Montana labor news., 1938-09-01

CHAPTER 80
An Act to Submit to the Qualified Electors
of the State of Montana an Amendment
to Sections 6. Z. 8, 9. 10 and II OF Article
XXI of the Constitution of the State OF
Montana 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 Support OF
Higher Institutions of Learning, and OF
Other Funds as Separate and integral
Funds OF the Montana Trust and Legacy
BE / i ENACTED BY THE LEGISLATIVE
ASSEMBLY OF THE STATE OF MON
Section /. That Sections 6. 7. 8. g.. 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 8, z, ., 8, 10 and
IL of Article XXI of the constitution of the
State or Monatna be, and the same are
hereby amended to read as follows:
Section 6. (of Article XXI The Public
School permanent Fund. the other pefma-
nent funds originating in land grants from
/ he United States for the support OF hlgher
institutions OF learning, and Tor other state
institutions, subject TO investment, snail
be invested as parts of the Montana Trust
| and Legacy FUND, SO also all other funds
in the custody of any officer or officers
of the State, subject to investment, that
l the legislative assembly MAY pItSCflDt-
| h 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
1 grant funds, shall be transferred TO the
Montana Trust and Legacy Fund at the
full amounts of the unpaid balances OF
such Investments.
Section &. (of Article XXI The State
| shall accept tor investment and admins
| tration as parts OF the Montana 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
requested to do so by the governing board
OF such political subdivision, subject, how
ever, to such limitations as the legislative
| Assembly may prescribe. Tn Legislative
Assembly may provide for the investment
and administration as a part OF the Mon
tana Trus and Legacy Fund OF any other
fund subject to its power.
Section 8. (of Article XXI The Mon
tana Trust and Legacy Fund shall pc
safely and c"onserVatIVely invested in pub
lie securities Wlthlh tle otale, as lal a.
possible, including school district, county
and municipal bonds and bonds oil the
State of Montana but 1t may also be
partly invested in n of the United
States, bonds fully guaranteed by the
United States as to principal and interest
and Federal Land Bank bonds. All in
Vestments shall be limited to safe loan
Investments bearing a xed 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 tol
E all Investments from the Montana Irus
and Legacy Fund.
t All existing constitutional guarantees
: against loss or diversion applying 70 ~
7 public school fund, to the funds Of tn
: State University and to the funds Oh al
} other state institutions OF earn1ng shal
I remain in full force and effect.
4 Section 8. (of Article XXI On the las
E day of March, of June, of September an'
> OF December of each year, the State Treas
E urer shall apportion all interest collectet
4 for the Montana Trust and Legacy Funt
= during the three-month period the
terminating to all the separate and ntegra
e funds which constitute such fund on IN
j day of such ap~portlonment ana, Wnlcl
constituted parts of the u on the frs
day of the three-month period then ter
minating. The basis OF apport1onmen
shall be the average amount OF each sue
fund between the first day and the las
l day of the three-month period.
y Section 10. (of Article XXI The Stat
Treasurer shall keep all deposits OF none
: belonging to the Montana Trust an
q Legacy und separate and distinct ifof
q other deposits OF money in his Keeping.
i Section II. (of Article XXI All none
in any of the separate and integral fund
q constituting the Montana Trust n Legac
e eume eheu Ne sl.hieet IL navmenf To ia
n t,es+i+',+ion ~ othaI sntifv enfifIe
person, lnstltutloh or otner sHtlty ~ ~
thereto, W1tnout ppIopIiaelp nar =, ~ ~
LeglslaIlVe Assenapty, qPon proper au'poi
zallon as Rrov nla ~ daW. ofeicial bauo-
Sectlon ., 1naI sSPalasS O nli afaotia,l
snail pc proVIqea az Inc g Ioae w 5iGeIlAo ~ >
Pc nelu ~ tN2Se y 100 ~ ~ headiT
nave pIlnteu Lmshson ~ Saotions 4 i
proposed A~inenuIaent 70 PsStt ~ =, ts,
J. 3, 10 and IL OF Aftlcie 1A1 o. tls S ~ ~
a. tuition OF tne Stale o. moandd eu a1 oa ~
sald Seetlons o. a o, =, l ~ aIa1 b ne nrinte
ca py thls aS., hniIots si falioanipe TIE ss-
On tnS ol - eat,oSuiug o"s ~ -
sectlQns me IonoWln 70 ~
81 For tne t~oresoiHs - =
CONSTITUTION.
ar - ~ fauagoing
Against lne loIssoihs alheiAulnSA'
- the, Consl{uIion. nra,.
N II eieetor sh Rdfd mal tbe @n ms J ptigiiie r