Read the State Legislative Tracker. New edition available now!

Montana Treasure State Endowment Fund, LR-110 (June 1992)

From Ballotpedia
Revision as of 12:34, 20 April 2012 by BaileyL (Talk | contribs)

Jump to: navigation, search

The Montana Montana Treasure State Endowment Fund Act, also known as LR-110, was a legislatively-referred constitutional amendment on the June 2, 1992 ballot in Montana, where it was approved.

Election results

LR-110 (Montana Treasure State Endowment Fund)
ResultVotesPercentage
Approveda Yes 132,820 62.5%
No79,56237.5%

Official results via: The Montana Secretary of State

Text of measure

The language that appeared on the ballot:

This proposal was submitted by the Legislature for a vote. The Montana Constituion requires that 50% of coal severance taxes be dedicated to a trust fund. This measure would create an endowment fund within the permanent trust which, for twenty years, would capture 1/2 of all money flowing into the trust that is not otherwise allocated by the Legislature. The endowment fund's principal could not be spend, but its earnings would be used to provide financial assistance for targeted local government infrastructure projects. Project proposals would be submitted by local governments, reviewed by the Governor, and recommended for legislative approval.
FISCAL NOTE: This measure redirects coal severance tax from the permanent trust to a treasure state endowment trust. Trust interest will partially finance local governments' capital facilities and improvements. The interest earned in 1994 will be approximately $1.5 million and will increase to $18.5 million by the year 2013.[1]

See also

BallotpediaAvatar bigger.png
Suggest a link

External links

References