. Biennial report of the Superintendent of Public Instruction of the State of Montana . Due to the fact that this money for the original loans was taken from the Permanent SchoolFund, and that during all of these years this money had not earned the interest designated on theloan, school men appealed to the Legislative Assembly again and in 1949 that body enacted lawsproviding for repayment of the interest on the original loans, less the 2% that had been paid since1935. Income from the old Farm Loan Sinking Fund is now being used to repay this interestwhich will amount to approximately $1,737,2
. Biennial report of the Superintendent of Public Instruction of the State of Montana . Due to the fact that this money for the original loans was taken from the Permanent SchoolFund, and that during all of these years this money had not earned the interest designated on theloan, school men appealed to the Legislative Assembly again and in 1949 that body enacted lawsproviding for repayment of the interest on the original loans, less the 2% that had been paid since1935. Income from the old Farm Loan Sinking Fund is now being used to repay this interestwhich will amount to approximately $1,737, Permanent School Fund As of July 1, 1952, the Permanent School Fund consisted of the following: Unsold lands at $ per acre _ $42,646, Deferred payments on land sales 3,113, County, city and school district bonds 415, Invested through Montana Trust and Legacy Fund 23,937, Cash with State Treasurer 1,269, TOTAL $71,382, Thousands of Cattle Graze School Lands—Montana Highway Photo The Montana State Trust and Legacy Fund was established in 1941, and consists of the bal-ances in all permanent funds resulting from Land Grants and other endowments. Before 1941 eachfund was invested separately, causing many small amounts to be idle for lack of proper size in- —47— vestments. Now, with all balances in the Trust and Legacy Fund, it is possible to keep most ofthe funds earning interest at all times. Interest and Income Fund The Interest and Income Fund which is distributed each year on the census basis is dis-tributed in February. This distribution in February 1952, from receipts in 1951, amounted to$2,860, and consisted of the following incomes:
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