Montana labor news., 1938-10-13
CHAPTER %

nA 4 - W jill W liC aQdll1ItQ EltClOlS
of the State of Montana an Amendment
to Sections g.. 7. 8, 8. 10 and IL of Article
XXI of the Constitution of the State of
Administration Of = the P Pubiic sch snd
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 H STATE OF MON
TANA:
Section l.. That Sections 6, 7, 8, 8. 10 and
II 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, 8, 10 and
II of Article XXI of the constitution of the
State or Montana be, and 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
he 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
Of the State. subject to investment, that
the legislative assembly may prescribe.
The separate existence and identity of
each and every u n 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 tunds, snail be transferred to the
Montana Trust and Legacy Fund at the
tul amounts OF the unpaid balances OF
such investments.
shall accept for investment and adminis-
tratlon 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. The Legislative
Assembly may provide for the investment
and administration as a part of the Mon
tana Trust and Legacy Fund Of any other
fund subject to its power
Section 8. tot Article XXI The 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 ii 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 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 Trust
and Legacy Fund.
All 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. tof 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 a-pportlonment and which
constituted parts of the fund on the first
day Of the three-month period then ter
mlnating. h 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.
Section IL. (of Article XXI Ali money
in any of the separate and integral funds
constituting the Montana Trust n Legacy
Fund and the interest apportioned there
person. institution or other entity entitled
thereto, without appropriation by the
Legislative Assembly, upon proper authori-
cation 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
Proposed Amendment to Sections 6, Z, 8,
g., 10 and IL of Article XXI of the Consti-
tuition Of the State Of Montana" all Of the
SAG So Is Sections fSis ast O. 4 tIb 8 3, 9 70 ana ali II 5 5s 2 nrig4ed
on the official ballots following the said
sections the following:
} For the foregoing amendment to the
Constitution.
Against the foregoing amendment tc
the Constitution.
The elector shall indicate his preference
! by marking x before the proposition fol
which he desires to vote.
Section A. That he votes cast for ano
against this proposed amendment shall be
canvassed, determined and declared as
provided by law.
Section S. That all Acts and parts o.
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 pas
sage and approval by the Governor.
Approved March 10, 1887.
UNITED STATES OF AMERICA.
STATE OF MONTANA
/, Sam w. Mitchell, Secretary of State Of
the State of Montana, do hereby certify
that the foregoing is a true and correct
copy of an Act entitled: AN Act to Sub
mt TO the Quantled Electors OF the StaIt
of Montana an Amendment to Sections 8
7, 8, 8, 10 and IL of Article XXI of the
! Constitution of the State Of Montana Re
lating to the Investment and Administra.
! ton of the Public School Permanent Fund
the Other Permanent Fun Originating
: in Land Grants From the United State.
for the Support of Higher Institutions Of
Learning, and of Other Fund as Separate
and Integral Funds of the Montana Trust
and Legacy Fund"
IN TESTIMONY WHEREOF, l have here.
unto set my hand and affixed the Great
E Seal of the State of Montana, at Helena
the Capital, July rs, 1888.
SAM w. MITCHELL,
Secretary of State.
First publication August A, 1938.-14T.
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