17-1-401. Montana growth and opportunity trust.
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/mt/title-17/chapter-1/part-4/17-1-401·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-1-401 . Montana growth and opportunity trust.
(1)There is a Montana growth and opportunity trust in the permanent fund type funded by annual transfers of volatile revenues as provided for in 17-1-405 . The trust is administered by the department of revenue.
(2)Transfers into the trust are deposited as follows:
(a)one-half into the distribution portion of the trust; and
(b)one-half into the reinvestment portion of the trust.
(a)Money deposited in the account established in this section must be invested by the board of investments as provided by law.
(b)If allowed by law, the board of investments may invest funds in the trust in higher-yielding investments.
(4)A bill appropriating funds from the corpus of the trust must be treated in the same manner as a bill creating state debt and requires a vote of two-thirds of the members of each house of the legislature for passage.