Montana labor news., 1938-08-04

An Act to Submit TO the Qualified Electors
OF the state OF Montana an Amendment
TO Sections 8, Z, o. y, 10 aud ii OIL Article
AhI OF the Constitution OF the state OF
Montana helaung to the Investment ana
Administration OF the fuDuc ScnOOi
permanent tund, the Other permanent
runos Originating IN Land Grants from
the Unlteu states Tor the support OF
higher Institutions OF Learning, and OF
Otner Funds as Separate ana Integral
tunds OF the Montana Trust and Legacy
BE ii ENACTED BY THE LEGISLATIVE
ASSEMBLY Or THE STATE Or MON
Section l. That Sections 6, z, 8, 9, 10 and
IL OF Article AAI OF the Constitution OF
the State OF Montana be amended as here
matter provided, and that tne question of
such amendment be submitted to the quail
flied electors OF the State OF Montana at
the next general election.
Section z. That Sections 6, z, Q, 8, 10 and
IL of Article Xxi OF the constitution of the
State or Montana be, and the same are
hereby amended to read as follows:
Section g. tot Article XXI The Public
School Permanent Fund, the other perma-
nent funds originating IN Land grants from
the United StaJes for the support OF higher
institutions OF learning ana Tor other state
institutions, subject 10 investment, shall
be invested as parts of the Montana Trust
ana Legacy tund; 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 existence ana Identity OF
each and every fund invested ana aomin-
lstered as part OF the Montana Trust and
Legacy tund shall be strictly maintained.
All investments belonging to the Public
School Permanent Fund, except invest
mentS IN state farm mortgage loans, ana
all investments belonging TO the SAID lana
grant tunus, shall be transferred to the
Montana Trust and Legacy tund at the
rull amounts of the unpaid balances OF
such investments,
Section Z. tof Article XXI The State
4afH
ratlon as parts OF the Montana Trust and
Legacy FUND, sinking funus, permanent
FUNDS, cumulative funds ana 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 tor the investment
ana administration as part of the Mon
tana Trust and Legacy Fund OF any other
tund subject to It's power.
Section 3. (of Article XXI The Mon
tana trust and Legacy Fund shall be
safely ana conservat1vely invested In pub
llc securities within the State, as Tar as
possible, including school district, county
ana 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
United States as to principal and interest,
and FEDERAL Land Bank bonus 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
~. The Legislative Assembly may provide
additional regulations and limitations for
all investments from the Montana Trust
and Legacy Fund.
ALI existing constitutional guarantees
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.
Section 8. (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 Fund
during the three-month period then
terminating to all the separate and integral
funds which constitute such fund on the
day of such apportionment and which
constituted parts OF the fund on the first
mlnatlng. The basis OF apportionment
shall be the average amount OF each such
tund 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 his keeping.
in any of the separate and integral funds
constituting the Montana Trust and Legacy
Fund and the interest apportioned there
lIOillf sildil pG subject TO payment TO the
person, institution or other entity entitled
thereto, without appropriation by the
Legislative Assembly, upon proper authori-
zat1on as provided by law
Section 3. That separate official ballots
shall be provided at the general election to
be held in November, 1888, which shall
nave printed thereon under the heading
Proposed Amendment to Sections 6, Z, 8,
9, 10 and II of Article XXI Of the Consti-
tuition of the State of Montana all of the
said Sections 6, Z, 8, 8, 10 and, II as amend
ed by this act. There shall also be printed
on the official ballots following the said
sections the following:
{ For the foregoing amendment to the
{ } Constitution.
{ } Against the foregoing amendment to
{ } the Constitution
The elector shall indicate his preference
by marking x before the proposition for
which he desires to vote.
Section 4. That the votes cast for and
against this proposed amendment shall be
canvassed, determined and declared as
ISection S. That all Acts and parts of
Acts in conflict with the provisions OF this
Act are hereby repealed.
Section g. That this Act shall be in full
fdrce and effect from and after its pas
Sage and approval by the Governor
Approved March IS, 1887.
UNITED STATES OF AMERICA.
sfATE OF MONTANA
L. Sam w. Mitchell, Secretary of State of
the State of Montana, do hereby certify
thAt the foregoing is a true and correct
CODY Of an Act entitled: "An Act to Sub
init to the Qualified Electors Of the State
of Montana an Amendment to Sections 6,
Z, Is, g. 10 and II of Article XXI of the
of the State Of Montana Re-
latbne to the Investment and Administra-
tioh Of the Public School Permanent Fund,
tha Other Permanent Funds Originating
in Land Grants From the United States
fo1 the Support of Higher Institutions of
Learning and of Other Funds as Separate
and Integral Funds of the Montana Trust
and Legacy Fund"
lin TESTIMONY WHEREOF, have here
unfb SET my hand and affixed the Great
Seal Of the State of Montana, at Helena,
Anl Oh 1929