Montana Code 52-7-105. Endowment for children
52-7-105. Endowment for children. (1) There is within the permanent fund type an endowment for children. The endowment is not subject to appropriation. The purpose of the endowment is to provide a permanent source of funding to support the programs and services referred to in 52-7-101.
Terms Used In Montana Code 52-7-105
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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
(2)The endowment may receive funds from:
(a)appropriations;
(b)gifts, grants, and donations, from public or private sources; and
(c)other money credited or transferred to the endowment from any other fund or source.
(3)The state treasurer must receive and shall deposit money in the endowment. The board of investments shall invest the money in the endowment. Only the interest generated by the endowment is available for expenditure by the board.