The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-11-03
CONSTITUTIONAL AMENDMENT
p 90

An Act to submit 10 the Qualified
Electors of the State Of Montana an
Am Amen n m ar, to se sI; 81 6; III :. 8; 9: 10
luton of he State Of Montana Re
lating to TIE Investment and Ad-
ministration Of the Public School
Permanent Fund. the Other Perma-
Grants From the United States for
the Support of Higher Institutions
of Learning. and of Other Funds as
Separate and Integral Funds Of the
BE q ENAcTEb BY TIE LyliGISLA-
OF MONTANA:
Section l.; That Seq ions 6; :. 9; 9.
stitution of &c State of Montana be
amended as hereinafter provided, and
that the question of such amendment
be submitted to the qualified electors
of the State of Montana at the next
Section >. That Sections 6. I. s. .,
10 and II VI Article MI of the Con-
stitution o! TIE State Of Montana be.
and the same are hereby amended to
SECTION 6. coz Article XND The
Public School Permanent Fund, the
other permanent funds originating i'll
land cranes from the United States
Of learning. and for other state insti-
t%utions, subject to Investment. shall
be invested as PARTS OF the Montana
Trust and Legacy Fund: so also all
officer Of officers If tie State, subject
to investment. that the legislative as
sembly may preScviue. The separate
existence and identity of each and
every fund invested and administered
as a part of the Montana Trust and
Legacy Fund shal be strictly main
tanned.
All investments belonging to the
p-Il.o Cn1-.l Ipar,,nr,,I L,,p1 1von,~f
investments in state farm mortGaSe
loans. and all investments belonging
to the said Land grant funds. shall be
transfe cred to the Montana Trust and
Legac" Fund at the full rnOun Of
the unpaid balances of such invest
ments.
Section z. (of Article NN) The
State snail accept for investment and
tana Trust and Legacy Fund, sinking
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
m%inistration as a part Of the Montana
Trust n Legacy Fund Of any other
fund subject to it's power.
Section 8. (of article XXI). The
be safety and consSva5tivsely 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;
bonds Of the United States, bonds
fully guaranteed by the United States
as to principal and interest: and Fed
monte shall he 1ip,ifad IN cafe loaD
Investments bearing a fixed rate of
interest. In making long term invest
ments preference shall be given to
securities payable on the amortization
sembly may provide additional regula-
ions and limitations for all invest
ments from the Montana Trust and
Legacy Fund.
tees 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
Section 9: (ef Article XXI) On the
TENDER Ind of December Of each year,
interest collected for the Montana
Trust and Legacy Fund during the
three-month period then terminating
to all the separate and integral fumes
WHICH constitute Sucn IuTQ on the Qdy
Of such apportionment and which con-
stituted parts of the fund on the first
day of the three-month period then
terminating. The basis Of apportion-
ment shall be the average amount Of
each such und between the first day
and the last day Of the three-month
period.
Section 10. (of Article XND 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
Section ii. cot Article XXD All
money in any of the separate and in
tegral funds constituting the Montana
Trust and Legacy Fund and the inter-
est apportioned therefrom. shall be
subject to payment to the person.
institution or other entity entitled
thereto. without appropriation by the
Legislative Assembly, upon proper au-
thorization as provided by law"
Section 3. That separate 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 6. 7, 8. 8. 10 and II
Of Article ENI of the Constitution of
the State of Montana all of the said
Sections 6. T.. s. 9, 10 and II as
amended by this act. There shall also
be printed on the official ballots fol-
lowing the said sections the following: