Section 8.
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The Montana trust and legacy fund shall be safely and conservatively invested in public securities within the state, as far as possible, including school district, county and municipal bonds, and bonds of the State of Montana; but it may also be partly invested in bonds of the United States, bonds fully guaranteed by the United States as to principal and interest, and Federal Land Bank bonds. All investments shall be limited to safe loan investments bearing a fixed fate of interest. In making long term investments preference shall be given to securities payable on the amortization plan or serially. The legislative assembly may provide additional regulations and limitations for all investments from the Montana trust and legacy fund. All existing constitutional guarantees against loss or diversion applying to the public school fund, to the funds of the state university and to the funds of all other state institutions of learning, shall remain in full force and effect.
Whenever the security given for a loan is liable to damage or destruction by fire, the insurance company accepting the risk shall be absolutely liable to the State for the full amount of the policy, and the policy itself shall specifically recite such full liability. The State may itself provide for insurance on any property constituting security for its loans.