The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-10-13
CONSTITUTIONAL AMENDMENT
CHAPTER 90

/ AA<Ae ~
An Act to Submit TO the Qualified
Electors OF the State of Montana an
Amendment to Sections g.. I, 8, y. ~
and II Of Article MI Of the Consti-
lating to the Investment and Ad-
ministration of the Public School
Permanent, Fund: the Other Perma;
G Gen5 Finds Epda % tSl Taitedg s tn kn fo1
the Support Of Higher institutions
of Learning. and of Other Funds as
Separate and Integral Funds Of the
BE M f% EMA cfHsf a BY T Tffat yE tHHd.
OF MONTANA:
Section l.. That Seq Q 6, ?. 9. .,
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
Section 2. That Sections 6. Z. 8. 9.
10 and II Of Article NNl of the Con-
stitution OF the State of Montana be,
n the same are hereby amended to
section 6. ios Article XXD The
Public School Permanent Fund, the
other permanent funds originating in
land grants from the United States
for the support Of higher in*ti,utions
Of learning. and for other state insti-
tutions. subject to Investment. shal
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
existence and identity Of each and
every fund invested and administered
as a part of the Montana Trust and
Legacy Fund shall be strictly MAIN
tanned.
All Investments belonging to the
Public School Permane!( Fund, except
investments In state farm mortgage
loans. and all Investments belonging
transfe cred to the Montana Trust and
Legac. Fund at the full amounts Of
the unpaid balances of such invest
mentS.
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-
% T %as q part F1n Of Of 5ss any Moe other
'o sect sS1'es 5. e eof irticle xxD The
! Montana Trust and Legacy Fund shall
in p safsiS s ana f9ase; W vn1aHe'y the snE State,
as far as possible. including school
district. county and municipal bonds.
and bonds of the State Of Montana:
b BON is % OF h asS0 United mi e'' States. bonds
fully guaranteed by the United States
as to principal and interest: and Fed
eral Land Bank bonds. All invest
investments bearing a fixed rate of
interest. In making long term invest
! ments preference shall be given to
securities payable on the amortization
sembly may provide additional regula-
ions and limitations for all invest,
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
Section 9. tof Article XXD On the
last day of March. Of June, Of Sep
the State Treasurer shall apportion ali
interest collected for the Montana
! Trust and Legacy. Fund during the
three-month period then terminating
which constitute such fund on the day
Of such ap~portionment 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
Section 10. (of Article XXD 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
Section IL. (of Article XXD All
money in any of the separate and in
tegral funds constituting the Montana
Trust and Legacy Fund and the inter-
subject to payment to the person:
Institution or other entity entitled
| thereto: without appropriation by the
tegislaiXe Assembly; upon proper au-
ballots shall be provided at the gen.
eral election to be held in November.
1888. which shall have printed thereon
of Article XXI of the Constitution Of
the State Of Montana" all of the said
s smsnaea b. s; t !; s. sct p there - and Shall II al as
be printed on the official ballots fol-
lowing 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 pref
erence by marking X before the prop
osition for which he desires to vote.
Section 4. That the votes cast for
and against this proposed amendment
shall be c~anvassed. determined and
declared as provided by law.
Section 5. That all Acts and parts
Of Acts in conflict with the provisions
Of this Act are hereby repealed.
Section 6. That this Act shall be in
full force M effect from and after its
passage and approval by the Governor.
Approved March Is, 1887.
UNITED STATES OF AMERICA.
STATE OF MONTANA
state Of the State OF Montana, do
hereby certify that the foregoing is a
true n correct copy of an Act en-
titled. IAN Act to Submit to the
Qualified Electors Of the State of
Montana an Amendment to Sections
6, Z, 8. Q, 10 and IL of Article XXI of
the Constitution OF the State OF Mon
al Relating to the Investment and
Administration of the Public School
Permanent Fund. the other Permanent
Fnnda 0ripinatipO In TorI Granite