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2008 Ballot Issue C-44
THE COMPLETE TEXT OF CONSTITUTIONAL
AMENDMENT NO. 44 (C-44)
BE IT ENACTED BY THE LEGISLATURE OF THE STATE
OF MONTANA:
Section 1. Article VIII, section 13, of
The Constitution of the State of Montana
is amended to read:
"Section 13. Investment of
public funds and public retirement system and state compensation insurance fund
assets. (1) The legislature shall provide for a unified investment
program for public funds and public retirement system and state compensation
insurance fund assets and provide rules therefor,
including supervision of investment of surplus funds of all counties, cities,
towns, and other local governmental entities. Each fund forming a part of the
unified investment program shall be separately identified. Except as provided
in subsections (3) and (4), no public up to 25 percent of public
funds shall may be invested in private
corporate capital stock in the same manner that a prudent expert acting in a
fiduciary capacity and familiar with the circumstances would use. The
investment program shall be audited at least annually and a report thereof
submitted to the governor and legislature.
(2) The public
school fund and the permanent funds of the Montana university system and all other
state institutions of learning shall be safely and conservatively invested in:
(a) Public
securities of the state, its subdivisions, local government units, and
districts within the state, or
(b) Bonds of
the United States or other
securities fully guaranteed as to principal and interest by the United States,
or
(c) Such other
safe investments bearing a fixed rate of interest as may be provided by law.
that a prudent expert acting in a fiduciary
capacity and familiar with the circumstances would use in investing a fund
guaranteed against loss or diversion.
(3) Investment
of public retirement system assets shall be managed in a fiduciary capacity in
the same anner that a prudent expert acting in a fiduciary capacity and
familiar with the circumstances would use in the conduct of an enterprise of a
similar character with similar aims. Public retirement system assets may be
invested in private corporate capital stock, and the restrictions in
subsection (1) on the percentage that may be invested in private capital stock
do not apply.
(4) Investment
of state compensation insurance fund assets shall be managed in a fiduciary
capacity in the same manner that a prudent expert acting in a fiduciary
capacity and familiar with the circumstances would use in the conduct of a
private insurance organization. State compensation insurance fund assets may be
invested in private corporate capital stock. However, the stock investments
shall not exceed 25 percent of the book value of the state compensation
insurance fund's total invested assets."
Section 2. Effective
date. This amendment is effective upon approval by the electorate.
Section 3. Submission
to electorate. This amendment shall be submitted to the qualified
electors of Montana
at the general election to be held in November 2008 by printing on the ballot
the full title of this act and the following:
[ ]
FOR allowing up to 25% of all public funds presently restricted to fixed
income investments to be invested in private corporate capital stock.
[ ]
AGAINST allowing up to 25% of all public funds presently restricted to
fixed income investments to be invested in private corporate capital stock.
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