The Western news. [volume] (Libby, Mont.) 1933-current, 1938-08-11
CONSTITUTIONAL AMENDME EMIT
I'll ApTER 40

An Act to Submit to the Qualified EIeo-
tors OF the State of Montana an Amends
ment to Sections 6, Il 8, 9. 10 and IL OF
Article XXI of the Constitution of the
State of Montana Relating to the In
xestment and administrator OF the
Public School Permanent Fund. tho
Other Permanent Funds Originating In
Land Grants From the United States
for the Support Of Higher Institutions
Separate and Integral Funds of the
Montana Trust and Legacy Fund.
BE 1T ENACTED By THE LEGIsLA-
TIVE ASSEMBLY OF THE STATE
Section l. That Sections s. 7. 8, Q, 10
and II OF Article XXI OF the Constitution
of the State of Montana be amended Al
hereinafter provided, and that the aues-
ton OF such amendment be submitted to
the qualified electors of the State OF
Montana at the next general election. ;.
Section :. That Sections 8. 7, q d "
and IL of Article XXI of the constitution
of the State of Montana be-. and the same
are hereby amended to read as follows.
Section 6. tof Article XxD The Public
School Permanent Fund, the other per-
manent funds originating in land grants
from the United States for the support
of higher institutions OF learning, ana for
other state institutions, subject to invest
ment. 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 AS
sembly may prescribe The separate ak
istence and Identity OF each and every
fund invested and administered as p3rt
of the Montana Trust and Legacy Fund
shall be strictly maintained
All investments belonging to the Public
School Permanent Fund. except invest
ments I'm 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
such investments
fof A~ft xyn THE EfatA
shall accept for investment and adminl.-
tration as parts of the Montana Trust
and Legacy Fund, sinking funds, perma-
nent funds, cumulative funds and trust
funds belonging to or In the custody OF
any of the political subdivisions or the
State when requested TO do so py tno
governing board of such political supdi-
vision, subject, however, to such iimita-
tlons as the Legislative Assembly may
prescribe. The Legislative Assembly may
provide for the investment and admins
tration as a part OF the Montana trust
and Legacy Fund OF any other fund sub
lect TO Its power. x-t rs 80
Section 8 tof Article XXD The Mon
tana Trust and Legacy Fund snail pc
safely and eonserpatiyely invested In
public securities within the state, as lar
as possible. including. school uistricI.
county and municipal BONDS, ana ponuh
of the State Of Montana. but 1t may also
be partly invested In bonds of the United
states. bonds fully guaranteed ny the
United States as to principal ana interest
and FEDERAL l.Anu Bank boHuss kAh lit
vestmauts shall be limited TO safe loan
investments bearing fixed rate OK IN
terest. In making long term investments
preference shall be given 70 securities
nayabje on the amortization plan or
serialiy. The Legislative Assembly may
nrovide additional regulations and linz
ltations 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 al
other state institutions or learning, snail
remain in fun force and effect.
Section o. lof Article NH On the last
day Of March, of June. OF September and
OF December of each year. the stare
Treasurer shall apportion all interest col
lected for the Montana Trust and Legacy
Fund during the three-month period tnen
terminating to all the separate ana m
tegral funds which constitute such fund
on the day Of such appertonment and
which constituted parts of the FUND on
the first day of the three month period
then terminating. the basis o. appon ns
each such fund between the FIRST DAY ana
the last day Of the three month period.
Section 10. tof Article XXD The State
Treasurer shall keep all deposits OF money
belonging to the Montana Trust and Leg
acy Fund separate and distinct from other
deposits OF money In his keeping.
Section H. (of Article XSD All money
in any OF the separate and integral funds
constituting the Montana Trust ana Leg
acy Fund and the interest apportioned
therefrom, shall be subject TO payment 70
the person, institution or other entity
| entitled thereto, without appropriation by
| the Legislative Assembly, upon proper
| authorization as provided by law
| Section 3. That separate official pal
| lots shall be provided at the general
election to be held in November. 1893,
which shall have printed thereon unuer
the heading Proposed Amendment 70
Sections o. Z, y, .. 10 and 1t OF Article
| XXI OF the Constitution OF the state OK
Montana" all of the said Sections y, y .,
o, 10 and I'll as amended by TINS 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 amend
| ment to the Constitution.
The elector shall indicate his prefer
ence by marking x before the proposition
for which he desires to vote.
Section L. That the votes cast for and
against this proposed amendment shall %
canvassed. determined and declared ~
Section {. 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 rull
force and effect from and after it's pas
Approved March is, 1887.
UNITED STATES OF AMERICA.
State OF MONTANA
/, Sam w. Mitchell. Secretary OF State
OF the State OF Montana, do hereby Ger.
tify that the foregoing Is = true Anc
correct copy OF an Act entitled: An Ac
to Submit to the Qualified Electors OF TIN
state OF Montana an Amendment to Sec.
tions 9, z, s, 8, 10 and Ill Of Article XXX
OF the Constitution OF the State OF Mon
tana Relating to the Investment and Al
ministration OF the Public School Parma
nent Fund, the Other Permanent FUND.-
Originating In Land GraNts From ~
United States for the Support OF Hlghe
Institutions OF Learning, and OF Othe
Funds AN Separate and Integral Funds o
the Montana Trust and Legacy Fund.
IN TESTIMONY. WHEREBY ! hay
hereunto set my hand and aflixcd I'M
Great Seal OF the State of Montana. a
Helena, tho Capital, July as, 1888.
SAM w. MITCHELL
fareat Eeal} Secretary OF State