The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-09-01
CONSTITUTIONAL AMENDMENT

Electors of the State Of Montana an
Amendment to Sections &. Z. s, 9. 10
and II of Article NXl of the Consti-
tuition of the State OF Montana Re
lating to the Investment and Ad-
ministration of the Public School
Permanent Fund, the Other ferma-
nent Funds Originating in Land
Of Learning, and of Other Funds as
Separate and Integral funds Of the
Montana Trust n Legacy Fund.
BE IS g.. EN sE, I = n TIE ri hEG GT "A
OF MONTANA:
Section /. That Sec ions 6. ?, s. 9,
10 and II of Article TNl Of the Con-
stitution of the 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
general election.
Section >. That Sections 6. 7. s, 9,
10 and II of Article XXI Of the Con-
stitution of the state Of Montana be.
and the same are hereby amended to
re%d as follows:
Public school Permanent Fund. the
other permanent funds originating in
land grants from the United States
for the upper Of higher institutions
~tutions, 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
to investment. that the legislative as
sembly may prcErrine. The separate
existence and identity Of each and
every fund invested and administered
as Il part of the ElnHtal1a Trust and
Legacy Fund shall be strictly main
tanned.
All investments belonging to the
Public School Permanent Fund, except
investments in state farm 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 XND The
State shall accept for investment and
administration as parts OF the Mon
tana Trust and Legacy Fund, sinking
funds, permanent funds. cumulative
in the custody of any of the political
subdivisions of the state when re-
quested to do SO by the governing
board Of such political subdivision.
as the Legislative Assembly may pre-
scribe. The Legislative Assembly may
provide for the investment and ad-
ministration as a part of the Montana
fund subject to its power.
Section s. (of 4srticle XXI) The
Montana Trust and Legacy Fund shall
be safely and conservatively. invested
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
fully guaranteed by the United States
as to principal and interest. and Fed
eral Land Bank bonds. All invest
ments shall be limited to safe loan
interest. In making long term invest
ments preference shall be given to
securities payable on the amortization
plan or serially. The Legislative AS
sembly may provide additional regula-
ments from the Montana Trust and
Legacy Fund.
All existing constitutional guaran-
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
and effect.
last day Of March, of June. of Sep
TENDER and of December of each ear,
the State Treasurer shall apportion all
interest collected for the Montana
Trust and Legacy Fund during the
to all the separate and integral funds
which constitute such fund on the day
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 fund 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
in his keeping.
Section II. (of 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 gen.
eral election to be held in November,
1898. which shall have printed thereon
under the heading Proposed Amend
ment to Sections 6, Z, 8. ., 10 and IL
Of Article NM of the Constitution Of
the state of Montana" all of the said
Sections 6. 3, 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:
For the foregoing amendment