Constitutional Initiative No. 103 (CI-103)
CONSTITUTIONAL INITIATIVE 103
A CONSTITUTIONAL AMENDMENT PROPOSED BY INITIATIVE PETITION.
CI-103 amends the Montana Constitution to require the legislature to transfer at least 10 percent of the state’s share of oil and natural gas production taxes to the Older Montanans Trust Fund. The legislature can spend trust income for services, as defined by state law, to benefit Montana residents age 60 or older. Unless the trust principal exceeds $100 million, the legislature may spend the principal for those services only by a vote of three-fourths of both houses.
CI-103 costs the state treasury an estimated $11 million annually in oil and gas tax revenue. This money will be transferred to the Older Montanans Trust Fund.
[ ] FOR amending the Montana Constitution to transfer state oil and gas tax revenue to a trust fund to provide services for older Montanans.
[ ] AGAINST amending the Montana Constitution to transfer state oil and gas tax revenue to a trust fund to provide services for older Montanans.
THE COMPLETE TEXT OF CONSTITUTIONAL INITIATIVE NO. 103 (CI-103)
BE IT ENACTED BY THE PEOPLE OF THE STATE OF MONTANA:
NEW SECTION. Section 1 . Article IX of the Constitution of the State of Montana is amended by adding a new section 8 that reads:
Section 8. Older Montanans trust fund . (1) The legislature shall annually dedicate not less than ten percent(10%) of the state’s share of the proceeds of oil and natural gas production taxes to the older Montanans trust fund. This fund shall also be endowed with money transferred from the statutorily created older Montanans trust fund.
(2) When the trust’s principle is less than one hundred million dollars ($100,000,000) it may not be appropriated except by vote of three-fourths (3/4) of the members of each house of the legislature.
(3) Trust interest and income and principal in excess of one hundred million dollars ($100,000,000) may be expended upon a majority of both houses of the legislature to fund services for older Montanans as provided by law.
NEW SECTION. Section 2. Effective date. If approved by the electorate, [this act] is effective July 1, 2011.