Montana Const. art. VIII, § 13

Montana Constitution

Article VIII, § 13 — INVESTMENT OF PUBLIC FUNDS

This text of Montana Const. art. VIII, § 13 (INVESTMENT OF PUBLIC FUNDS) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

JurisdictionMontana DocumentConstitution

ArticleVIII

Section§ 13

CitationMontana Const. art. VIII, § 13

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Mont. Const. art. VIII, § 13.

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(1) The legislature shall provide for a unified investment program for public funds 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 for monies contributed to retirement funds, no public funds shall be invested in private corporate capital stock. 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.

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(1) The legislature shall provide for a unified investment program for public funds 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 for monies contributed to retirement funds, no public funds shall be invested in private corporate capital stock. 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.

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Montana Const. art. VIII, § 13, Counsel Stack Legal Research, https://law.counselstack.com/constitution/mt/VIII/13.