Montana C-44, Authorize Public Funds to be Invested in Corporate Stock Amendment (2008)
| Montana C-44 | |
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| Election date |
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| Topic Tax and revenue administration |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
Montana C-44 was on the ballot as a legislatively referred constitutional amendment in Montana on November 4, 2008. It was defeated.
A "yes" vote supported amending the state constitution to allow up to 25% of certain public funds to be invested in private corporate capital stock. |
A "no" vote opposed this amendment, thereby maintaining that only state retirement funds and worker's compensations insurance funds could be invested in private corporate stock. |
Election results
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Montana C-44 |
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| Result | Votes | Percentage | ||
| Yes | 118,178 | 25.93% | ||
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337,656 | 74.07% | ||
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- Results are officially certified.
- Source
Text of measure
Ballot title
The ballot title for C-44 was as follows:
| “ | CONSTITUTIONAL AMENDMENT NO. 44 AN AMENDMENT TO THE CONSTITUTION PROPOSED BY THE LEGISLATURE AN ACT SUBMITTING TO THE QUALIFIED ELECTORS OF MONTANA AN AMENDMENT TO ARTICLE VIII, SECTION 13, OF THE MONTANA CONSTITUTION TO ALLOW UP TO 25 PERCENT OF CERTAIN PUBLIC FUNDS TO BE INVESTED IN PRIVATE CORPORATE CAPITAL STOCK; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE. The 2007 Legislature submitted this proposal for a vote. This measure would amend the Montana Constitution to allow up to 25 percent of all state trust fund assets to be invested in private corporate capital stock. Currently, the Constitution allows only Retirement Funds and Workers’ Compensation Insurance Funds to be invested in private corporate capital stock. In the short term, it is expected that income will be reduced while trust monies are transferred from bonds to stocks. In the long term, if historical investment performance continues, trust fund income may increase because aggregate stock values are expected to appreciate, while bond values do not. [ ] FOR allowing up to 25% of all public funds presently restricted to fixed income investments to be invested in private corporate capital stock. [ ] AGAINST allowing up to 25% of all public funds presently restricted to fixed income investments to be invested in private corporate capital stock. | ” |
Full Text
The full text of this measure is available here.
Support
Supporters
- Montana State Senator Vicki Cocchiarella (D-47)[1]
- Montana State Representative Dave McAlpin (D-94)[1]
- Montana State Senator Dave Lewis (R-42)[1]
Opposition
Opponents
- Montana State Senator Jerry O'Neil (R-3)[1]
- Jaime MacNaughton[1]
Path to the ballot
- See also: Amending the Montana Constitution
A two-thirds (66.67%) vote is required of all members of the legislature during one legislative session for the Montana State Legislature to place a constitutional amendment on the ballot. Since Montana has 150 legislators (100 Representatives and 50 Senators), at least 100 members must vote in favor of a constitutional amendment for it to pass. Amendments do not require the governor's signature to be referred to the ballot.
See also
External links
Footnotes
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State of Montana Helena (capital) |
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