and Legacy Fund.
BE II ENACTED BY Tile LEGISLA~
TIVE ASSEMBLY OF THE STATE
Section i. That Sections 6, 7, 8, Q, 10
and II of Article MI of the Constitution
of the State Of Montana be amended as
hereinafter provided. and that the ques-
tlon OF such amendment be submitted to
the qualified electors of the State of
Montana al the next general election.
Section T. That Sections g, ., ., 10
and ii of Article NM Of the constitution
OF the State of Montana be, and the same
are hereby amended to read ms follows:
section g. tof Article NXD The Public
School Permanent Fund, the other per-
nlanent 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 as parts OF the
Montana Trust and Legacy Fund, so also
all other funds III the custody of any
officer or officers OF the State, subject
10 investment. that the legislative as
AeMbly may prescribe. Il he SHpdNdte tx
istenee 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 the
full amounts OF the unpaid balances OF
such investments.
Section 7. tof Article NXD The State
shall accept for investment and adminis-
traton 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 subdi-
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 part OF the Montana Trust
and Legacy Fund of any other fund sub
ject to its power.
tana Trust and Legacy Fund shall be
safely and conservatively invested in
public 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 in
terest In making long term investments
preference shall be given to securities
payable on the amortization plan or
serlally. The Legislative Assembly may
provide additional regulations and linz
itations 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
state University and to the funds OF all
other state institutions OF learning, shall
remain in full force and effect.
Section o. (of Article XXI On the last
day OF March, Of June, of September and
of December Of each year, the State
Treasurer shall apportion all interest COL
lected for the Montana Trust and Legacy
Fund during the three month period then
terminating to all the separate and In
tegra funds which constitute such fund
on the day OF such apportionment and
which constituted parts OF the fund on
the first day of the three month period
then terminating. The basis OF appor--
tionment shall be the average amount or
each such fund 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 or money
belonging to the Montana Trust and Leg
acy Fund separate and distinct from other
deposits of money in his keeping.
Section IL. (of Article XxD All money
In any OF the separate and integral funua
constituting the Montana Trust and Leg
acy Fund and the interest apportioned
therefroin, shall be subject to payment TO
the person, institution or other entity
entitled thereto, without appropriation by
the Legislative Assembly, upon proper
authorization as provided by law"
Section g.. THAT separate official bal
lots shall be provided AT the A-BeheTat
election to be held in November, 1898,
which shall have printed thereon under
the heading Proposed Amendment 70
Sections 6, Z, s. 0, 10 and II OF Article
XXI OF the Constitution OF the State OF
3, 10 and II as amended by this act.
There shall also be printed on the Official
ballots following 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 prefer
ence by marking x before the proposition
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 s. 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 its pas
sage and approval by the Governor.
Approved March Is, 1887.
UNITED STATES OF AMERICA.
STATE OF MONTANA
|, Sam w. Mitchell. Secretary OF State
Of the State Of Montana, do hereby GER
fifty that the foregoing lis true and
correct copy of an Act entitled: AN Act
to Submit to the Qualified Electors OF ths
State Of Montana an Amendment to Sec
tions s, z, 8, .. 10 and ii OF Article XXI
of the Constitution OF the State OF Mon
tana Relating TO the Investment and Ad-
minlstration OF the Public School Perma-
nent 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 Fund"
IN TESTIMONY WHEREOF have
hereunto set my hand and affixed the
Great Se;s Of the State Of Montana, at
Helena tho Capital. July 25, 1898.
SAM w. MITCHELL
tureat seaD Secretary OF State.