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Montana Local Government Insurance Asset Investment, Amendment C-36 (2002)

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The Montana Local Government Insurance Asset Investment Amendment, also known as C-36, was a legislatively-referred constitutional amendment on the November 5, 2002 ballot in Montana, where it was defeated.

The amendment would have provided for the investment of assets from local government group self-insurance programs in private corporate capital stocks.

Election results

C-36 (Local Government Insurance Asset Investment)
ResultVotesPercentage
Defeatedd No188,71560.6%
Yes 122,822 39.4%

Official results via: The Montana Secretary of State

Text of measure

The language that appeared on the ballot:

The legislature submitted this proposal for a vote. Currently, the Montana Constitution prohibits the investment of public funds in private corporate capital stocks, except for public retirement system and state compensation insurance fund assets. This proposal would create a new exception. This exception would allow for the investment of assets of a local government group self-insurance plan in private corporate capital stock, up to a maximum of 25% of the program's total assets. Recognized standards of financial management would apply in making such investments. If approved, this amendment is effective January 1, 2003.

If the Montana Board of Investments had the option of investing local government self-insurance funds in common stock, the total return on these funds would increase. The Montana Common Stock Pool twenty-four year average annual total rate of return is 15.8 percent compared to 10.1 percent on the Bond Pool. The actual total return increase will depend on the portion of funds invested in corporate stock and the relative performance of stocks and bonds.

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