Montana Code 2-15-2041. Montana end of watch trust
2-15-2041. Montana end of watch trust. (1) There is a Montana end of watch trust within the permanent fund type for the purpose of supporting eligible law enforcement officers and their surviving immediate family in the event of an officer’s death or catastrophic injury in the line of duty.
Terms Used In Montana Code 2-15-2041
- Department: means a principal functional and administrative entity that:
(a)is created by this chapter within the executive branch of state government;
(b)is one of the 20 principal departments permitted under the constitution; and
(c)includes its units. See Montana Code 2-15-102
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(2)The department may accept contributions and gifts for the trust in money or other forms. When accepted, the contributions and gifts must be deposited in the trust.
(3)The legislature may transfer money to the trust.
(4)The state treasurer shall each month transfer from the trust to the account established in 2-15-2042 the amount of earnings, excluding unrealized gains and losses, required to meet the obligations of the state that are payable from the account. Earnings not transferred to the account established in 2-15-2042 must be retained in the trust account. Any unexpended interest that transfers back into the trust can be appropriated if monthly obligations exceed the current available interest in the account. If this portion of the trust is appropriated in any fiscal year, the state treasurer shall transfer that same amount from the general fund to the trust in the following fiscal year.
(5)The board of investments shall invest money deposited in the fund established under this section as provided by law.