Montana Code 22-3-114. Use of acquisitions trust funds — principal nonexpendable — investment of principal — reversion of unspent revenue
22-3-114. Use of acquisitions trust funds — principal nonexpendable — investment of principal — reversion of unspent revenue. (1) The principal of the acquisitions trust established in 22-3-113 is intended to be a permanent fund subject to investment by the board of investments in accordance with investment principles established for the investment of state funds in Title 17, chapter 6, part 2.
Terms Used In Montana Code 22-3-114
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Society: means the Montana historical society and includes:
(a)the historical library and its contents;
(b)any museums and art galleries and their contents acquired by the trustees;
(c)any historical places, sites, or monuments acquired or developed by the society;
(d)any divisions, departments, and activities operated in conjunction with the historical library as are established by the trustees; and
(e)any books, papers, maps, charts, manuscripts, photographs, writings, records, objects of history and art, paintings, engravings, relics, collections of artifacts and minerals, furniture, or fixtures acquired by the trustees. See Montana Code 22-3-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)Revenue earned by the Montana historical society from sales provided for by 22-3-107(6) must be placed in the acquisitions trust.
(3)Interest earned on the principal of the acquisitions trust may be used only for the purpose of acquiring society library, museum, archive, and photoarchive items or collections.
(4)Revenue that is not expended on appropriate acquisitions authorized in subsection (3) and that remains at the end of each fiscal year reverts to the principal of the acquisitions trust for investment as provided in subsection (1).
(5)The provisions of 17-2-108 that require the expenditure of nongeneral fund money prior to the expenditure of general fund money do not apply to the expenditure of revenue made available to the society from the acquisitions trust.