The Hardin tribune-herald. [volume] (Hardin, Mont.) 1925-1973, 1938-10-27
CONSTITUTIONAL AMENDMENT
CHAPTER 90

CHAPTER W
An Act to Submit to the Qualified
Electors Of the State of Montana an
Amendment to Sections 6. !, s. 9, ~
and ii of Article XXI Of the Consti-
tuition Of the state Of Montana Re
ministration Of the Public School
Permanent Fund. the Other perma-
nent Funds Originating in Land
Grants From the United States for
Of Learning. and of Other Funds as
Separate and Integral Funds Of the
Montana Trust n Legacy Fund.
BE * r. EN MASTER S z IT TH III !! 6 SE A
Section i. That Sec ions 6, 7, 8. 9,
10 and II Of Article M Of the Con
that the question of such amendment
be submitted 10 the qualified electors
of the State Of Montana at the next
Section ?. That Sections 6. 7, s. 9,
10 and II Of Article Xxi of the Con-
stitution OF the State Of Niontaila be,
and the same are hereby amended to
"Section 6. ioe Article XXD The
Public School Permanent Fund, the
other permanent funds originating i'll
lana grants from the United States
for the support OF higher institutions
Of learning: and for other state insti.
tutions. subject to investrAent, shall
be invested as parts Of the Montana
Trus and Legacy Fund; so also all
other funds in the custody sf any
officer or Officers Of the State. subject
to investment. that the legislative as
sembly may prescribe. The separate
existence and identity of each and
every fund INVESTED and administered
Legacy Fund shall 'be strictly main
aimed.
All investments belonging to the
Public School Petmarelt Fund, except
investments in state farm mortgage
loans. and all investments belonging
to the said land grant funds. shall be
transfe cred to the Montana Trust and
Legac' Fun at the full amounts Of
the unpaid balances of such invest
Section 2. tof Article XXD The
State shall accept Tor investment and
administration as parts of the Mon
tana 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 re-
board of such political subdivision,
subject, however, to such Limitations
as the legislative Assembly may pre-
ministration as a part Of the Montana
Trust and Legacy Fun Of any other
fund subject to its power.
Section 8. tof Article KID The
be safely and consA vatively invested
in public securities within the State,
as far as possible, including school
district; county and munieipaI bonds.
but it may also be partly invested in
bonds of the United States, bonds
fully guaranteed by the United States
erai land Bank bonds. All invest
ments shall be limited to safe loan
interest. In making long term invest
ments preference shall be given to
plan or serially. The Legislative As
sembly may provide additional regula-
tons and limitations for all invest
ments from the Montana Trust and
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
learning. shall remain in full force
and effect.
Section .: tof Article XXD On the
TENDER and Of December Of each year,
the State Treasurer shall apportion all
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 apportionment 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 mount Of
each such fund between the first day
and the last day Of the three-month
Section 10. (of Article EXD 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 ii. (of Article XXD All
money in any Of the separate and in
tegral funds constituting the Montana
Trust and Legacy Fund and the inter-
est apportioned therefrom: shall be
subject to payment to the person.
institution or other entity entitled
thereto: without appropriation by the
Legislaiye Assembly; upon proper au-
Section 3. That separate official
ballots shall be provided 1t the gen
eral election to be held in November.
1888. which shall have printed thereon
ment to Sections 6. Z. s, 9. 10 and IL
Of Article XXI of the Constitution Of
the State of Montana all of the said
Sections g. s; !; 8, g. 10 and II 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 ne desires to vote.
Section 4. That the votes cast for
and against this proposed amendment
shall be canvassed. 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
passage and approval by the Governor.
uNiTED STATES IlT1ss Of Of AMERICA iySa
STATE OF MONTANA
State of the State OF Montana, do
hereby certify that the foregoing is a
r and correct copy Of an Act en-
titled: "An Act to Submit to the
Qualified Electors of the State of
Montana an Amendment to Sections
8, rs, 9. 10 and II Of Article XXI of
the Constitution of the State of Mon
tana 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 Sup
port OF Higher Institutions of Learn
ing and OF Other Funds as Separate
and Integral Funds Of the Montana
Trust and Legacy Fund"
II TESTIMONY WHEREOF. I have