ing and the acceptance thereof by the State, unless sooner removed by the Governor. Each of said Commissioners, except the Governor, shall give a bond with at least two sufficient sureties to the State of Montana, in the penal sum of ten thousand dollars, conditioned for the faithful performance of the duties imposed by law. The said bonds shall be subject to the approval of the Governor, and after such approval must be filed in the office of the Secretary of State. The Governor shall be chairman of said Board and shall have power to remove any members of said Board, and to fill all vacancies until the next session of the Legislative Assembly, when such appointments shall be made by and with the advice and consent of the Senate when the same convenes. The majority of the Board shall constitute a quorum.

Approved March 5, 1897.

SENATE BILL NO. 72.

An Act authorizing the issuance of bonds to provide for the erection of a building for the State of Montana at the City of Helena and providing for the payment of interest thereon, and repealing section. 2454 of the Political Code of Montana.

Be it enacted by the Legislative Assembly of the State of Montana:

Section 1. The State Capitol Commission and the State Board of Land Commissioners of the State of Montana, are hereby authorized to issue and dispose of bonds for the purpose of erecting a building to be known as the "State Capitol Building" to be located in the City of Helena, Montana, under the following conditions and restrictions, to-wit:

First-The aggregate amount of bonds authorized by this Act shall not exceed the sum of Three Hundred and Fifty Thousand Dollars, ($350,000.)

Second-The denomination of each bond shall be one hundred dollars, or any multiple thereof, but the maximum amount of any bond shall not exceed the sum of One Thousand Dollars.

Third-The term of said bonds shall not exceed thirty years from their date, and they shall be payable at any time after fifteen years from their date, at the option of the issuers.

Fourth-The bonds may bear any rate of interest not in excess of six

per centum per annum, and the interest may be payable semi-annually. Fifth-The principal and interest shall be payable at such (time?) and in such manner as is designated in the bond.

Sixth-The State Capitol Commissioners and the State Board of Land Commissioners shall prescribe the form of the bond. The bonds shall bear upon their face the words "Capitol Building Bond of the State of Montana" and they shall be signed by the members of the State Capitol Commission and the State Board of Land Commissioners, and shall be countersigned by the Secretary and Treasurer of the State, and the seal of the State shall be affixed to each bond, and the bonds shall be registered in the office of the State Treasurer.

Seventh-The coupons representing the interest on the bonds shall be signed by the State Treasurer, or an engraved or lithographic fac-simile of the signature of the Treasurer may be affixed thereto, provided, it is so authorized in the bond.

Section 2. The bonds provided for in this Act shall be disposed of by the State Capitol Commission and the State Board of Land Commissioners, in such manner as they shall deem for the best interests of the State, Provided that, no bond shall be disposed of for less than its par value.

Section 3. To provide for the payment of the interest and principal of the bonds authorized by this Act, there is hereby created a special fund to be known as "The Capitol Building Interest and Sinking Fund” into which shall be paid all sums of money realized from sales of lands, licenses to cut trees, leasing of lands, profits of any and all other sources by reason of the grants of lands belonging to or authorized for the purpose of building or aiding in the building or erection of a State Capitol Building as provided by sections 12 and 17 of an Act of the United States Congress entitled "An Act to provide for the division of Dakota into. two States and to enable the people of North Dakota, South Dakota, Montana and Washington to form Constitutions and State Governments, and to be admitted into the Union on an equal footing with the original states, and to make donations of public lands to such states," approved February 22nd, 1889, and from said "Capitol Building Interest and Sinking Fund," there shall, as the same becomes due and payable, be paid the interest on the said bonds; and it is further provided, that it is the duty of the "State Board of Land Commissioners," whenever there are any funds in the said "Capitol Building Interest and Sinking Fund" over and above the sum of twenty-five hundred dollars in excess of the amount required

to pay the yearly interest on said bonds, to invest such excess funds in the manner set forth and provided in section 4 of this act, and the amount so invested shall constitute a "permanent fund" to pay the principal of the said bonds; but all interest or profit derived from the investment shall be paid into the said "Capitol Building Interest and Sinking Fund" and the principal and interest of the bonds shall be a first lien upon said funds, and all lands granted and belonging to the State, for the purpose of erecting buildings at the State Capitol.

Section 4. The State Board of Land Commissioners are hereby authorized and directed to create a "permanent fund" for the payment of the principal of the bonds authorized by this Act, from the following revenues, to-wit: Whenever the revenues in any year are sufficient to pay the interest on the said bonds and there shall be in excess thereof, the sum of twenty-five hundred dollars, then any and all funds over and above the said sum of twenty-five hundred dollars shall be invested for the benefit of the "Capitol Building Interest and Sinking Fund" as follows, towit:

First-In the bonds authorized by this Act, provided they can be purchased at a cost not exceeding their par value and accrued interest.

Second-In any legally issued bonds of any county, school district, city or town of the State of Montana, provided they can be purchased at a cost not exceeding their par value and interest.

Third-In any legally issued General Fund Warrants of the State of Montana, or any legally issued warrants of any county, city or town of the State of Montana, provided they can be purchased at a cost not exceeding their par value and accrued interest; and the said State Board of Land Commissioners are hereby granted discretionary power in the selection and purchase of the securities hereinbefore described, as to the amount of each they shall purchase and conditions of general credit affecting the same.

Section 5. It is hereby provided and set forth that in the event the State of Montana, shall, at any time provide and pay the interest, or any part thereof, on the bonds authorized by this Act from the general fund of the State, or by any special appropriation made or tax levied therefor, then for any and all interest so paid, the State shall be re-embursed from the said "Capitol Building Interest and Sinking Fund” by the payment of the amount so paid or due, whenever there is sufficient money in said "Capitol Building Interest and Sinking Fund" to pay the same.

Section 6. The State Treasurer is hereby designated as the custodian

of the funds provided by this act, and he shall pay all warrants properly drawn by the State Capitol Commission, save and excepting as to the interest on the bonds, which he shall pay as the same becomes due and charge the amount thereof to the "Capitol Building Interest and Sinking Fund herein before created.

Section 7. All moneys received from the sale of the bonds authorized by this act shall be paid to the State Treasurer, and shall constitute a special fund for the erection of the State Capitol Building, and shall be disbursed by the State Treasurer or (on?) warrants properly drawn by the State Capitol Commission, and including all warrants heretofore drawn by the State Capitol Commission, and registered prior to the passage of this Act.

Whenever any of the bonds authorized by this Act shall become due and payable, and there is sufficient funds to pay the same, they shall be called in and paid in the order of their issuance, beginning with the lowest number.

Section 9. The cost and expenses of issuing the bonds herein before authorized may be paid out of the proceeds thereof, or be chargeable to the expenses of the construction of the building.

Section 10. In the event there shall not, at any time, be sufficient money in the "Capitol Building Interest and Sinking Fund" to pay the interest when due the State Board of Land Commissioners and the State Capitol Commission shall, by an order entered on their minutes or record books, cause warrants to be issued on the said "Capitol Building Interest and Sinking Fund" for the amount of interest due, and the warrants so issued shall be registered in the office of the Treasurer of the State, and shall bear interest at the rate of six per centum per annum and said warrants shall be paid by the State Treasurer whenever there is sufficient money accumulated in said fund to pay the same; and by reason of the delivery of said warrants to the holders of said bonds and the surrender of the interest coupons, there shall be no default in the payment of interest.

Section 11. Nothing in this Act shall be so construed as to in any wise hold the State of Montana liable for the payment of the bonds herein authorized, or the interest thereon, except as to the lien heretofore created against the lands and funds granted for the purpose of erecting a State Capitol Building and which lien shall not be abridged, annulled, or set aside until the bonds authorized by this Act shall have been fully paid

together with the interest thereon and the Governor is hereby specially authorized and empowered to use all lawful means to enforce the provisions of this Act. Section 12. Section 2454 of the Political Code of the State of Montana and all acts and parts of acts in conflict with this Act are hereby repealed.

Section 13. There is hereby appropriated from the proceeds of the sale of the bonds authorized by this Act the sum of One Hundred Thousand Dollars ($100,000) for the fiscal year ending December 1st 1897, and the sum of Two Hundred and Fifty Thousand Dollars ($250,000) for the fiscal year ending December 1st 1898.

Section 14. This Act shall be in full force and effect from and after its passage and approval by the Governor. Approved March 4th, 1897.

HOUSE BILL NO. 52.

An Act to amend Article III, Chapter IV, Title V, Part III of the Political Code of the State of Montana by adding thereto a section numbered 2495, Providing a compensation for Trustees of Orphans' Home.

Be it enacted by the Legislative Assembly of the State of Montana:

Section 1. There is hereby added to Article III, Chapter IV, Title V, Part III, of the Political Code, a section which shall be numbered as Section 2495 (2495) and shall read as follows:

Section 2495. Said Board of Trustees shall receive as compensation for their services the sum of three Dollars for each day employed, and ten cents per mile, actually and necessarily traveled in attending the meetings of the Board, said compensation shall not exceed One Hundred Dollars per annum for each individual trustee.

Section 2. This Act shall take effect and be in force from and after its passage.

Approved March 3, 1897.