Montana labor news., 1938-10-20


An Act to Submit to the Qualified Electors
of the State of Montana an
70 Sections 6, Z, 8, 9, 10 and IL of Article
XXI OF the Constitution of the State OF
Montana 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 Support OF
Higher Institutions of Learning, and OF
Other Funds as Separate and Integral
Funds of the Montana Trust and Legacy
BE IT ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
Section /. That Sections 6, \, 8, 9, 10 and
II 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
flied electors OF the State of Montana at
the next general election.
Section 2. That Sections q, (, D, 8, 10 and
II of Article XXI of the constitution of the
State or Montana be. and the same are
hereby amended to read as follows.
Section 6. (of Article XXI The Public
School Permanent Fund, the other perma-
nent funds originating in land grant from
institutions OF learning, II Tor other state
Institutions, subject to investment, shall
be invested as parts of the Montana Trust
and Legacy Fund; so also all other funds
in the custody OF any officer or officers
Of the State, subject to investment, that
the legislative assembly may prescribe.
| Inc separate GAlSlCutG anu AQtlllly Vi
each and every fund invested and admin
istered as a 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
tull amounts Of the unpaid balances OF
such investments.
Section Z. (of Article XXI The State
shall accept tor investment n admins
tratlon as parts OF the Montana Trust and
Legacy Fund, sinking funds, permanent
funos, 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 subdivision, subject, how
ever, to such limitations as the Legislative
Assembly may prescribe. The Legislative
Assembly may provide for the Investment
and administrator as a part OF the Mon
tana Trust and Legacy Fund of any other
tund subject to its power.
Section D. tot Article XXI The Mon
tana Trust and Legacy Fund shall be
safely and c~onserVatively invested in pub
lie securities within the State, as far a;
possible, including school district, county
and municipal bonds, and bonds of the
partly invested in bonds of the United
States. bonds fully guaranteed by tht
United States as to principal and interest
and Federal Land Bank bonds. All in
Vestments shall be limited to safe loaI
investments bearing a fixed rate of inter
est. In making long term investment
preference shall be given to seeuritie
payable on the amortization plan or serial
ly. The Legislative Assembly may pfovidl
additional regulations and limitations TO
all investments from the Montana Irus
and Legacy Fund.
against loss or diversion applying to tn
public school fund, to the funds Of tn
!, state University and to the funds of al
| other state institutions OF learning, shal
l remain in full force and effect,
l Section 8. (of Article xX4) On the las
4 day Of March, OF June, OF september an
OF December Of each year, the State Treas
/ for the Montana Irus aud Legacy run
during the three-month period the
4 terminating to all the separate and Integri
funds which constitute such t9nd on N
/ constituted parts Of the fund on the fir
j DAY OF the three-month period then tel
minatlng. The basis Of apportlonmer
shall be the average amount OF each sue
fund between the first day and the la
G DAY of the three-month period.
G Section 10. lof Article KALI Inc stat
S Treasurer shall keep all deposits OF none
e belonging to the Montana trust an
Legacy Fund separate and distinct trol
! other deposits OF money IN his keeping.
Section IL. (of Article XXI All none
n IN any of the separate and integral tunC
constituting the Montana Trust and LegaC
n Funu and the interest a|pportloned ther'
from, shall be subject to payment to Il
person, institution or other entity entitis
: thereto, without appropriation by u
Legislative Assembly, upon proper author
cation as provided by law.
d Section 3. That separate official nauo
1 shall be PROVIDED a. lne ge93eerat efuo y
q have printed thereon under the heaqn
Proposed Amendment to Sections =, 4,
le 8, 10 and II OF Article XXI OF the. cons
ID tuition of the State OF Montana all OF u
1f said Sections 4, Z, q, 8, 10 and II as amen
Il ed by this act. There shall also be print
on the official ballots following the So
Y sections the following; 4
~ Constitution,
ID Against the foregoing amendment
Y. the Constitution.
The elector shall Indicate his preferen
k. by marking x before the proposition !
which he desires TO vote.
Section 4. That the votes cast for a
against this proposed amendment, n a
canvassed. determined and declared
provided by law.
- Section S, That all Acts and parts
Acts in conflict with the provisions OF u
Act are hereby repealed. d.
Section 6. That this Act shall be in f
Y force and effect from and after its pi
~ sage and approval by the Governor.
~ Approved March Is, 1887.
VI UNITED STATES OF AMERICA,
IN STATE OF MONTANA
of l, Sam w. Mltcneu, secretary OF 2late
the State of Montana, do hereby cert
~ that the foregoing is a true and corr
RPAr copy OF an Act entitled: AN Act to 81
~ NIT to the Qualified Electors OF the 81
be Of Montana an Amendment to SECTIONS
w I, q, 9, 10 and II Of Article XXI of
sntS Constitution of the State of Montana ]
XII lating to the Investment and Admln1st
~ ton Of the Public School Permanent Flu
y the other Permanent OrlgInaI
" IN Land Grants From the United Sta
~ for the Support of Higher Institutions
Learning, and of Other Funds as Separ
VI and Integral Funds of the Montana II
~ and Legacy Fund.
aae IN TESTIMONY WHEREOF, / have he
unto set my hand and affixed the GI
ION Seal of the State of Montana, at Hele
1D the Capital, July 20 1888; r,r1r,rr,