Montana Public Funds Investment in Private Corporate Stock, Amendment C-39 (2002)
The Montana Public Funds Investment in Private Corporate Stock Amendment, also known as C-39, was a legislatively-referred constitutional amendment on the November 5, 2002 ballot in Montana, where it was defeated.
|C-39 (Public Funds Investment in Private Corporate)|
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 Constitution allows pension fund and state compensation insurance fund investments in private corporate capital stock. This proposal would amend the Constitution to allow any public funds to be invested in private corporate capital stock, including any funds from the permanent public school trust, permanent funds of the university system and all other state institutions of learning. All of these investments would be subject to recognized standards of financial management. If approved, this amendment is effective January 1, 2003.
If the Montana Board of Investments had the option of investing public funds in common stock, the total return on public funds invested 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.