The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-09-29
CONSTITUTIONAL AMENDMENT

<NhiSlittlltlN " StClltiiS U, 1, 0, >, ~
and IL Of Article Xxi of the Consti-
luton OF the State of Montana Re
lating to the investment and Ad-
ministration of the Public School
nent Funds Originating in Lane
Grants Frum the United States for
the support Of Higher institutions
Of Learning. and Of Other Funds as
Separate and Integral Funds of the
BE x ENACTED BY THE kEGISLA:
THE ASSEMELi OF THE STATE
Section i. That Sec ions G, ?, 8. 9,
10 and II Of Article SN! Of the Con-
stitution of the State Of Montana be
amended as hereinafter provided. and
that the question Of such amendment
of the State of Montana at the next
general election.
Section 2 That SECTIONS o.. $. 9.
10 and II Of Article Xxi of the Con-
stitut;on of the State Of Montana be.
and the same are hereby amended to
read as follows:
.Seciior G.. 'oc Article NND, The
Public School Permanent Fund, the
other permanent Ind originating in
land grants from the United States
for the support Of h!gher institutions
Of learning. and for other state lnsti-
tutions. subject to investment. shall
be invested as parts of he Montana
Trust and Legacy F1nd: so also all
other funds in the custody of any
O11lcer or oii:ccfS q me Sthlp, SuDl'ct
to investment. that the legislative as
sembly may prGScri.!e. The separate
existence and identity of each and
every fund invested and administered
as a part of the MrntaIa Trust and
Legacy Fund shall be strictly main
tanned.
M investments be! nging to the
Public School P~ermane:l Fund, except
investments in state lIrm mortgage
loans. and all Investments belonging
to the said Land grant funds. shall be
transferred to the Montana Trust and
Legac" Fund at the full amounts Of
the unpaid balances of such invest
mentS.
Section 2. (of Article NXD The
State shall accept Tor investment and
administration as parts Of the Mon
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-
provide for the investment and adj
ministration as a part of the Montana
Trust and Legacy Fund Of any other
fund subject to it's power.
Montana Trust and Legacy Fund shall
in public securities within the State.
as far as possible; including school
and bonds of the State Of Montana:
but it may also be partly invested in
bonds of the United States. bonds
fully guaranteed by h United States
eral land Bank bonds. All invest
ments shall be limited to safe loan
Investments bearing a fixed rate Of
interest. In making long term invest
securities payable on the amortization
plan or serially. The Legislative As
sembly may provide additional regula-
tions and limitations for all invest;
ments from the Montana Trust and
Legacy Fund.
All existing constitutional guaran-
tees against loss or diversion applying
Of the State University and to the
funds Of all other state institutions of
learning. shall remain in full force
Section 9. (of Article XXD On the
last. day Of March. Of June, Of Sep
TENDER and of December Of each year,
the State Treasurer shall apportion all
interest collected for the. Montana
three-month period then terminating
to all the separate and integral funds
which constitute such fund on the day
Of such apportionment and which con-
day Of the three-month period then
terminating. The basis Of apportion-
ment shall be the average amount Of
each such fund between the first day
and the last day Of the three-month
Section 10. tof Article XXD The
State Treasurer shall keep all deposits
Of money. belonging to the Montana
distinct from other deposits Of money
in his keeping.
Section II. tof Article NXD All
money in any of the separate and in
faurnl ft1nlS nnnCfitt1finU tho Maintain
Trust and Legacy Fund and the inter-
est apportioned therefrom. shall be
subject to payment to the person..
Institution or other entity entitled
Legislative Assembly; upon proper au-
thorization as provided by law"
Section 3; That separate official
e ea,5ot eIes s I t Se %pro SeId in at S6 51e Een-
1888, which shall have printed thereon
under the heading Proposed Amend
ment to Sections G.. Z, S. 9. 10 and II
the state Of Montana' ali Of the said
amended by this act. There shall also
be printed on the official ballots fol-
lowing 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 pref
erence by marking X before the prop
osition for which he desires to vote.
Section 4. That the votes cast for
n against this proposed amendment
shall be canvassed. determined and
declared as provided by law.
Section 5. 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
passage and approval by the Governor.
Approved March Is, 1897.
UNITED STATES OF AMERICA.
STATE OF MONTANA
l. Sam w. Mitchell, Secretary Of
hereby certify that the foregoing is a
true and correct copy of an Act en-
titled: A Act to Submit to the
Qualified Electors Of the State OF
Montana an Amendment to Sections
6, Is. 9, 10 and II of Article XXI of
the Constitution of the State Of Mon
tana 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 Sup
port Of Higher Institutions Of Learn
ing, and OF Other Funds as Separate
and integral Funds If thu Monfopa