Montana labor news., 1938-08-18

An Act to Submit to the Qualified Electors
of the State of Montana an Amendment
to Sections 6, Z, 8, 8, 10 and IL of Article
XXI of the Constitution OF the State OF
Montana Relating to the investment and
Administration OF the PUBIC 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 NON
Section /. 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
flied electors of the State of Montana at
the next general election.
Section 2. That Sections 6, z, 8, 3, 10 and
IL of Article XXI of the constitution OF the
State or Monatna be, ana 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 grants from
the United States for the support of higher
institutions of learning, and for 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
the legislative assembly may prescribe.
The 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.
| 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
Section 4. (of Article XXI The State
shall accept for investment and admins
tration as parts of the Montana Trust n
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
| 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 administration as a part of the Mon
| tana Trust and Legacy Fund of n other
fund subject to its power;
Section 8. (of Article XXI h Mon
tana Trust and Legacy Fund shall be
safely and conservatively invested in pub
lie 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
and Federal Land Bank bonds. All 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
ly. The Legislative Assembly may provide
additional regulations and limitations for
| all investments from the montana liuSt
and Legacy Fund.
All existing constitutional guarantees
against loss or diversion applying 10 tne
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 9. (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 tund
during the three-month period n
terminating to all the separate and integral
funds which constitute such fund IN the
Gay OF such a~pportlonment and when
constituted parts OF the fund on the tlrst
day Of the three-month period then ter
minating. The basis OF apport1onment
shall be the average amount OF 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 Of money
belonging to the Montana Trust and
Legacy Fund separate and distinct from
other deposits of money IN ms Keeping.
Section IL. (Of Article XXI All money
in any of the separate and integral tuhds
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 autnorl-
Section 5. That Separate official ballots
shall be provided at the general election t1
be held in November, 1888, Mhleh shal
Proposed Amendment to sections D, Z, o
9. 10 and II of Article XXI OF the consul
tuition of the State Of Montana all OF tht
, said Sections 6, Z, 3, 8, 10 and IL as amend
ed BY this act. There shall also be PRINTED
on the official ballots following the salt
sections the following; Al.
, Constitution.
+ Against the foregoing amendment t.
! the Constitution.
. by marking x before the proposition 10
. which he desires to vote.
Section A. That the votes cast tor an'
S against this proposed amendment snail p
f; canvassed, determined and declared a
r provided by law.
t Section 5. That all Acts and parts o
d Acts in conflict with the provisions Oh TN
Section s. That this Act shall be in full
n force and effect from and after its pas
e sage and approval by the Governor.
e Approved March 10, 1881.
Unified STATES OF AMERICA.
STATE OF MONTANA
I. Sam w. Mitchell, Secretary OF state Q
n the State of Montana, do hereby certlt
e that the foregoing is a true ana coeLSe
copy of an Act entitled: An Act to SUP
nit to the Qualified Electors OF the Stat
q Of Montana an Amendment to SECTIONS
Z, 8, 8, 10 and IL of Article XVI OF IN
Constitution Of the State Of Montana re
4, iating to the Investment and Adminlstra
ton Of the Public School Permanent E9h ~
fine Other Permanent Funds Orlgnalln
: IN Land Grants From the United State
for the Support Of Higher Institutions {
y Learning, and of Other Fund as Separal
q and Integral Funds Of the Montana Iru'
and Legacy Fund"
q IN TESTIMONY WHEREOF, ! have here
& unto set my hand and affixed the Gre
q Seal of the State Of Montana, at Heleni
l. N"0 N"P SAM w. MITCHELL,
= Secretary of State.
l. First publication August 4, 1938.-14T.