An ambulance district may not invest in mutual fund accounts.

AMBULANCE DISTRICTS: CONSTITUTION: An ambulance district may not invest in mutual fund accounts. CONSTITUTIONAL LAW: INVESTMENTS: June 7, 1988 The Honorable Ron Stivison Representative, District 20 State Capitol Building, Room 102BA Jefferson City, Missouri 65~0~ Dear Representative Stivison: OPINION NO. 26-88 This opinion is in response to your question askinq whether the St. Charles County Ambulance District may invest in mutual fund accounts. An ambulance district is a "body corporate and a political subdivision of the state" and is statutorily empowered to levy and collect taxes. Section 190.010.2, RSMo 1986. Article VI, Section 23 of the Missouri Constitution (1945), provides: Section 23. Limitation on ownership of corporate stock, use of credit and qranta of public funds by local governments. No county, city or other political corporation or subdivision of the state shall own or subscribe for stock in any corporation or association, or lend its credit or grant public money or thinq of value to or in aid of any corporation, association or individual, except as prqvided in this constitution. In interpreting this constitutioaal provision, consideration must be given to its purpose and a reasonable interpretation made of the lanquaqe used. See Rath·en v. Reor anized School District R-II of Shelby County, 2 4 S.W.2d 516, 524 Mo. anc 1955 • Unless a contrary intent is shown, the meaninq of lanquaqe used in a constitutional provision is presumed to be its natural and ordinary meaninq. Roberts v. McNary, 636 S.W.2d 332, 335 (Mo. bane 1982). Boone County Court v. State, 631 S.W.2d 321, 324 {Mo. bane 1982). There is no evidence Missouri voters intended the lanquaqe in Article VI, Section 23 of the Missouri Constitution (1945) to have other than its ordinary and commonly understood meaninq. The provision's purposes, according to appellate courts of other states that have construed similar constitutional provisions, il The Honorable Ron Stivison include keeping government out of private business, Dade County Board of Public Instruction v. ltichigan Mutual Liability Company, 174 So.2d 3, 5-6 (Fla. 1965), restricting the activities and functions of pplitical subdivisions to government and prohibiting their direct or indirect engagement in commercial enterprise for profit, Baile:( v. City of Tampa, 111 So. 119, 120 (Fla. 1926), or entry into pr~vate business, State ex rel. Johnson v. Consumers Public Power Dist., 10 N.W.2d 784, 794 (Neb. 1943); Long v. Mayo, 111 S.W.2d 633, 635 (Ky. App. 1937). A mutual fund has been defined as an investment company that invests money of its shareholders in a (usually) diversified group of securities of other corporations. Websters New Collegiate Dictionary, 1977. It would be inconsistent with Article VI, Section 23 of the Missouri Constitution to permit an ambulance district to invest in such fund. Conclusion It is the op1n1on of this of£ice that an ambulance district may not invest in mutual fund accounts. Very truly yours, ~.· WILLIAM L. WEBSTER Attorney General - 2 -