Mont. Code Ann. § 17-5-305 — MT Code / Title 17 / Chapter 5 / Part 3 / Section 17-5-305
17-5-305 Sale of bonds and debentures
Status: in_force

17-5-305 . Sale of bonds and debentures. The refunding bonds or debentures that may be issued under the provisions of this part must be sold by the board of examiners in a manner that the board considers to be in the best interests of the state. However, if the state holds any bonds or debentures to be refunded by an issue of refunding bonds or debentures as investments of institutional or other funds, the original bonds or debentures may be exchanged for the refunding bonds or debentures if the exchange is authorized by the proper state officers or board.
Mont. Code Ann. § 17-6-213 — MT Code / Title 17 / Chapter 6 / Part 2 / Section 17-6-213
17-6-213 Redemption of bonds before maturity
Status: in_force

17-6-213 . Redemption of bonds before maturity. (1) The board of investments shall permit any school district, town, city, or county to pay and redeem one or more of its bonds held by the state for the credit of any fund under the investment administration of the board of investments at any time before maturity.

(2) In calculating the unpaid interest accrued on any bond or bonds at the time of payment and redemption, interest for a fractional month must be calculated and collected for a full month.

(3) Payment and redemption of bonds must be made at the office of the state treasurer unless the bonds by their own terms and provisions are made payable at some other place and payment at that office would be disadvantageous to the redemptioner. When bonds have been paid and redeemed, the state treasurer shall effectually cancel the bonds and the attached coupons by perforation or otherwise and mail them to the proper treasurer together with the state treasurer's receipt.

(4) This section does not authorize or permit any school district, town, city, or county to issue refunding bonds for the purpose of paying and redeeming any bond or bonds held by the state before the optional or redeemable date of the bonds or to grant the right to pay any bonds held by the state before the optional or redeemable date from the proceeds of refunding bonds.
Mont. Code Ann. § 17-5-302 — MT Code / Title 17 / Chapter 5 / Part 3 / Section 17-5-302
17-5-302 Character of bonds
Status: in_force

17-5-302 . Character of bonds. (1) The board of examiners shall prescribe all details for the form, notice, and time of sale of the bonds or debentures.

(2) The bonds or debentures must be registered in the office of the state treasurer in a book to be provided for that purpose.
Mont. Code Ann. § 17-6-403 — MT Code / Title 17 / Chapter 6 / Part 4 / Section 17-6-403
17-6-403 Definitions
Status: in_force

17-6-403 . Definitions. As used in this part, the following definitions apply:

(1) "Certified microbusiness development corporation" means a microbusiness development corporation certified pursuant to 17-6-408 .

(2) "Department" means the department of commerce provided for in 2-15-1801 .

(3) "Development loan" means money loaned to a certified microbusiness development corporation by the department for the purpose of making microbusiness loans under the provisions of this part.

(4) "Microbusiness development corporation" means a nonprofit corporation organized and existing under the laws of the state to provide training, technical assistance, and access to capital for the startup or expansion of qualified microbusinesses.

(5) "Microbusiness loan" means a loan made from or guaranteed by a revolving loan fund contributed to by the microbusiness finance program.

(6) "Program" means the microbusiness finance program established in 17-6-406 .

(7) "Qualified microbusiness" means a business enterprise located in the state that:

(a) produces goods or provides services and has fewer than 10 full-time equivalent employees and annual gross revenue of less than $1 million; or

(b) produces energy using an alternative renewable energy source as defined in 15-6-225 .

(8) "Revolving loan fund" means a fund required to be established by a certified microbusiness development corporation that receives a development loan.
Mont. Code Ann. § 17-5-1513 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1513
17-5-1513 Signatures of board members
Status: in_force

17-5-1513 . Signatures of board members. If board members whose signatures appear on notes, bonds, or coupons cease to be members before the delivery of the notes or bonds, their signatures shall nevertheless be valid and sufficient for all purposes the same as if the members had remained in office until delivery.
Mont. Code Ann. § 17-5-1608 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1608
17-5-1608 Limitations on amounts
Status: in_force

17-5-1608 . Limitations on amounts. The board may not issue any bonds or notes that cause the total outstanding indebtedness of the board under this part, except for bonds or notes issued to fund or refund other outstanding bonds or notes or to purchase registered warrants or tax or revenue anticipation notes of a local government as defined in 7-6-1101 , to exceed $190 million.
Mont. Code Ann. § 17-1-701 — MT Code / Title 17 / Chapter 1 / Part 7 / Section 17-1-701
17-1-701 Loans with Indian tribal governments
Status: in_force

17-1-701 . Loans with Indian tribal governments. Loan agreements with Indian tribal governments that are authorized under this title must contain the provisions specified in 90-6-709 .
Mont. Code Ann. § 17-6-301 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-301
17-6-301 Short title
Status: in_force

17-6-301 . Short title. This part may be cited as the "Montana In-State Investment Act of 1983".
Mont. Code Ann. § 17-5-707 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-707
17-5-707 Board of examiners to issue bonds
Status: in_force

17-5-707 . Board of examiners to issue bonds. The board of examiners may issue and sell coal severance tax bonds, and no other agency of the state is so authorized. Any action taken by the board of examiners under this part must be approved by a majority vote of its members.
Mont. Code Ann. § 17-8-212 — MT Code / Title 17 / Chapter 8 / Part 2 / Section 17-8-212
17-8-212 Effect of assignment
Status: in_force

17-8-212 . Effect of assignment. Nothing contained herein shall in any way impair the negotiability of state warrants or preclude employees of the state from authorizing deductions from salaries for employees group insurance programs authorized by law, union dues, or purchase of U.S. government savings bonds.
Mont. Code Ann. § 17-5-803 — MT Code / Title 17 / Chapter 5 / Part 8 / Section 17-5-803
17-5-803 Form -- principal and interest -- fiscal agent -- bond registrar and transfer agent -- deposit of proceeds
Status: in_force

17-5-803 . Form -- principal and interest -- fiscal agent -- bond registrar and transfer agent -- deposit of proceeds. (1) Subject to the limitations contained in this part and in the bond act and in the furtherance of each bond act, bonds may be issued by the board upon request of the department. The bonds may be issued in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for conversion or exchange, and, for the issuance of temporary bonds, bearing interest at a rate or rates, maturing at times not exceeding 30 years from date of issue, subject to redemption at earlier times and prices and on notice, and payable at the office of the fiscal agency of the state as the board determines.

(2) In all other respects, the board is authorized to prescribe the form and terms of the bonds and do whatever is lawful and necessary for their issuance and payment. Action taken by the board under this part must be by a majority vote of its members. The state treasurer shall keep a record of all bonds issued and sold.

(3) The board is authorized to employ a fiscal agent and a bond registrar and transfer agent to assist in the performance of its duties under this part.

(4) The board, in its discretion, is authorized to pay all costs of issuance of bonds, including without limitation rating agency fees, printing costs, legal fees, bank or trust company fees, costs to employ persons or firms to assist in the sale of the bonds, line of credit fees and charges, and all other amounts related to the costs of issuing the bonds from amounts available for these purposes in the general fund or from the proceeds of the bonds.

(5) Unless otherwise provided in statute authorizing a bond, all proceeds of bonds and notes issued under this part to pay the costs of a project must be deposited in the capital projects account or in a separate general obligation bond or note account created in the state special revenue fund established in 17-2-102 , except that:

(a) bond proceeds used to pay interest on the bonds and accrued interest received must be deposited in the debt service account;

(b) any premiums received may be deposited in the debt service account; and

(c) bond proceeds used to pay the costs of issuance may be deposited in a separate account within the state special revenue account.

(6) If applicable, the board shall specify whether the bonds are tax credit bonds as provided in 17-5-117 .
Mont. Code Ann. § 17-3-1003 — MT Code / Title 17 / Chapter 3 / Part 10 / Section 17-3-1003
17-3-1003 Support of state institutions
Status: in_force

17-3-1003 . Support of state institutions. (1) Except as provided in subsection (5), for the support and endowment of each state institution, there is annually and perpetually appropriated, after any deductions made under 77-1-109 , the income from all permanent endowments for the institution and from all land grants as provided by law. All money received or collected in connection with permanent endowments by all higher educational institutions, reformatory, custodial and penal institutions, state hospitals, and sanitariums, for any purpose, except revenue pledged to secure the payment of principal and interest of obligations incurred for the purchase, construction, equipment, or improvement of facilities at units of the Montana university system and for the refunding of obligations or money that constitutes temporary deposits, all or part of which may be subject to withdrawal or repayment, must be paid to the state treasurer, who shall deposit the money to the credit of the proper fund.

(2) Except as provided in subsections (1), (3), and (5), all money received from the investment of grants of a state institution and all money received from the leasing of lands granted to a state institution must be deposited with the state treasurer of Montana for each institution, to the credit of the state special revenue fund.

(3) Except as provided in 77-1-109 and subsection (4) of this section, all money received from the sale of timber from lands granted to a state institution must be deposited to the credit of the permanent trust fund for the support of the institution.

(4) The board of regents shall designate, at least once a biennium, whether the timber sale proceeds from Montana university system lands must be distributed to the beneficiaries or placed in the permanent fund.

(5) Except as provided in 77-1-109 , income received from certain lands and riverbeds pursuant to 77-1-103 (4) or 77-4-208 must be deposited as follows:

(a) from July 1, 2011, through June 30, 2014, to the guarantee account provided for in 20-9-622 ; and

(b) on or after July 1, 2014, to the school facility and technology account provided for in 20-9-516 .
Mont. Code Ann. § 17-5-1102 — MT Code / Title 17 / Chapter 5 / Part 11 / Section 17-5-1102
17-5-1102 Definitions
Status: in_force

17-5-1102 . Definitions. As used in this part, the following definitions apply:

(1) (a) "Authorized officer" means, with respect to any certificated public obligation:

(i) an individual whose signature to the certificated public obligation is required or permitted; or

(ii) an individual who may be permitted by an authorized officer, either alone or with the concurrence of another or others, to affix the individual's signature to the certificated public obligation and who is so permitted in writing by the authorized officer with any required concurrence.

(b) "Authorized officer" means, with respect to any uncertificated public obligation, any individual referred to in this subsection (1) as an authorized officer with respect to a certificated public obligation of the same class or series.

(2) "Certificated public obligation" means an obligation that is:

(a) issued pursuant to a system of registration;

(b) represented by an instrument; and

(c) either one of a class or series or by its terms is divisible into a class or series of obligations.

(3) "Facsimile seal" means the reproduction by engraving, imprinting, stamping, or other means of the seal of the issuer, official, or official body.

(4) "Facsimile signature" means the reproduction by engraving, imprinting, stamping, or other means of the manual signature of an authorized officer.

(5) "Financial intermediary" means a bank, broker, clearing corporation, or trust company or the nominee of any of them or other person or nominee that in the ordinary course of its business maintains public obligation accounts for its customers.

(6) "Internal Revenue Code" has the meaning provided in 15-30-2101 .

(7) "Issuer" means a public entity that:

(a) executes a certificated public obligation to evidence its duty to perform an obligation represented by the certificated public obligation;

(b) undertakes to perform an obligation that is an uncertificated public obligation; or

(c) becomes responsible for or in place of a public entity described as an issuer in this subsection (7).

(8) "Obligation" means an agreement of an issuer to pay principal and interest and includes a share, participation, or other interest in the agreement.

(9) "Official actions" means the actions by statute, order, ordinance, resolution, contract, or other authorized means by which the issuer provides for issuance of a public obligation.

(10) "Official or official body" means:

(a) the officer or body that is empowered under the laws of one or more states, including this state, to provide for original issuance of a public obligation of the issuer by defining the obligation and its terms, conditions, and other incidents;

(b) the successor or successors of the official or official body; and

(c) any other person or group of persons who are assigned duties of the official or official body under applicable law.

(11) "Original issuance" means the first transfer of a public obligation by an issuer to a purchaser.

(12) "Public entity" means any entity, department, or agency that is empowered under the laws of one or more states, including this state, to issue obligations, any interest with respect to which may under any provision of law be provided an exemption from the income tax referred to in the Internal Revenue Code. The term may include this state, a political subdivision, a municipal corporation, a state university or college, a school district or other special district, a joint agreement entity, a public authority, a public trust, a nonprofit corporation, or any other organization.

(13) "Public obligation" means either a certificated or an uncertificated public obligation.

(14) "System of registration" and its variants means a plan:

(a) with respect to a certificated public obligation, that provides that:

(i) the certificated public obligation specify a person entitled to the public obligation or the rights it represents; and

(ii) transfer of the certificated public obligation may be registered upon books maintained for that purpose by or on behalf of the issuer; and

(b) with respect to an uncertificated public obligation, that provides that transfer of the uncertificated public obligation be registered upon books maintained for that purpose by or on behalf of the issuer.

(15) "Uncertificated public obligation" means an obligation that is:

(a) issued pursuant to a system of registration;

(b) not represented by an instrument; and

(c) either one of a class or series or by its terms divisible into a class or series of obligations.
Mont. Code Ann. § 17-7-132 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-132
17-7-132 Right to appear on consideration of budget
Status: in_force

17-7-132 . Right to appear on consideration of budget. The budget director and representatives of agencies expending or applying for state money may and, when requested by either the house of representatives or the senate, shall appear and be heard with respect to any budget bill.
Mont. Code Ann. § 17-5-1321 — MT Code / Title 17 / Chapter 5 / Part 13 / Section 17-5-1321
17-5-1321 Allocations not transferable
Status: in_force

17-5-1321 . Allocations not transferable. Allocations may not be transferred between projects or purposes.
Mont. Code Ann. § 17-6-314 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-314
17-6-314 Rate of return
Status: in_force

17-6-314 . Rate of return. Except as provided in 17-6-317 , in calculating the rate of return for any Montana investment to be made from the permanent coal tax trust fund, the board shall consider the long-term benefit to the Montana economy and the additional service fee discount provided for in 17-6-319 .
Mont. Code Ann. § 17-5-922 — MT Code / Title 17 / Chapter 5 / Part 9 / Section 17-5-922
17-5-922 Form -- principal and interest -- fiscal agent -- bonds authorized
Status: in_force

17-5-922 . Form -- principal and interest -- fiscal agent -- bonds authorized. (1) Each series of bonds may be issued by the board at public or private sale, in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for the conversion or exchange, bearing interest at the rate or rates or the method of determining the rate or rates, maturing at times, not more than 40 years from date of issue, subject to redemption at earlier times and prices and upon notice, and payable at the office of a fiscal agency of the state that the board shall determine, subject to the limitations contained in this part. Any action taken by the board under this part must be approved by at least a majority vote of its members.

(2) In all other respects the board is authorized to prescribe the form and terms of the bonds and shall do whatever is lawful and necessary for their issuance and payment.

(3) Bonds and any interest coupons appurtenant to the bonds must be signed by the members of the board, and the bonds must be issued under the great seal of the state of Montana. The bonds and coupons may be executed with facsimile signatures and seal in the manner and subject to the limitations prescribed by law. The state treasurer shall keep a record of all bonds issued and sold.

(4) The board may employ a fiscal agent and a bond registrar and transfer agent to assist in the performance of its duties under this part.

(5) In connection with the issuance and sale of bonds, the board may arrange for lines of credit or letters of credit with any bank, firm, or person for the purpose of providing an additional source of repayment for bonds issued pursuant to this part. Amounts drawn on lines of credit may be evidenced by negotiable or nonnegotiable notes or other evidences of indebtedness, containing terms and conditions that the board may authorize in the resolution approving the notes or evidences of indebtedness.

(6) Not more than $150 million of bonds issued under this part may be outstanding at any time. Additional bonds, other than refunding bonds, may not be issued until the pledge in favor of the highway revenue bonds is satisfied and discharged.

(7) If applicable, the board shall specify whether the bonds are tax credit bonds as provided in 17-5-117 .
Mont. Code Ann. § 17-7-202 — MT Code / Title 17 / Chapter 7 / Part 2 / Section 17-7-202
17-7-202 Preparation of building programs and submission to department of administration -- statewide facility inventory and condition assessment
Status: in_force

17-7-202 . Preparation of building programs and submission to department of administration -- statewide facility inventory and condition assessment. (1) Before April 1 of the year preceding a legislative session, each state agency and institution shall submit to the architecture and engineering division of the department of administration, on forms furnished by the division, a proposed long-range building program for major repair projects and capital developments, if any, for the agency or institution along with the agency's or institution's 6-year capital development facilities strategic plan. Excluding major repair projects greater than $2.5 million, the division may not include a capital development project request in the information provided pursuant to 17-7-202 (4) without the project also being included in an agency's or institution's 6-year capital development facilities strategic plan, unless approved by the office of budget and program planning. Each agency and institution shall furnish any additional information requested by the division relating to the utilization of or need for major repair projects and capital developments.

(2) (a) Except as provided in subsection (3), the division shall compile and maintain a statewide facility inventory and condition assessment that:

(i) for each state-owned building:

(A) identifies its location and total square footage;

(B) identifies the agency or agencies using or occupying the building and how much square footage each agency uses or occupies;

(C) lists the current replacement value of the building in its entirety and each agency's portion of the building; and

(D) identifies whether the building is a long-range building program-eligible building; and

(ii) for each long-range building program-eligible building:

(A) includes a facility condition assessment of the building and an itemized list of the building's deficiencies; and

(B) compares the building's current building deficiency ratio to its deficiency ratio in the previous biennium.

(b) The division may contract with a private vendor to collect, analyze, and compile the building information required in this subsection (2).

(c) The facility inventory and condition assessment must be updated as determined by the division.

(d) The division may incorporate in the statewide facility inventory and condition assessment any facility condition assessment or similar document compiled by an agency.

(e) The division shall provide the statewide facility inventory and condition assessment, including a calculation of the deferred maintenance backlog and overall building deficiency ratio of the long-range building program-eligible buildings, to the office of budget and program planning and the legislative finance committee by September 1 of the year preceding a regular legislative session in an electronic format. The division shall provide a copy of the report to the legislature in accordance with 5-11-210 .

(3) The division is not required to include a state-owned building that has a current replacement value of $300,000 or less in the facility inventory and condition assessment.

(4) The division shall examine the information furnished by each agency and institution and shall gather whatever additional information is necessary and conduct whatever surveys are necessary in order to provide a factual basis for determining the need for and the feasibility of major repair projects and capital developments. The information compiled by the division shall be submitted to the governor before October 1 of the year preceding a regular legislative session.
Mont. Code Ann. § 17-3-1002 — MT Code / Title 17 / Chapter 3 / Part 10 / Section 17-3-1002
17-3-1002 Persons who may make gifts to state institutions
Status: in_force

17-3-1002 . Persons who may make gifts to state institutions. (1) A donation, gift, grant, bequest, devise, or testamentary disposition of property, real or personal, may be made by any person over the age of 18 years and of sound mind to the state, a unit of the Montana university system, the state school for deaf and blind, an institution in the department of corrections or the department of public health and human services, and any and all institutions now created or established or that may be created or established and supported, in whole or in part, by the state for any purpose. Any person, corporation, or association of persons may make any gift, donation, or grant of property, real or personal, to the state, or to any of the institutions referred to in this section.

(2) In the event that any gift, donation, grant, devise, or bequest is made to any institution or to any officer or board of any institution, the same must be construed as a gift, donation, grant, devise, or bequest to the state and must be administered and used for the state for the particular purpose for which the same was given, donated, granted, bequeathed, or devised. In the event that a particular purpose is not mentioned in the gift, grant, devise, or bequest, then the same must be used for the general support, maintenance, or improvement of the institution by the state.
Mont. Code Ann. § 17-7-124 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-124
17-7-124 Additional budget data
Status: in_force

17-7-124 . Additional budget data. In addition to the budget required in 17-7-123 , the governor shall prepare and make available on request a detailed analysis of receipts by accounting entity within each fund type indicating classification and source of funds.
Mont. Code Ann. § 17-5-1115 — MT Code / Title 17 / Chapter 5 / Part 11 / Section 17-5-1115
17-5-1115 Uncertificated public obligation -- signed statements
Status: in_force

17-5-1115 . Uncertificated public obligation -- signed statements. The issuer shall provide, with respect to its uncertificated public obligations, for the sending of written statements that provide a record of certain rights as of the time of issuance of the statements. The statements must be sent to each person acquiring rights by registration in uncertificated public obligations, and the statements so sent must be signed by an authorized officer or by a person whose signature is required or permitted to be placed on a certificated public obligation of the same class or series. Statements, as such, confer no right on the recipient. Statements are neither a negotiable instrument nor a security.
Mont. Code Ann. § 17-5-1301 — MT Code / Title 17 / Chapter 5 / Part 13 / Section 17-5-1301
17-5-1301 Short title
Status: in_force

17-5-1301 . Short title. This part may be cited as "The Montana Unified Volume Cap Bond Allocation Plan Act".
Mont. Code Ann. § 17-5-705 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-705
17-5-705 Pledge of coal severance tax bond fund
Status: in_force

17-5-705 . Pledge of coal severance tax bond fund. The money in the coal severance tax bond fund is pledged to the payment of the principal and interest on all state of Montana coal severance tax bonds. All bonds issued after July 1, 1981, wherein the money in the coal severance tax bond fund is pledged for their retirement shall be called "state of Montana coal severance tax bonds".
Mont. Code Ann. § 17-8-107 — MT Code / Title 17 / Chapter 8 / Part 1 / Section 17-8-107
17-8-107 Limitations on spending deferred inflows of resources -- exception -- definition
Status: in_force

17-8-107 . Limitations on spending deferred inflows of resources -- exception -- definition. (1) Except as provided in subsection (2), no agency, including any unit of the university system, may expend deferred inflows of resources for current fiscal year operations.

(2) The Montana historical society is exempt from the provisions of subsection (1) to the extent that the expenditure of deferred inflows of resources received from magazine subscription fees is necessary to finance current fiscal year operations for the publication of its magazine of western history.

(3) For purposes of this section, "deferred inflows of resources" means funds received in 1 fiscal year but properly allocable and recorded as revenue in the subsequent fiscal year.
Mont. Code Ann. § 17-8-402 — MT Code / Title 17 / Chapter 8 / Part 4 / Section 17-8-402
17-8-402 Definitions
Status: in_force

17-8-402 . Definitions. As used in this part, the following definitions apply:

(1) "Claim" includes any request or demand for money, property, or services, whether made pursuant to a contract and regardless of whether a governmental entity holds title to the money or property, that is made to:

(a) an employee, officer, agent, or other representative of a governmental entity; or

(b) a contractor, grantee, or other person, whether under contract or not, if any portion of the money, property, or services requested or demanded is to be spent or used on a governmental entity's behalf or to advance a governmental program or interest and if the governmental entity:

(i) provides or has provided any portion of the money, property, or services requested or demanded; or

(ii) will reimburse a contractor, grantee, or other person for any portion of the money, property, or services requested or demanded.

(2) "Government attorney" means the attorney general except for complaints involving a unit of the university system.

(3) "Governmental entity" means:

(a) the state;

(b) a city, town, county, school district, tax or assessment district, or other political subdivision of the state; or

(c) a unit of the Montana university system.

(4) (a) "Knowingly" means that a person, with respect to information, does any of the following:

(i) has actual knowledge of the information;

(ii) acts in deliberate ignorance of the truth or falsity of the information; or

(iii) acts in reckless disregard of the truth or falsity of the information.

(b) A specific intent to defraud is not required.

(5) "Material" means having a natural tendency to influence or be capable of influencing the payment or receipt of money, property, or services.

(6) "Obligation" means an established duty, whether fixed or not, arising from:

(a) an express or implied contractual, grantor-grantee, or licensor-licensee relationship;

(b) a fee-based or similar relationship;

(c) a statute or regulation; or

(d) the retention of any overpayment.

(7) "Person" includes any natural person, corporation, firm, association, organization, partnership, limited liability company, business, trust, or other legal or business entity.

(8) "State" means the state of Montana.
Mont. Code Ann. § 17-6-308 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-308
17-6-308 Authorized investments
Status: in_force

17-6-308 . Authorized investments. (1) Except as provided in subsections (2) through (7) of this section and subject to the provisions of 17-6-201 , the Montana permanent coal tax trust fund must be invested as authorized by rules adopted by the board.

(2) The board may make loans from the permanent coal tax trust fund to the capital reserve account created pursuant to 17-5-1515 to establish balances or restore deficiencies in the account. The board may agree in connection with the issuance of bonds or notes secured by the account or fund to make the loans. Loans must be on terms and conditions determined by the board and must be repaid from revenue realized from the exercise of the board's powers under 17-5-1501 through 17-5-1518 and 17-5-1521 through 17-5-1529 , subject to the prior pledge of the revenue to the bonds and notes.

(3) The board shall manage the seed capital and research and development loan portfolios created by the former Montana board of science and technology development. The board shall establish an appropriate repayment schedule for all outstanding research and development loans made to the university system. The board is the successor in interest to all agreements, contracts, loans, notes, or other instruments entered into by the Montana board of science and technology development as part of the seed capital and research and development loan portfolios, except agreements, contracts, loans, notes, or other instruments funded with coal tax permanent trust funds. The board shall administer the agreements, contracts, loans, notes, or other instruments funded with coal tax permanent trust funds. As loans made by the former Montana board of science and technology development are repaid, the board shall deposit the proceeds or loans made from the coal severance tax trust fund in the coal severance tax permanent fund until all investments are paid back with 7% interest.

(4) The board shall allow the Montana facility finance authority to administer $15 million of the permanent coal tax trust fund for capital projects. Until the authority makes a loan pursuant to the provisions of Title 90, chapter 7, the funds under its administration must be invested by the board pursuant to the provisions of 17-6-201 . As loans for capital projects made pursuant to this subsection are repaid, the principal and interest payments on the loans must be deposited in the coal severance tax permanent fund until all principal and interest have been repaid. The board and the authority shall calculate the amount of the interest charge. Individual loan amounts may not exceed 10% of the amount administered under this subsection.

(5) (a) Subject to subsections (5)(b) and (5)(c), the board may make working capital loans from the permanent coal tax trust fund to an owner of a coal-fired generating unit.

(b) Loans may be provided in accordance with subsection (5)(a) to an owner to finance:

(i) the everyday operations and required maintenance of a coal-fired generating unit of which an owner has a shared interest;

(ii) the purchase of an additional interest in a coal-fired generating unit of which an owner has a shared interest;

(iii) the purchase of coal to use at a coal-fired generating unit or improvements necessary to utilize coal from a different source at a coal-fired generating unit. When considering loan requests made under this subsection (5)(b)(iii), the board shall give preference to requests that allow for utilization of coal resources located in Montana or allow for improvements to utilize coal resources located in Montana that are determined to be economically feasible.

(iv) the purchase of electric transmission lines and associated facilities of a design capacity of 500 kilovolts or more primarily used to transmit electricity generated by a coal-fired resource;

(v) costs related to decommissioning and remediation of a coal-fired generating unit or affected property to meet applicable legal obligations as defined in 75-8-103 ; or

(vi) any combination of subsections (5)(b)(i) through (5)(b)(v).

(c) The board may charge a working capital loan application fee of up to $500.

(6) The board may make loans from the permanent coal tax trust fund to a city, town, county, or consolidated city-county government impacted by the closure of a coal-fired generating unit to secure and maintain existing infrastructure.

(7) The board shall adopt rules to allow a nonprofit corporation to apply for economic assistance. The rules must recognize that different criteria may be needed for nonprofit corporations than for for-profit corporations.

(8) All repayments of proceeds pursuant to subsection (3) of investments made from the coal severance tax trust fund must be deposited in the coal severance tax permanent fund.

(9) By August 1, 2025, loans administered by funds in the permanent coal tax trust fund pursuant to 90-6-137 and 90-6-603 must be instead administered by the funds in the Montana housing trust provided for in 90-6-150 , except that if not all principal of these loans has been paid, all proceeds from payment of principal of loans from the permanent coal tax trust fund must be deposited in the permanent coal tax trust fund until the principal of the loan is repaid.
Mont. Code Ann. § 17-8-411 — MT Code / Title 17 / Chapter 8 / Part 4 / Section 17-8-411
17-8-411 Costs and attorney fees
Status: in_force

17-8-411 . Costs and attorney fees. The governmental entity that filed a civil action or intervened is entitled to reasonable costs and attorney fees if the action is settled favorably for the governmental entity or the governmental entity prevails. In an action in which outside counsel is engaged by a government attorney, the costs and attorney fees awarded to that counsel must equal the outside counsel's charges reasonably incurred for costs and attorney fees in prosecuting the action. In any other actions in which costs and attorney fees are awarded to the governmental entity, they must be calculated by reference to the hourly rate charged by the department of justice agency legal services bureau for the provision of legal services to state agencies, multiplied by the number of attorney hours devoted to the prosecution of the action, plus the actual cost of any expenses reasonably incurred in the prosecution of the action. A person who is a plaintiff or coplaintiff is entitled to reasonable expenses that the court finds to have been necessarily incurred, plus reasonable costs and attorney fees, if the action is settled favorably for the governmental entity or the governmental entity prevails in the action. A defendant in a civil action brought pursuant to this part who prevails in an action that is not settled and that the court finds was clearly frivolous or brought solely for harassment purposes is entitled to the defendant's reasonable costs and attorney fees. If the governmental entity does not intervene, it is not responsible for any of the defendant's fees and costs.
Mont. Code Ann. § 17-4-108 — MT Code / Title 17 / Chapter 4 / Part 1 / Section 17-4-108
17-4-108 Circumstances under which previously written-off debt may be collected
Status: in_force

17-4-108 . Circumstances under which previously written-off debt may be collected. If a debt previously written off under 17-4-107 subsequently becomes collectible, the department shall proceed to collect the money due pursuant to 17-4-105 (1) and 17-4-106 .
Mont. Code Ann. § 17-5-709 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-709
17-5-709 Continued tax deposit limit on additional bonds
Status: in_force

17-5-709 . Continued tax deposit limit on additional bonds. (1) The legislature shall provide for the continued assessment, levy, collection, and deposit into the coal severance tax bond fund of the coal severance tax that, together with other revenue, assets, and money that may be deposited to one or more special bond funds pledged for the benefit of coal severance tax bonds, will be sufficient to produce an amount that is at least the amount necessary to pay, when due, the annual debt service charges on all outstanding coal severance tax bonds.

(2) The board of examiners may issue no coal severance tax bonds unless the aggregate amount of coal severance tax bonds outstanding, including the proposed issue and any other coal severance tax bonds authorized but not yet issued, can be serviced with no more than two-thirds of the annual deposits into the coal severance tax bond fund, as determined by the average of the deposits during the preceding 3 fiscal years, together with the average of the aggregate amount of revenue, assets, or money deposited in one or more special bond funds used to pay debt service on outstanding coal severance tax bonds during the preceding 3 fiscal years.

(3) The provisions of this section may not be modified so as to reduce the security for any coal severance tax bonds while the bonds are outstanding.
Mont. Code Ann. § 17-7-403 — MT Code / Title 17 / Chapter 7 / Part 4 / Section 17-7-403
17-7-403 Budget amendment certification
Status: in_force

17-7-403 . Budget amendment certification. In approving a budget amendment, the approving authority shall make the following certifications and in addition shall provide all other information required below as an integral part of the certification:

(1) The approving authority shall certify that:

(a) specific additional services will be provided as a result of the expenditures to be permitted under this budget amendment and shall also list each specific service to be so provided;

(b) the specific services to be provided under this budget amendment are necessary;

(c) the agency requesting this budget amendment has no other reasonable alternative available to provide the additional services. The certification must specifically include determinations by the approving authority that the agency cannot provide all or specific parts or amounts of the additional services with existing appropriations or that the agency is unable within its existing appropriations to fund all or part of the additional services from any source lawfully available to it.

(d) the budget amendment makes no ascertainable present or future significant commitment for increased general fund support.

(2) For budget amendments to spend money in the state special revenue fund, except money from nonstate or nonfederal sources that is restricted by law or by the terms of an agreement, such as a contract, trust agreement, or donation, the approving authority shall certify that an emergency justifies the expenditure and shall state the specific nature of the emergency, the date on which the requesting agency became aware of the emergency, and the manner in which the requesting agency became aware of the emergency.
Mont. Code Ann. § 17-7-142 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-142
17-7-142 Calculation of reversions for funded resident enrollment growth in Montana university system
Status: in_force

17-7-142 . Calculation of reversions for funded resident enrollment growth in Montana university system. (1) The reversion calculation in this section is effective only in those years when the legislature funds resident enrollment growth based on resident enrollment projections and requires a reversion by the Montana university system if the resident enrollment projections are not met.

(2) The reversion must be calculated based on the marginal funding for each resident FTE identified in the general appropriations act.

(3) The total reversion is calculated based on the difference between the FTE resident enrollment projection and the actual FTE resident enrollment or the FTE resident enrollment projection and the prior 3-year average FTE resident enrollment, whichever is lower.
Mont. Code Ann. § 17-8-305 — MT Code / Title 17 / Chapter 8 / Part 3 / Section 17-8-305
17-8-305 Cost accounting for warrant
Status: in_force

17-8-305 . Cost accounting for warrant. The state treasurer may establish a cost accounting system to determine the unit cost of issuing and processing warrants and provide for a system of charges for services rendered in issuing and processing warrants for claims submitted by any department or agency of the state. Funds collected for operation of the state warrant system must be deposited to the credit of an internal service fund and expended for the purposes of paying the processing expenses incurred as a result of the state warrant system.
Mont. Code Ann. § 17-5-912 — MT Code / Title 17 / Chapter 5 / Part 9 / Section 17-5-912
17-5-912 Pledge of highway revenues
Status: in_force

17-5-912 . Pledge of highway revenues. All or any portion of highway revenues may be pledged to the payment of the principal, interest, and redemption premium, if any, on particular issues of state highway revenue bonds, and the pledge is and remains at all times a first lien and prior charge upon the pledged highway revenues credited to the highway revenue bond debt service account, subject to the pledge of particular highway revenues to secure particular issues of highway revenue bonds.
Mont. Code Ann. § 17-6-410 — MT Code / Title 17 / Chapter 6 / Part 4 / Section 17-6-410
17-6-410 Exemption from environmental review
Status: in_force

17-6-410 . Exemption from environmental review. The department is exempt from the provisions of Title 75, chapter 1, parts 1 and 2, when authorizing loans, administering a loan program, or creating a loan program related to microbusiness development pursuant to this part.
Mont. Code Ann. § 17-5-731 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-731
17-5-731 Bond anticipation notes -- when issued -- payment of principal and interest
Status: in_force

17-5-731 . Bond anticipation notes -- when issued -- payment of principal and interest. (1) When the board of examiners has been authorized by the legislature to issue and sell bonds under this part, it may, pending the issuance of the bonds, issue temporary notes in anticipation of the receipt of proceeds to be derived from the sale of the bonds. The notes are designated as "bond anticipation notes". The proceeds of the sale of the bond anticipation notes must be used only for the purposes for which the proceeds of the bonds could be used, including costs of issuance. If, prior to the issuance of the bonds, it becomes necessary to redeem outstanding notes, additional bond anticipation notes may be issued to redeem the outstanding notes. No renewal of any note may be issued after the sale of bonds in anticipation of which the original notes were issued. As much of the proceeds of the bonds, when issued, must be credited to the note debt service fund as may be needed for payment of the notes, with interest, when due.

(2) Bond anticipation notes or other short-term evidences of indebtedness maturing not more than 3 years after the date of issue may be issued from time to time as needed. Notes must be authorized by the board of examiners and contain such terms and details as may be provided by resolution of the board. Each resolution of the board of examiners authorizing notes must:

(a) describe the need for the proceeds of the notes to be issued; and

(b) specify:

(i) the principal amount of the notes or maximum principal amount of the notes that may be outstanding at any time;

(ii) the rate or rates of interest, the maximum rate of interest, or the interest rate formula (to be determined in the manner specified in the resolution authorizing the notes) of such notes; and

(iii) the maturity date or maximum maturity date of the notes.

(3) Subject to the limitations contained in this section and the standards and limitations prescribed in the authorizing resolution, the board in its discretion may provide for notes to be issued and sold, in whole or in part, from time to time. The board may delegate to the state treasurer the power to determine the time or times of sale, the manner of sale, the amounts, the maturities, the rate or rates of interest, and such other terms and details of the notes as may be considered appropriate by the board or, if there has been such a delegation, the state treasurer. The board may, in its discretion but subject to the limitations contained in this section, also provide in the resolution authorizing the issuance of notes for:

(a) the employment of one or more persons or firms to assist the board in the sale of the notes;

(b) the appointment of one or more banks or trust companies, either within or outside of the state, as depository for safekeeping and as agent for the delivery and payment of the notes;

(c) the refunding of the notes, from time to time, without further action by the board, unless the board revokes such authority to refund; and

(d) such other terms and conditions as the board may consider appropriate.

(4) In connection with the issuance and sale of notes, the board may arrange for lines of credit with any bank, firm, or person for the purpose of providing an additional source of repayment for notes issued pursuant to this section. Amounts drawn on such lines of credit may be evidenced by negotiable or nonnegotiable notes or other evidences of indebtedness, containing such terms and conditions as the board may authorize in the resolution approving them.
Mont. Code Ann. § 17-8-311 — MT Code / Title 17 / Chapter 8 / Part 3 / Section 17-8-311
17-8-311 Payments to local government entities -- notice
Status: in_force

17-8-311 . Payments to local government entities -- notice. (1) For the purposes of this section, the following definitions apply:

(a) "Finance officer" means the county treasurer, city treasurer, town clerk, or the equivalent provided for in Title 7, chapter 3.

(b) "Local government entity" means a public entity that, whether or not governed by the legislative body of the local government, is required by law to conduct financial affairs through the finance officer of a city, town, or county. The term does not include a school district or a conservation district.

(2) (a) All payments made by a state agency or the state treasurer to any city, town, county, or local government entity must be payable to the finance officer of the appropriate city, town, or county.

(b) Any payment referred to in subsection (2)(a) may be made by electronic funds transfer at the discretion of the state agency or state treasurer if the entity receiving the payment has the technology to receive payment by electronic funds transfer.

(c) If the payment is to be deposited to the credit of a local government entity, the finance officer shall mail a notice of receipt of the payment to the local government entity. When applicable, the finance officer shall deposit the payment in the appropriate fund or account to the credit of the local government entity.

(3) If the state agency or the state treasurer is unable to determine if the payee is a government entity, the state agency or state treasurer shall process the claim as if it was not payable to a government entity. The state agency or state treasurer shall also mail a notice of issuance of the payment to the finance officer of the county and city to which the payment was issued.

(4) If a finance officer of a county receives a payment under subsection (2) or a notice of issuance under subsection (3), the finance officer shall notify the county clerk and recorder that the payment or notice has been received.
Mont. Code Ann. § 17-8-203 — MT Code / Title 17 / Chapter 8 / Part 2 / Section 17-8-203
17-8-203 Minimum refunds
Status: in_force

17-8-203 . Minimum refunds. When not specifically provided by law, the department may establish a minimum amount which shall be paid on a refund due from the various agencies of the state, and no refund amounting to less than the established minimum shall be paid except upon the specific written request of the person entitled to receive the refund.
Mont. Code Ann. § 17-5-107 — MT Code / Title 17 / Chapter 5 / Part 1 / Section 17-5-107
17-5-107 Public or private sale -- procedure for public sale
Status: in_force

17-5-107 . Public or private sale -- procedure for public sale. (1) The governing body of a political subdivision may sell its bonds at public or private sale as determined by the governing body and, if the bonds are sold at private sale, in denominations and forms approved by the governing body. If the governing body conducts a public sale, those provisions of state law regarding the public sale of bonds that pertain to the political subdivision govern the sale.

(2) The bonds must be sold at not less than 97% of the principal amount of the bonds if the governing body determines that a sale at that price is in the best interests of the political subdivision.
Mont. Code Ann. § 17-5-1630 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1630
17-5-1630 Reserve fund
Status: in_force

17-5-1630 . Reserve fund. (1) The board shall establish and maintain a municipal finance consolidation act reserve fund, to which there shall be deposited or transferred:

(a) all money appropriated by the legislature for the purposes of the fund in accordance with the provisions of subsection (4);

(b) all proceeds of bonds required to be deposited in the fund by terms of a contract between the board and its bondholders or a resolution of the board with respect to the proceeds of bonds;

(c) the proceeds of any bond issue of the state that is authorized for such purpose;

(d) all other money appropriated by the legislature to the reserve fund; and

(e) any other money or funds of the board that it decides to deposit in the fund.

(2) All money held in the reserve fund shall be used solely for the payment of the principal of or interest on the bonds or notes secured in whole or in part by the fund or the debt service fund payments with respect to the bonds or notes, the purchase or redemption of the bonds or notes, the payment of interest on the bonds or notes, or the payment of any redemption premium required to be paid when the bonds or notes are redeemed prior to maturity. Money in the reserve fund may not be withdrawn at any time in an amount that reduces the fund to an amount less than the sum of minimum reserve requirements established in the resolutions or indentures of the board for the fund except, with respect to bonds or notes secured in whole or in part by the fund, for the purpose of making payment when due of principal, interest, redemption premiums, and debt service fund payments for the payment of which other money pledged is not available.

(3) Money in the reserve fund in excess of the required reserve may be withdrawn at any time by the board and transferred to another fund or account of the board established for purposes of this part, but not to any other fund or account.

(4) Nothing in this section creates a debt or liability of the state.

(5) Notwithstanding any provision of Title 17, chapter 6, the board may lend money for deposit to the reserve fund in an amount equal to any deficiency in the required debt service reserve. The loans shall be made on such reasonable terms and conditions as the board considers proper, including without limitation terms and conditions providing that the loans need not be repaid until the obligations of the board secured and to be secured by the reserve fund are no longer outstanding.
Mont. Code Ann. § 17-8-105 — MT Code / Title 17 / Chapter 8 / Part 1 / Section 17-8-105
17-8-105 Definitions applicable to expenditure limitation
Status: in_force

17-8-105 . Definitions applicable to expenditure limitation. As used in 17-8-106 , the following definitions apply:

(1) "Montana total personal income" means the current income from all sources received during a particular period of time by persons residing within Montana as determined by the United States department of commerce or its successor agency.

(2) "State expenditures" means the general fund appropriations, the special revenue fund type appropriations, and the cash portion of the appropriations in the capital projects fund type, excluding:

(a) money received from the federal government;

(b) payments of principal and interest on bonded indebtedness;

(c) money paid for unemployment or disability insurance benefits;

(d) money received from the sale of goods or services provided that the purchase of the goods or services is discretionary;

(e) money paid from permanent endowments, constitutional trusts, or pension funds;

(f) proceeds of gifts or bequests made for purposes specified by the donor;

(g) money appropriated for tax relief; and

(h) funds transferred within state government or used to purchase goods for resale.
Mont. Code Ann. § 17-5-1518 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1518
17-5-1518 Tax exemption of bonds
Status: in_force

17-5-1518 . Tax exemption of bonds. Bonds, notes, or other obligations issued by the board under this part and their transfer and income (including any profits made on their sale) are free from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes. The board is not required to pay recording or transfer fees or taxes on instruments recorded by it.
Mont. Code Ann. § 17-5-1604 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1604
17-5-1604 Definitions
Status: in_force

17-5-1604 . Definitions. As used in this part, the following definitions apply:

(1) "Board" means the board of investments created in 2-15-1808 .

(2) "Department" means the department of commerce created in 2-15-1801 .

(3) "Eligible government unit" means:

(a) any municipal corporation or political subdivision of the state, including without limitation any city, town, county, school district, authority as defined in 75-6-304 , or other special taxing district or assessment or service district authorized by law to borrow money;

(b) the state, any board, agency, or department of the state, or the board of regents of the Montana university system when authorized by law to borrow money; or

(c) an Indian tribal government, in accordance with 17-1-702 .

(4) "Reserve fund" means the municipal finance consolidation act reserve fund created in 17-5-1630 .
Mont. Code Ann. § 17-5-1649 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1649
17-5-1649 Annual audit
Status: in_force

17-5-1649 . Annual audit. The board's books and records must be audited at least once each fiscal year by or at the direction of the legislative auditor. The actual costs of the audit shall be paid from the board's funds.
Mont. Code Ann. § 17-6-316 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-316
17-6-316 Economic development loan -- infrastructure tax credit
Status: in_force

17-6-316 . Economic development loan -- infrastructure tax credit. (1) A loan made pursuant to 17-6-309 (2) must be used to build infrastructure authorized under 7-15-4288 (4) that allows the location or creation of a business in Montana. The loan must be made to a local government or an Indian tribal government that will create the necessary infrastructure. The infrastructure may serve as collateral for the loan. The local government or Indian tribal government receiving the loan may charge fees to the users of the infrastructure. A loan repayment agreement must provide for repayment of the loan from the entity authorized to charge fees for the use of the services of the infrastructure. Loans made pursuant to 17-6-309 (2) qualify for the job credit interest rate reductions under 17-6-318 if the interest rate reduction passes through to the business creating the jobs.

(2) A loan pursuant to 17-6-309 (2) and this section may not be made until the board is satisfied that the condition in 17-6-309 (2) will be met. If the condition contained in 17-6-309 (2) is not met, any credits received pursuant to subsection (3) of this section must be returned to the state.

(3) A business that is created or expanded as the result of a loan made pursuant to 17-6-309 (2) and subsection (1) of this section is entitled to a credit against taxes due under Title 15, chapter 30 or 31, for the portion of the fees attributable to the use of the infrastructure. The total amount of tax credit claimed may not exceed the amount of the loan. The credit may be carried forward for 7 tax years or carried back for 3 tax years.

(4) The credit allowed under this section may not be claimed by a taxpayer if the taxpayer has included the infrastructure use fee as a deduction in computing the tax imposed under Title 15, chapter 30 or 31.
Mont. Code Ann. § 17-8-301 — MT Code / Title 17 / Chapter 8 / Part 3 / Section 17-8-301
17-8-301 State money -- how expended by treasurer
Status: in_force

17-8-301 . State money -- how expended by treasurer. (1) Except as provided in this section, money received by the state treasurer may not be paid out except upon a state warrant issued by the treasurer or on electronic funds transfer authorized by the state treasurer. The state treasurer may not issue a warrant or authorize an electronic funds transfer upon the state treasury except upon a claim approved by the department of administration in accordance with the laws governing the expenditure of state money. However, interest and principal on the public debt may be paid by treasurer's check from the money pledged for payment, and the provisions of this section do not apply to warrants issued upon contingent revolving accounts that are in the custody of the state treasurer.

(2) As used in 2-18-405 and this section, "electronic funds transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape and that orders, instructs, or authorizes the state treasurer to debit or credit an account.
Mont. Code Ann. § 17-5-1509 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1509
17-5-1509 Personal liability
Status: in_force

17-5-1509 . Personal liability. The board and employees of the department are not personally liable or accountable by reason of the issuance of or on any bond or note issued by the board.
Mont. Code Ann. § 17-6-409 — MT Code / Title 17 / Chapter 6 / Part 4 / Section 17-6-409
17-6-409 Authority to accept funds -- funding authorization
Status: in_force

17-6-409 . Authority to accept funds -- funding authorization. The department may accept grants, donations, and other private and public income, including payments of interest on loans made by the department under the provisions of this part and fees charged by the department. The department shall deposit all money received under this section in the economic development state special revenue account established in 90-1-205 .
Mont. Code Ann. § 17-4-111 — MT Code / Title 17 / Chapter 4 / Part 1 / Section 17-4-111
17-4-111 Right of hearing to aggrieved persons
Status: in_force

17-4-111 . Right of hearing to aggrieved persons. A person aggrieved from a decision or an action taken under this part has the right to present the grievances in the same manner as provided by 17-4-105 (4)(c) and subject to the contested case procedures of the Montana Administrative Procedure Act for taxpayer appeals.
Mont. Code Ann. § 17-5-1325 — MT Code / Title 17 / Chapter 5 / Part 13 / Section 17-5-1325
17-5-1325 Reassignment of bonding authority for agricultural purposes -- contingency
Status: in_force

17-5-1325 . Reassignment of bonding authority for agricultural purposes -- contingency. If, at some time in the future, federal taxation laws allow the use of tax-exempt bonds to provide loans for the acquisition of farm or ranch land, a downpayment on the acquisition of farm or ranch land, or the acquisition or construction of depreciable property used in the operation of a farm or ranch, the allocation of bonding authority originally assigned to the Montana agricultural loan authority must be reassigned to the Montana board of investments to provide those loans.
Mont. Code Ann. § 17-8-201 — MT Code / Title 17 / Chapter 8 / Part 2 / Section 17-8-201
17-8-201 Authorizations for disbursements -- submission of claim to department of administration
Status: in_force

17-8-201 . Authorizations for disbursements -- submission of claim to department of administration. (1) All authorizations for disbursements must be given by the agency concerned, and a record must be kept by the agency of all the authorizations and expenditures. Claims for any disbursement must be submitted to the department of administration.

(2) The department may prescribe the claim form and may establish, in writing, rules governing the preparation, submittal, and processing of claims. All claims must be processed in the order of their presentation, and the department shall notify the agency of any disapproved claim.
Mont. Code Ann. § 17-1-124 — MT Code / Title 17 / Chapter 1 / Part 1 / Section 17-1-124
17-1-124 Authority of state auditor concerning securities
Status: in_force

17-1-124 . Authority of state auditor concerning securities. The state auditor may require a person who has received securities of which the auditor keeps account to render to the auditor a statement concerning the securities. The statement must be made at the time and in the form prescribed by the auditor.
Mont. Code Ann. § 17-1-404 — MT Code / Title 17 / Chapter 1 / Part 4 / Section 17-1-404
17-1-404 Interest earnings
Status: in_force

17-1-404 . Interest earnings. Interest earnings from the distribution portion and the pension fund within the growth and opportunity trust are combined for the purposes of calculating the total amount of interest earnings and are distributed as follows:

(1) 50% pursuant to the accounts which comprise the distribution portion of the trust in the percentages set forth in 17-1-402 ; and

(2) 50% to the pension fund established in 17-7-135 .
Mont. Code Ann. § 17-5-1105 — MT Code / Title 17 / Chapter 5 / Part 11 / Section 17-5-1105
17-5-1105 Applicability -- election -- rescission
Status: in_force

17-5-1105 . Applicability -- election -- rescission. (1) Public obligations may be issued as certificated or uncertificated public obligations as provided in this part, notwithstanding provisions of law providing for issuance in other forms. Whenever bonds are issued under this part, the provisions of this part are alternative and supplemental to such other provisions.

(2) Nothing in this part limits or prevents the issuance of obligations in any other form or manner authorized by law.

(3) The provisions of this part may be applied to obligations that have previously been approved by vote, referendum, or hearing, authorizing or permitting the authorization of obligations in bearer and registered form or in bearer form only, and such obligations need not be resubmitted for a further vote, referendum, or hearing for the purpose of authorizing or permitting the authorization of obligations in registered form only.
Mont. Code Ann. § 17-7-303 — MT Code / Title 17 / Chapter 7 / Part 3 / Section 17-7-303
17-7-303 Reappropriation of encumbered obligations at end of each fiscal year
Status: in_force

17-7-303 . Reappropriation of encumbered obligations at end of each fiscal year. Purchase orders issued and accrued expenses approved by the department of administration shall be encumbered at the end of each fiscal year in the department of administration's accounts and are hereby reappropriated for the succeeding fiscal year.
Mont. Code Ann. § 17-5-304 — MT Code / Title 17 / Chapter 5 / Part 3 / Section 17-5-304
17-5-304 Cost and expense of refunding
Status: in_force

17-5-304 . Cost and expense of refunding. The board of examiners may pay the cost and expense of refunding any issue of bonds or debentures to be paid from the proceeds of the bonds or from the general fund.
Mont. Code Ann. § 17-5-1641 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1641
17-5-1641 Investment
Status: in_force

17-5-1641 . Investment. (1) Unless otherwise required by a resolution or agreement of the board, the board may invest funds coming under its control pursuant to this part in the same manner as permitted for investment of funds belonging to the state or held by the state treasurer.

(2) Funds from several or all accounts may be combined for investment, and any interest earned shall be prorated and credited to the various contributing accounts on the basis of the amounts thereof invested, calculated according to an average periodic balance or other generally accepted accounting principle. Such proration must be calculated at least once a year or upon a specific request made to the board.

(3) All securities purchased by the board as an investment remain in the custody of the state treasurer until the same are sold, exchanged, retired, or mature and are paid.
Mont. Code Ann. § 17-6-201 — MT Code / Title 17 / Chapter 6 / Part 2 / Section 17-6-201
17-6-201 Unified investment program -- general provisions
Status: in_force

17-6-201 . Unified investment program -- general provisions. (1) The unified investment program directed by Article VIII, section 13, of the Montana constitution to be provided for public funds must be administered by the board of investments in accordance with the prudent expert principle, which requires an investment manager to:

(a) discharge the duties with the care, skill, prudence, and diligence, under the circumstances then prevailing, that a prudent person acting in a like capacity with the same resources and familiar with like matters exercises in the conduct of an enterprise of a like character with like aims;

(b) diversify the holdings of each fund within the unified investment program to minimize the risk of loss and to maximize the rate of return unless, under the circumstances, it is clearly prudent not to do so; and

(c) discharge the duties solely in the interest of and for the benefit of the funds forming the unified investment program.

(2) (a) Retirement funds may be invested in common stocks of any corporation.

(b) Other public funds may not be invested in private corporate capital stock. "Private corporate capital stock" means only the common stock of a corporation.

(3) (a) This section does not prevent investment in any business activity in Montana, including activities that continue existing jobs or create new jobs in Montana.

(b) The board is urged under the prudent expert principle to invest up to 3% of retirement funds in venture capital companies. Whenever possible, preference should be given to investments in those venture capital companies that demonstrate an interest in making investments in Montana.

(c) In discharging its duties, the board shall consider the preservation of purchasing power of capital during periods of high monetary inflation.

(d) The board may not make a direct loan to an individual borrower. The purchase of a loan or a portion of a loan originated by a financial institution is not considered a direct loan.

(e) This section does not prevent investment in home loan mortgages under the provisions of the Montana veterans' home loan mortgage program provided for in Title 90, chapter 6, part 6.

(4) The board has the primary authority to invest state funds. Another agency may not invest state funds unless otherwise provided by law. The board shall direct the investment of state funds in accordance with the laws and constitution of this state. The board has the power to veto investments made under its general supervision.

(5) The board shall:

(a) assist agencies with public money to determine if, when, and how much surplus cash is available for investment;

(b) determine the amount of surplus treasury cash to be invested;

(c) determine the type of investment to be made;

(d) prepare the claim to pay for the investment; and

(e) keep an account of the total of each investment fund and of all the investments belonging to the fund and a record of the participation of each treasury fund account in each investment fund.

(6) The board may:

(a) execute deeds of conveyance transferring real property obtained through investments. Prior to the transfer of real property directly purchased and held as an investment, the board shall obtain an appraisal by a qualified appraiser.

(b) direct the withdrawal of funds deposited by or for the state treasurer pursuant to 17-6-101 and 17-6-105 ;

(c) direct the sale of securities in the program at their full and true value when found necessary to raise money for payments due from the treasury funds for which the securities have been purchased.

(7) The cost of administering and accounting for each investment fund must be deducted from the income from each fund, other than the fund derived from land granted to the state pursuant to the Morrill Act of 1862, 7 U.S.C. 301 through 308, and the Morrill Act of 1890, 7 U.S.C. 321 through 329. An appropriation to pay the costs of administering and accounting for the Morrill Act fund is provided for in 77-1-108 .
Mont. Code Ann. § 17-6-702 — MT Code / Title 17 / Chapter 6 / Part 7 / Section 17-6-702
17-6-702 Void
Status: in_force

17-6-702 . Void. I.R. No. 117, Nov. 5, 2002.
Mont. Code Ann. § 17-8-202 — MT Code / Title 17 / Chapter 8 / Part 2 / Section 17-8-202
17-8-202 Preaudit and transmittal of claims
Status: in_force

17-8-202 . Preaudit and transmittal of claims. (1) The department of administration is not required to preaudit a liquidated claim against the state. However, the department may preaudit those claims it considers necessary. The agency shall retain the original of all documents that support claims sent to the department. These documents are subject to postaudit by the legislative auditor.

(2) An office or entity of the executive, legislative, or judicial branch of state government may not make any charge against any appropriation unless the balance of the appropriation is available and adequate. If an appropriation is not available for the payment of a claim, the agency shall transmit the claim to the governor for presentation to the legislature.
Mont. Code Ann. § 17-5-923 — MT Code / Title 17 / Chapter 5 / Part 9 / Section 17-5-923
17-5-923 Trust indenture
Status: in_force

17-5-923 . Trust indenture. In the discretion of the board, bonds issued under this part may be secured by a trust indenture by and between the board and a trustee, which may be any trust company or bank having the powers of a trust company inside or outside of the state. Each trust indenture or an executed counterpart thereof must be filed in the office of the secretary of state. The filing of a trust indenture or an executed counterpart thereof in the office of the county clerk and recorder of the county in which the property covered by the trust indenture is located is constructive notice of its content to all persons from the time of filing, and the recording of the trust indenture or its content is not necessary.
Mont. Code Ann. § 17-5-422 — MT Code / Title 17 / Chapter 5 / Part 4 / Section 17-5-422
17-5-422 Terminated
Status: in_force

17-5-422 . Terminated. Sec. 1, Ch. 33, Sp. L. June 1986.
Mont. Code Ann. § 17-5-1323 — MT Code / Title 17 / Chapter 5 / Part 13 / Section 17-5-1323
17-5-1323 Recordkeeping
Status: in_force

17-5-1323 . Recordkeeping. The department shall maintain complete records of all applications for allocations to ensure that the requirements of the tax act, with respect to the volume cap, and the requirements of the state's volume cap are observed.
Mont. Code Ann. § 17-5-1322 — MT Code / Title 17 / Chapter 5 / Part 13 / Section 17-5-1322
17-5-1322 Reapplication
Status: in_force

17-5-1322 . Reapplication. (1) If the department disapproves an application for an allocation or if an allocation expires under 17-5-1318 , the issuer may reapply for an allocation.

(2) A reapplication must be reviewed according to the chronological order of its receipt. Priority or preference may not be given to a reapplication.
Mont. Code Ann. § 17-1-406 — MT Code / Title 17 / Chapter 1 / Part 4 / Section 17-1-406
17-1-406 Reduction of volatile revenue transfer -- report
Status: in_force

17-1-406 . Reduction of volatile revenue transfer -- report. If the budget director estimates a projected general fund ending fund balance at the end of the biennium that is less than the operating reserve as defined in 17-7-102 , the budget director shall inform the legislative finance committee and the legislative fiscal analyst in writing of the financial forecast and recommended actions by September 15 if a reduction is considered for the November 1 transfer or March 15, if a reduction is considered for the May transfer. The legislative finance committee may meet and comment within 30 days of receiving the forecast and recommendations. Then the governor may reduce the transfer of volatile revenue to the Montana growth and opportunity trust established in 17-1-401 by up to 50% of the volatile revenue transfer amount.
Mont. Code Ann. § 17-5-1511 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1511
17-5-1511 Trust indenture
Status: in_force

17-5-1511 . Trust indenture. (1) In the discretion of the board, the bonds may be secured by a trust indenture between the board and a corporate trustee, which may be a trust company or bank having the power of a trust company, either inside or outside the state. A trust indenture may contain provisions for protecting and enforcing bondholders' rights and remedies that are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, safeguarding, and application of all money. The authority may provide by a trust indenture for the payment of the proceeds of the bonds and revenues to the trustee under the trust indenture of another depository and for the method of disbursement, with the safeguards and restrictions it considers necessary.

(2) All expenditures incurred in carrying out a trust indenture may be treated as part of the operating expenses of the board.
Mont. Code Ann. § 17-1-104 — MT Code / Title 17 / Chapter 1 / Part 1 / Section 17-1-104
17-1-104 Definitions
Status: in_force

17-1-104 . Definitions. As used in this chapter, the following definitions apply:

(1) "Agency" means all offices, departments, boards, commissions, institutions, universities, colleges, and any other administrative units of state government.

(2) "Indirect costs" means costs for services that benefit more than one agency or program and that are not readily assignable to the agency or program specifically benefiting.
Mont. Code Ann. § 17-2-104 — MT Code / Title 17 / Chapter 2 / Part 1 / Section 17-2-104
17-2-104 Additional accounts authorized
Status: in_force

17-2-104 . Additional accounts authorized. The enumeration of treasury funds in 17-2-102 does not prohibit the state treasurer from establishing and maintaining:

(1) clearance or suspense accounts for the purpose of paying refunds, for the purpose of grouping payments from different funds or accounts prior to disbursement, or for the purpose of conveniently processing receipts before crediting the proper fund;

(2) investment funds authorized under the "Unified Investment Plan".
Mont. Code Ann. § 17-5-924 — MT Code / Title 17 / Chapter 5 / Part 9 / Section 17-5-924
17-5-924 Provisions for protecting bondholders
Status: in_force

17-5-924 . Provisions for protecting bondholders. The resolution of the board providing for the issuance of bonds or the trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the state, the board, and the departments, boards, or agencies of state government in relation to the construction, reconstruction, improvement, maintenance, and repair of the highway projects financed with the proceeds of the bonds and the custody, safeguarding, and application of all money. The trust indenture may set forth the rights and remedies of the bondholders customary in trust indentures, deeds of trusts, and mortgages securing bonds or debentures of corporations. No enumeration of particular powers granted by this section impairs any general grant of power contained in this part.
Mont. Code Ann. § 17-5-1529 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1529
17-5-1529 Annual audits
Status: in_force

17-5-1529 . Annual audits. The board's books and records related to economic development bonds must be audited at least once each fiscal year by or at the direction of the legislative auditor. The actual costs of the audit must be paid from the board's funds.
Mont. Code Ann. § 17-1-511 — MT Code / Title 17 / Chapter 1 / Part 5 / Section 17-1-511
17-1-511 General fund transfer
Status: in_force

17-1-511 . General fund transfer. Each fiscal year beginning after June 30, 2011, the state treasurer shall transfer the amount reported under section 2(1), Chapter 361, Laws of 2007, from the general fund to the state special revenue account created in 20-26-1501 .
Mont. Code Ann. § 17-5-714 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-714
17-5-714 Negotiability of bonds
Status: in_force

17-5-714 . Negotiability of bonds. Bonds or notes issued under this part are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of bonds.
Mont. Code Ann. § 17-6-313 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-313
17-6-313 Prior commitment of funds
Status: in_force

17-6-313 . Prior commitment of funds. The board may authorize the commitment of funds to financial institutions pursuant to rules adopted by the board, but the determination as to credit with respect to individual investments must be made by the financial institution and the board.
Mont. Code Ann. § 17-5-1508 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1508
17-5-1508 Provisions of bond resolutions
Status: in_force

17-5-1508 . Provisions of bond resolutions. A resolution authorizing notes or bonds or any issue thereof may contain provisions, which must be a part of the contract or contracts with the holders thereof, as to:

(1) pledging all or any part of the revenue or property of the board to secure the payment of the notes or bonds or of any issue thereof, subject to existing agreements with noteholders or bondholders;

(2) pledging all or any part of the assets of the board, including lease agreements, loan agreements, mortgages, and obligations securing them, to secure the payment of the notes or bonds or of any issue thereof, subject to existing agreements with noteholders or bondholders;

(3) the use and disposition of the gross income from lease agreements, loan agreements, and mortgages owned by the board, and the payment of the principal of mortgages owned by the board;

(4) the setting aside of reserves for debt service funds in the hands of trustees, paying agents, and other depositories and the regulation and disposition thereof;

(5) limitations on the purpose for which the proceeds of the sale of notes or bonds may be applied and the pledge of the proceeds to secure the payment of the bonds or of any issue thereof;

(6) limitations on the issuance of additional notes or bonds, the terms upon which additional notes or bonds may be issued and secured, and the refunding of outstanding notes or bonds;

(7) the procedure, if any, by which the terms of any contract with noteholders or bondholders may be amended or abrogated, the amount of notes or bonds the holders of which shall consent thereto, and the manner in which such consent may be given;

(8) a commitment to employ adequate and competent personnel at reasonable compensation; to set salaries, fees, and charges as may be determined by the board in conjunction with the department; and to maintain suitable facilities and services for the purpose of carrying out its programs;

(9) vesting in a trustee such property, rights, powers, and duties in trust as the authority determines to be necessary;

(10) defining the acts or omissions that shall constitute a default in the obligations and duties of the board to the holders of the notes or bonds and providing for the rights and remedies of the holders of the notes or bonds in the event of such default, including as a matter of right the appointment of a receiver; and

(11) any other matters of like or different character that in any way affect the security or protection of the holders of the notes or bonds.
Mont. Code Ann. § 17-1-506 — MT Code / Title 17 / Chapter 1 / Part 5 / Section 17-1-506
17-1-506 Review of legislation
Status: in_force

17-1-506 . Review of legislation. The office of budget and program planning shall, consistent with the review provisions in 17-1-505 , review each piece of legislation that proposes to dedicate revenue. The office shall submit its findings concerning the dedication of revenue on the fiscal notes accompanying that legislation.
Mont. Code Ann. § 17-3-231 — MT Code / Title 17 / Chapter 3 / Part 2 / Section 17-3-231
17-3-231 Flood Control Act -- distribution of revenues to counties
Status: in_force

17-3-231 . Flood Control Act -- distribution of revenues to counties. All moneys received or hereafter to be received by the state from the secretary of the treasury of the United States, under and by virtue of the Flood Control Act of 1954, under 33 U.S.C. 701c-3, shall be distributed by the state to the county treasurers of the counties of the state wherein the flood control land is situated.
Mont. Code Ann. § 17-5-1602 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1602
17-5-1602 Policy and purpose
Status: in_force

17-5-1602 . Policy and purpose. (1) It is the policy of the state of Montana to:

(a) foster and promote, by all reasonable means, the provision of efficient capital markets and facilities for borrowing money by eligible government units to pay for capital improvements and other needs as otherwise authorized by law; and

(b) reduce, to the extent possible, costs of public indebtedness to taxpayers and residents by affording public bodies an appropriate degree of flexibility and choice in the marketing of their debt securities so as to minimize marketing costs and interest rates.

(2) It is the purpose of this part to promote the policies stated in subsection (1) by:

(a) creating a means for eligible government units to pool, in effect, the debt instruments they are otherwise authorized to offer for sale to the investment community in order to obtain economies of scale and reduce marketing and interest costs; and

(b) providing additional security for the payment of bonds and notes held by investors and thereby further reducing interest costs.
Mont. Code Ann. § 17-5-708 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-708
17-5-708 Special fund revenues
Status: in_force

17-5-708 . Special fund revenues. (1) If a law authorizing a coal severance tax bond issue for a specific purpose and in a specific amount contemplates the pledge and receipt of revenues, assets, or money other than or in addition to the money in the coal severance tax bond fund, then the money derived from such pledged revenues, assets, and money must be paid into a special bond fund for the benefit of such bonds, which must be part of a debt service fund of the state treasury fund structure.

(2) Money must be withdrawn from the coal severance tax bond fund and paid to the special bond fund as necessary to provide for payment of principal and interest on the coal severance tax bonds secured by a pledge of the special bond fund.
Mont. Code Ann. § 17-5-1609 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1609
17-5-1609 Purchase of anticipation notes
Status: in_force

17-5-1609 . Purchase of anticipation notes. Notwithstanding any other provision of law, an eligible government unit may issue and the board may purchase notes in anticipation of an otherwise authorized sale of eligible government unit securities. In connection with any purchase of anticipation notes, the board may by agreement with the eligible government unit impose terms, conditions, and limitations that in the board's opinion are proper under the circumstances and for the purposes and security of the board and the holders of its bonds or notes.
Mont. Code Ann. § 17-6-402 — MT Code / Title 17 / Chapter 6 / Part 4 / Section 17-6-402
17-6-402 Legislative findings and purpose
Status: in_force

17-6-402 . Legislative findings and purpose. (1) The legislature finds and declares that:

(a) it is the policy of the state to foster and encourage economic development within the state in order to promote the general welfare of the people;

(b) no program exists by which the state encourages and assists in the creation, development, and financing of businesses with fewer than 10 full-time equivalent employees and gross revenues of less than $1 million a year, which represent a significant component of and potential for growth in the state's economy; and

(c) neither the public sector nor the private sector currently satisfies the financial needs of these businesses.

(2) The purpose of this part is to create a program to encourage and assist in the creation, development, and financing of businesses with fewer than 10 full-time equivalent employees and gross revenues of less than $1 million a year.

(3) The process of certification of microbusiness development corporations and selection among competing proposals for development loans must be open and competitive and allow access to the competition to all interested communities and organizations and must provide for selecting for award of development loans those projects that are best qualified according to the criteria established under 17-6-406 through 17-6-408 .
Mont. Code Ann. § 17-7-302 — MT Code / Title 17 / Chapter 7 / Part 3 / Section 17-7-302
17-7-302 Encumbrance of fiscal yearend obligations
Status: in_force

17-7-302 . Encumbrance of fiscal yearend obligations. (1) Any valid obligation not paid within the fiscal year, including valid written interagency or intra-agency service agreements for systems development, shall be encumbered for payment thereof at the end of each fiscal year in the department of administration's accounts. Except as provided in subsection (2), an appropriation shall be deemed to be encumbered at the time and to the extent that a valid obligation against the appropriation is created.

(2) An appropriation may be encumbered by a written interagency or intra-agency agreement with the department for the alteration, repair, maintenance, or renovation of a building pursuant to the provisions of Title 18, chapter 2. If the appropriation is not encumbered by a valid obligation at the end of the next fiscal year, the appropriation reverts to the fund from which it was originally appropriated.
Mont. Code Ann. § 17-7-138 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-138
17-7-138 Operating budget
Status: in_force

17-7-138 . Operating budget. (1) (a) Expenditures by a state agency must be made in substantial compliance with the budget approved by the legislature. Substantial compliance may be determined by conformity to the conditions contained in the general appropriations act and to legislative intent as established in the narrative accompanying the general appropriations act. An explanation of any significant change in agency or program scope must be submitted on a regular basis to the interim committee that has program evaluation and monitoring functions for the agency pursuant to Title 5, chapter 5, part 2, and to the appropriate interim budget committee in accordance with 5-12-501 . An explanation of any significant change in agency or program scope, objectives, activities, or expenditures must be submitted to the legislative fiscal analyst for review and comment by the legislative finance committee prior to any implementation of the change. A significant change may not conflict with a condition contained in the general appropriations act. If the approving authority certifies that a change is time-sensitive, the approving authority may approve the change prior to the next regularly scheduled meeting of the legislative finance committee. The approving authority shall submit all proposed time-sensitive changes to the legislative fiscal analyst prior to approval. If the legislative fiscal analyst determines that notification of the legislative finance committee is warranted, the legislative fiscal analyst shall immediately notify as many members as possible of the proposed change and communicate any concerns expressed to the approving authority. The approving authority shall present a report fully explaining the reasons for the action to the next meeting of the legislative finance committee. Except as provided in subsection (2), the expenditure of money appropriated in the general appropriations act is contingent upon approval of an operating budget by August 1 of each fiscal year. An approved original operating budget must comply with state law and conditions contained in the general appropriations act.

(b) For the purposes of this subsection (1), an agency or program is considered to have a significant change in its scope, objectives, activities, or expenditures if:

(i) the operating budget change exceeds $1 million; or

(ii) the operating budget change exceeds 25% of a budget category and the change is greater than $75,000. If there have been other changes to the budget category in the current fiscal year, all the changes, including the change under consideration, must be used in determining the 25% and $75,000 threshold.

(2) The expenditure of money appropriated in the general appropriations act to the board of regents, on behalf of the university system units, as defined in 17-7-102 , is contingent upon approval of a comprehensive operating budget by October 1 of each fiscal year. The operating budget must contain detailed revenue and expenditures and anticipated fund balances of current funds, loan funds, endowment funds, and plant funds. After the board of regents approves operating budgets, transfers between units may be made only with the approval of the board of regents. Transfers and related justification must be submitted to the office of budget and program planning and to the legislative fiscal analyst.

(3) The operating budget for money appropriated by the general appropriations act must be separate from the operating budget for money appropriated by another law except a law appropriating money for the state pay plan or any portion of the state pay plan. The legislature may restrict the use of funds appropriated for personal services to allow use only for the purpose of the appropriation. Each operating budget must include expenditures for each agency program, detailed at least by first-level categories as provided in 17-1-102 (3). Each agency shall record its operating budget for all funds, other than higher education funds, and any approved changes on the statewide accounting, budgeting, and human resource system. Documents implementing approved changes must be signed. The operating budget for higher education funds must be recorded on the university financial system, with separate accounting categories for each source or use of state government funds. State sources and university sources of funds may be combined for the general operating portion of the current unrestricted funds.
Mont. Code Ann. § 17-8-104 — MT Code / Title 17 / Chapter 8 / Part 1 / Section 17-8-104
17-8-104 Civil penalties and remedies for violation
Status: in_force

17-8-104 . Civil penalties and remedies for violation. (1) (a) Any authority or member of a board of trustees or any person, officer, or employee violating the provisions of 17-8-103 (1) is personally liable and the surety or sureties on that individual's bond is also liable to the state for the amount of the excess unlawfully expended. An action under this subsection (1)(a) may be brought upon complaint of the attorney general, of the legislature by joint resolution, of the legislative finance committee, or of any taxpayer, filed in a district court of this state.

(b) Any authority or member of a board of trustees or any person, officer, or employee violating the provisions of 17-8-103 (1) is guilty of misfeasance in office and guilty of wrongdoing and is subject to removal from office or from employment. An action under this subsection (1)(b) may be brought upon complaint of the attorney general, the legislature by joint resolution, or any taxpayer, filed in a district court of this state.

(2) Complaints under subsections (1)(a) and (1)(b) may be combined in a single action.

(3) Remedies and penalties provided by this section may be pursued singly or in any combination.
Mont. Code Ann. § 17-5-715 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-715
17-5-715 Signatures of board members
Status: in_force

17-5-715 . Signatures of board members. If any member of the board of examiners whose signature appears on bonds, notes, or coupons issued under this part ceases to be a member before the delivery of the bonds or notes, the member's signature is valid and sufficient for all purposes, the same as if the member had remained in office until delivery.
Mont. Code Ann. § 17-7-201 — MT Code / Title 17 / Chapter 7 / Part 2 / Section 17-7-201
17-7-201 Definitions
Status: in_force

17-7-201 . Definitions. In this part, the following definitions apply:

(1) (a) "Building" includes a:

(i) building, facility, or structure constructed or purchased wholly or in part with state money;

(ii) building, facility, or structure at a state institution;

(iii) building, facility, or structure owned or to be owned by a state agency, including the department of transportation.

(b) The term does not include a:

(i) building, facility, or structure owned or to be owned by a county, city, town, school district, or special improvement district;

(ii) facility or structure used as a component part of a highway or water conservation project.

(2) "Capital development" means a:

(a) renovation, construction, alteration, site, or utility project with a total cost of $2.5 million or more;

(b) new facility with a construction cost of $250,000 or more; or

(c) purchase of real property for which an appropriation is required to fund the purchase.

(3) "Construction" includes construction, repair, alteration, renovation, and equipping and furnishing during construction, repair, or alteration.

(4) "Division" means the architecture and engineering division of the department of administration.

(5) "High-performance building" means a building that integrates and optimizes all major high-performance building attributes, including but not limited to:

(a) energy efficiency;

(b) durability;

(c) life-cycle performance; and

(d) occupant productivity.

(6) (a) "Long-range building program-eligible building" means a building, facility, or structure eligible for major repair account funding that:

(i) is owned or fully operated by a state agency and for which the operation and maintenance are funded with state general fund money; or

(ii) supports academic missions of the university system and for which the operation and maintenance are funded with current unrestricted university funds.

(b) The term does not include a building, facility, or structure:

(i) owned or operated by a state agency and for which the operation and maintenance are entirely funded with state special revenue, federal special revenue, or proprietary funds; or

(ii) that supports nonacademic functions of the university system and for which the operation and maintenance are funded from nonstate and nontuition sources.

(7) (a) "Major repair" means:

(i) a renovation, alteration, replacement, or repair project with a total cost of less than $2.5 million;

(ii) a site or utility improvement with a total cost of less than $2.5 million; or

(iii) a new facility with a total construction cost of less than $250,000.

(b) The term does not include operations and maintenance as defined in this section.

(8) (a) "New facility" means the construction or acquisition of a new building on state property regardless of funding source and includes:

(i) an addition to an existing building; and

(ii) the enclosure of space that was not previously fully enclosed.

(b) The term does not include the replacement of state-owned space that is demolished or that is otherwise removed from state use if the total construction cost of the replacement space is less than $2.5 million.

(9) "Operations and maintenance" means operational costs and regular, ongoing, and routine repairs and maintenance funded in an agency operating budget that does not extend the capacity, function, or lifespan of a facility.

(10) "Replacement cost of existing long-range building program-eligible building" means the current replacement value of all long-range building program-eligible buildings included in the statewide facility inventory and condition assessment as provided in 17-7-202 .
Mont. Code Ann. § 17-7-152 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-152
17-7-152 Expenditure comparison
Status: in_force

17-7-152 . Expenditure comparison. (1) The expenditure comparison contrasts expenditures of state resources for general government operations over time.

(2) In preparing expenditure comparisons, the office of budget and program planning and the legislative fiscal division shall compare actual expenditures of state resources.

(3) Expenditure comparisons must include the same attributes and methods of calculation. An expenditure of state resources may be accounted for only once in a comparison. Expenditures that are not appropriated at the beginning of a biennium, such as budget amendments, supplemental appropriations, and emergency appropriations, must be included in expenditure comparisons but must be segregated.
Mont. Code Ann. § 17-3-305 — MT Code / Title 17 / Chapter 3 / Part 3 / Section 17-3-305
17-3-305 Disposal of moneys
Status: in_force

17-3-305 . Disposal of moneys. All payments of sums in lieu of taxes received by this state shall be deposited in funds according to the state levies.
Mont. Code Ann. § 17-5-1123 — MT Code / Title 17 / Chapter 5 / Part 11 / Section 17-5-1123
17-5-1123 Deposits for security
Status: in_force

17-5-1123 . Deposits for security. Whenever under any law of this state a deposit of public obligations is authorized as security, public obligations otherwise meeting the authorized criteria may be deposited and must be accepted as security, provided that:

(1) in the case of a certificated public obligation, the instrument is assigned to the holder of the deposit; and

(2) in the case of an uncertificated public obligation, registration of a pledge is authorized by the system and the pledge of the uncertificated obligation is registered.
Mont. Code Ann. § 17-5-1103 — MT Code / Title 17 / Chapter 5 / Part 11 / Section 17-5-1103
17-5-1103 Declarations of state interest -- purposes
Status: in_force

17-5-1103 . Declarations of state interest -- purposes. (1) Sections 103 and 103A of the Internal Revenue Code, 26 U.S.C. 103 and 103A, provide that interest with respect to certain obligations may not be exempt from the income tax if they are not in registered form. It is therefore a matter of state concern that public entities be authorized to provide for the issuance of obligations in registered form. It is a purpose of this part to authorize all public entities to establish and maintain a system pursuant to which obligations may be issued in registered form within the meaning of sections 103 and 103A of the Internal Revenue Code, 26 U.S.C. 103 and 103A.

(2) Obligations have traditionally been issued in bearer rather than in registered form, and a change from bearer to registered form will significantly affect the relationships, rights, and duties of issuers of and the persons that deal with obligations and may consequently affect the costs. The effects will impact the various issuers and varieties of obligations differently, depending on their legal and financial characteristics, their markets, and their adaptability to recent and prospective technological and organizational developments. It is therefore a matter of state concern that public entities be provided flexibility in the development of systems of registration and control over system incidents, in order to accommodate differing impacts. It is a purpose of this part to provide for the establishment and maintenance, and amendment from time to time, of differing systems of registration of obligations, including system incidents, in order to accommodate the differing impacts upon issuers and varieties of obligations.
Mont. Code Ann. § 17-5-1606 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1606
17-5-1606 Bonds, bond anticipation notes, and notes of the board
Status: in_force

17-5-1606 . Bonds, bond anticipation notes, and notes of the board. (1) The board may by resolution, from time to time, issue negotiable notes and bonds to finance loans or refinance its loans to eligible government units and its purchases of eligible government unit bonds, registered warrants, and tax or revenue anticipation notes and other notes, to establish or replenish reserves securing the payment of its bonds and notes, and to finance all other expenditures of the board incident to and necessary or convenient to carry out this part.

(2) The board may by resolution, from time to time:

(a) issue notes to renew notes and bonds to pay notes, including interest;

(b) whenever it considers refunding expedient, refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured; and

(c) issue bonds partly to refund bonds outstanding and partly for any of its other purposes.

(3) The board may by resolution, from time to time, in anticipation of the sale of its securities under this part, issue temporary notes and renewal notes.

(4) Except as otherwise expressly provided by resolution of the board, every issue of its notes and bonds is an obligation of the board payable out of any revenue, assets, or money of the board, subject only to agreements with the holders of particular notes or bonds pledging particular revenue, assets, or money.

(5) (a) The notes and bonds must be authorized by resolutions of the board, must bear a date, and must mature at times as provided in the resolutions. The bonds may be issued as serial bonds payable in annual installments, as term bonds, or as a combination of serial and term bonds. The notes and bonds must:

(i) bear interest at a rate or rates;

(ii) be in denominations;

(iii) be in a form, either coupon or registered;

(iv) carry registration privileges;

(v) be executed in a manner;

(vi) be payable in a medium of payment, at places inside or outside the state; and

(vii) be subject to terms of redemption as provided in resolutions of the board.

(b) The notes and bonds of the board may be sold at public or private sale at prices, which may be above or below par, that are determined by the board.
Mont. Code Ann. § 17-5-1523 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1523
17-5-1523 Credit of state not pledged
Status: in_force

17-5-1523 . Credit of state not pledged. Obligations issued under the provisions of this part do not constitute a debt, liability, obligation, or pledge of the faith and credit of the state but are payable solely from the revenues or assets of the board. An obligation issued under this part must contain on the face thereof a statement to the effect that the state of Montana is not liable on the obligation, the obligation is not a debt of the state, and neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal or interest on the obligation.
Mont. Code Ann. § 17-6-408 — MT Code / Title 17 / Chapter 6 / Part 4 / Section 17-6-408
17-6-408 Certification of microbusiness development corporations
Status: in_force

17-6-408 . Certification of microbusiness development corporations. The department may certify:

(1) a microbusiness development corporation when it determines that the corporation:

(a) has developed a viable plan for providing training, access to financing, and technical assistance for qualified microbusinesses;

(b) has broad-based community support in a designated multicounty region of the state, as reflected, for example, by the membership of its board of directors; and

(c) has an adequate source of operating capital; or

(2) a statewide microbusiness development corporation when the department determines that the corporation meets the conditions under subsections (1)(a) and (1)(c) and, in addition:

(a) has a viable plan to provide specialized services to constituents throughout the state or within at least four Indian reservations in Montana; and

(b) does not preempt or duplicate efforts of microbusiness development corporations within local communities.
Mont. Code Ann. § 17-2-201 — MT Code / Title 17 / Chapter 2 / Part 2 / Section 17-2-201
17-2-201 Contingent revolving accounts -- when established
Status: in_force

17-2-201 . Contingent revolving accounts -- when established. (1) The department of administration may authorize the establishment and maintenance at the state agencies or in the departments, boards, or commissions of contingent revolving accounts, transferring in trust to the business offices of the institutions sums of money as may appear necessary to be used by the institutions for the payment of demands requiring immediate cash payment. Demands include the payment of minor invoices, invoices for which the discount period is too short to take advantage of the discount if payment is made by warrant, freight and express charges, travel advances, postage, publications requiring remittance to accompany the order, and the establishment of cash change funds, all under specific regulations to be established by the department of administration.

(2) Each state agency granted a contingent revolving account shall report to the department of administration upon request all transactions involving the contingent revolving accounts, with proper vouchers for every payment. The department of administration may cancel the authorizations and recall the funds as it determines appropriate.
Mont. Code Ann. § 17-7-404 — MT Code / Title 17 / Chapter 7 / Part 4 / Section 17-7-404
17-7-404 Budget amendment procedures
Status: in_force

17-7-404 . Budget amendment procedures. (1) Upon receiving a proposed budget amendment, the approving authority shall immediately forward a copy of the entire budget amendment to the legislative fiscal analyst.

(2) If the approving authority denies the request for a budget amendment, the approving authority shall immediately forward a notice of denial to the legislative fiscal analyst.

(3) If the approving authority intends to make certification of the budget amendment, immediately upon completion of the certification the approving authority shall forward the certification and all supporting documentation to the legislative fiscal analyst. If the approving authority has returned the budget amendment to the requesting agency and the requesting agency resubmits the budget amendment to the approving authority, all procedures set out in this section apply to the resubmitted budget amendment.

(4) This part does not confer any authority on the legislative finance committee to approve or deny budget amendments.
Mont. Code Ann. § 17-1-507 — MT Code / Title 17 / Chapter 1 / Part 5 / Section 17-1-507
17-1-507 Principles of revenue dedication
Status: in_force

17-1-507 . Principles of revenue dedication. (1) It is the policy of the legislature that a revenue source not be dedicated for a specific purpose unless one or more of the following conditions are met:

(a) The person or entity paying the tax, fee, or assessment is the direct beneficiary of the specific activity that is funded by the tax, fee, or assessment; the entire cost of the activity is paid by the beneficiary; and the tax, fee, or assessment paid is commensurate with the cost of the activity, including reasonable administrative costs.

(b) There is an expectation that funds donated by a person or entity will be used for a specified purpose. Grants from private or public entities are considered donations under this subsection.

(c) There is a legal basis for the revenue dedication. A legal basis is a constitutional mandate, federal mandate, or statutory requirement in which a source of funds is designated for a specific purpose.

(d) There is a recognized need for accountability through a separation of funding from the general fund consistent with generally accepted accounting principles.

(2) The total funding for a program is a legislative budget and policy issue for which a dedicated revenue provision may not be justified if:

(a) a general fund appropriation is needed to supplement the dedicated revenue support for the program or activity; or

(b) dedicating a revenue source or portion of a revenue source diverts funds that could be considered a general revenue source.

(3) In the consideration of the general appropriations act for each biennium, the legislature shall determine the appropriateness of dedicating revenue to a program or activity under conditions described in subsection (2). The office of budget and program planning shall describe the occurrence in its presentation of the executive budget, and the legislative fiscal analyst shall highlight the issue in the budget analysis and for the appropriations subcommittee considering the revenue dedication.
Mont. Code Ann. § 17-5-719 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-719
17-5-719 Limitation on amount of coal severance tax bonds issued
Status: in_force

17-5-719 . Limitation on amount of coal severance tax bonds issued. No more than $250 million worth of coal severance tax bonds may be issued for renewable resource development projects and activities.
Mont. Code Ann. § 17-6-309 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-309
17-6-309 Investment preferences
Status: in_force

17-6-309 . Investment preferences. (1) Subject to the provisions of subsection (2), in deciding which of several investments of equal or comparable security and return are to be made when sufficient funds are not available to fund all possible investments, the board shall give preference to the business investments that:

(a) assist employee-owned enterprises in providing new jobs or in preserving existing jobs for Montana residents or in otherwise contributing to the long-term benefit of the Montana economy, including raising the per capita income of Montana jobholders;

(b) are for locally owned enterprises that are either expanding or establishing new operations;

(c) provide jobs that will be substantially filled by current Montana residents as opposed to providing jobs that will be filled by nonresidents coming into the state to fill the jobs;

(d) maintain and improve a clean and healthful environment, with emphasis on energy efficiency;

(e) encourage or benefit the processing, refining, marketing, and innovative use and promotion of Montana's agricultural products; or

(f) benefit small- and medium-sized businesses as defined in rules adopted by the board.

(2) The board may make a loan to enhance economic development and create jobs in the basic sector of the economy, as defined by the board by rule, if the loan will result in the creation of a business estimated to employ at least 15 people in Montana on a permanent, full-time basis or result in the expansion of a business estimated to employ at least an additional 15 people in Montana on a permanent, full-time basis.

(3) The board may make a working capital loan to an owner of a coal-fired generating unit if the loan will prevent the elimination of jobs and provide stability in a community impacted by the operation of a coal-fired generating unit.
Mont. Code Ann. § 17-1-103 — MT Code / Title 17 / Chapter 1 / Part 1 / Section 17-1-103
17-1-103 Assistance to legislature
Status: in_force

17-1-103 . Assistance to legislature. (1) The department shall make all reports and submit all information and data the legislature requests and, when requested, attend all meetings of the appropriations committee of the house of representatives and of the finance and claims committee of the senate.

(2) The department shall, during the consideration of appropriation measures by the house and senate, devote as much of its time as may be required by the committees, under the direction of the presiding officers of the committees.
Mont. Code Ann. § 17-1-105 — MT Code / Title 17 / Chapter 1 / Part 1 / Section 17-1-105
17-1-105 Statewide cost allocation plan
Status: in_force

17-1-105 . Statewide cost allocation plan. (1) The director of the department shall annually prepare a statewide cost allocation plan distributing service agency indirect costs among the agencies, in accordance with principles and procedures established by applicable regulations and guidelines.

(2) An agency required to pay costs under the statewide cost allocation plan shall make payments in four equal installments, due no later than October 1, January 1, March 1, and June 1 of each fiscal year, by depositing the payments into the general fund.
Mont. Code Ann. § 17-3-106 — MT Code / Title 17 / Chapter 3 / Part 1 / Section 17-3-106
17-3-106 Fiscal officer for receipt of federal grants
Status: in_force

17-3-106 . Fiscal officer for receipt of federal grants. (1) The state treasurer is designated as the fiscal officer of the state to receive from the United States government or any of its agencies all funds that may be made available as a grant to the state of Montana under any act of congress, or otherwise, for any purpose or use. The state treasurer shall, upon receipt of the funds, deposit the funds in the proper fund in the state treasury.

(2) A state agency may return from the state treasury, through the state treasurer, any federal funds and the interest earned on the funds that may not be retained by the state according to federal law or the terms of the federal grant that made the funds available. The funds are statutorily appropriated, as provided in 17-7-502 , to the state treasurer for the purpose of returning the funds under the provisions of this subsection.
Mont. Code Ann. § 17-1-504 — MT Code / Title 17 / Chapter 1 / Part 5 / Section 17-1-504
17-1-504 Effect of termination
Status: in_force

17-1-504 . Effect of termination. (1) If the legislature has appropriated revenue from sources de-earmarked by the legislature, the appropriation is considered to have been made from the general fund.

(2) All assets, liabilities, and fund balances of accounts terminated by the legislature accrue to the general fund.
Mont. Code Ann. § 17-4-101 — MT Code / Title 17 / Chapter 4 / Part 1 / Section 17-4-101
17-4-101 Definitions
Status: in_force

17-4-101 . Definitions. In this part, the following definitions apply unless the context indicates otherwise:

(1) "Agency" includes:

(a) all offices, departments, divisions, boards, commissions, councils, committees, institutions, university units, political subdivisions, and other entities or instrumentalities of this state government;

(b) with respect to delinquent taxes that the department is requested to collect, state and local entities whose personal property taxes are collected by the county treasurer; and

(c) the federal internal revenue service.

(2) "Department" means the department of revenue provided for in 2-15-1301 .
Mont. Code Ann. § 17-7-162 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-162
17-7-162 Montana school for the deaf and blind exempt from vacancy savings
Status: in_force

17-7-162 . Montana school for the deaf and blind exempt from vacancy savings. (1) Vacancy savings may not be imposed on authorized positions in the Montana school for the deaf and blind, as described in 20-8-101 .

(2) For purposes of this section, the following definitions apply:

(a) "Authorized positions" means those positions included in the list of current authorized positions that the board is required to maintain under 2-18-206 .

(b) "Vacancy savings" means the difference between the cost of fully funding authorized positions for an entire fiscal year and the actual cost of those authorized positions during that period.
Mont. Code Ann. § 17-5-911 — MT Code / Title 17 / Chapter 5 / Part 9 / Section 17-5-911
17-5-911 Highway revenue bond debt service account -- deposit of bond proceeds
Status: in_force

17-5-911 . Highway revenue bond debt service account -- deposit of bond proceeds. (1) There is in the debt service fund a highway revenue bond debt service account. The state treasurer shall deposit highway revenues that are pledged to the payment of particular bonds, to the credit of the highway revenue bond debt service account as required by resolution or indenture.

(2) All proceeds of an issue of bonds must be deposited in a separate account in the state special revenue fund, except that any premiums and accrued interest received may be deposited in a separate account in the debt service fund established for that bond issue by resolution or indenture. No more than the principal and interest on the bonds due in any year may be retained in the highway revenue bond debt service account for the payment of bonds. The remainder of pledged revenues is available for authorized purposes of the department. Money deposited in the separate accounts in the state special revenue fund until spent for project purposes may be pledged and appropriated for the payment of bonds, which are a first lien and prior charge upon the funds, and the funds may be used for payment of bonds to the extent highway revenues deposited in the highway revenue bond debt service account are not sufficient for that purpose.

(3) Interest and investment earnings on the separate accounts named in subsections (1) and (2) must be retained in the separate accounts referred to in subsection (2).
Mont. Code Ann. § 17-3-1001 — MT Code / Title 17 / Chapter 3 / Part 10 / Section 17-3-1001
17-3-1001 State institutions which may take by gift, bequest, or grant -- restriction
Status: in_force

17-3-1001 . State institutions which may take by gift, bequest, or grant -- restriction. (1) The state of Montana, units of the Montana university system, the Montana school for the deaf and blind, all institutions in the department of corrections and the department of public health and human services, and any institutions now created or established or which may be created or established and supported in whole or in part by the state for any purpose may accept gifts, donations, grants, devises, or bequests of real or personal property from any source. Gifts, donations, grants, bequests, or devises may be made directly to the state, in the name of any of the institutions, to any officer or board of the institutions, or to any person in trust for the institutions.

(2) In the event it is made directly to any institution or to any officer or board of any institution, the gift, donation, grant, devise, or bequest is a gift, donation, grant, devise, or bequest to the state and must be administered and used by the state for the particular purpose for which it was given, donated, granted, bequeathed, or devised. In the event that a particular purpose is not mentioned in the gift, grant, devise, or bequest, then it must be used for the general support, maintenance, or improvement of the institution by the state.

(3) A gift, donation, grant, devise, or bequest may not be accepted or used in contravention of 13-35-238 .
Mont. Code Ann. § 17-5-704 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-704
17-5-704 Investment of funds
Status: in_force

17-5-704 . Investment of funds. Money in the coal severance tax bond fund, the coal severance tax permanent fund, and the coal severance tax income fund must be invested in accordance with the investment standards for coal severance tax funds. Income and earnings, excluding unrealized gains and losses, from all funds must be deposited in the state general fund.
Mont. Code Ann. § 17-2-304 — MT Code / Title 17 / Chapter 2 / Part 3 / Section 17-2-304
17-2-304 Reports required
Status: in_force

17-2-304 . Reports required. (1) (a) The approving authority for a state agency shall annually report in writing to the legislative fiscal analyst by September 15:

(i) each state agency that had a cash balance in a state charge for services fund contrary to the limitation provided in 17-2-302 (1) during the previous 12 months;

(ii) the facts certified for each state agency by the approving authority pursuant to 17-2-302 (2);

(iii) each state agency that has complied with the requirements of 17-2-303 and the circumstances of the agency's compliance;

(iv) each state agency that has not complied with 17-2-303 and the circumstances of the agency's noncompliance; and

(v) all expenditures made by the state agency in the preceding 12 months that are related to the production and distribution of public service announcements.

(b) The report must be provided in an electronic format.

(2) The director of the department of administration shall report to the legislature at the time and in the manner required by 5-11-210 a list of each local government entity that had a balance in a local charge for services fund contrary to the limitation provided by 17-2-302 (1) or that failed to reduce the charge as provided in 17-2-303 , or both, during the previous 12 months.
Mont. Code Ann. § 17-5-706 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-706
17-5-706 Authority to issue coal severance tax bonds
Status: in_force

17-5-706 . Authority to issue coal severance tax bonds. The board of examiners, upon approval of the legislature as hereinafter provided, shall issue and sell coal severance tax bonds to finance approved renewable resource projects when authorized to do so by any law that sets out the amount and purpose of the issue. Each project must be separately approved as to amount by a two-thirds vote of each house of the legislature.
Mont. Code Ann. § 17-3-212 — MT Code / Title 17 / Chapter 3 / Part 2 / Section 17-3-212
17-3-212 Apportionment of forest reserve funds and other federal funds among counties
Status: in_force

17-3-212 . Apportionment of forest reserve funds and other federal funds among counties. (1) The forest reserve funds, all Public Law 106-393 funds, all Public Law 110-343 funds, funds received pursuant to a similar subsequent act, and earned interest are statutorily appropriated, as provided in 17-7-502 , from the federal special revenue fund to the department. The department shall apportion all forest reserve funds, all Public Law 106-393 funds, all Public Law 110-343 funds, and earned interest, as provided in 17-3-211 , for allocation among the counties in which the forest reserve is situated based upon federal law and this section.

(2) The state treasurer shall pay the apportioned amounts plus interest, as provided in 17-3-211 , to the respective counties.
Mont. Code Ann. § 17-1-403 — MT Code / Title 17 / Chapter 1 / Part 4 / Section 17-1-403
17-1-403 Reinvestment of growth and opportunity trust
Status: in_force

17-1-403 . Reinvestment of growth and opportunity trust. Transfers into the reinvestment portion of the Montana growth and opportunity trust established in 17-1-401 are allocated as follows:

(1) 80% to the pension fund provided for in 17-7-135 until the balance in the fund equals $1 billion; and

(2) 20% to a Montana housing trust provided for in 90-6-150 until the balance in the Montana housing trust equals $500 million.

(3) Any remaining transfer amount must remain in the reinvestment portion of the trust and is not allocated to any purpose.
Mont. Code Ann. § 17-2-131 — MT Code / Title 17 / Chapter 2 / Part 1 / Section 17-2-131
17-2-131 Genetic engineering technology research and development account created
Status: in_force

17-2-131 . Genetic engineering technology research and development account created. There is created in the current restricted subfund a restricted account for funds appropriated to Montana state university-Bozeman for applied genetic engineering technology research and development. Money contributed by the Montana agriculture industry must be deposited in the account and is restricted to genetic engineering technology research and development only.
Mont. Code Ann. § 17-1-112 — MT Code / Title 17 / Chapter 1 / Part 1 / Section 17-1-112
17-1-112 Access to offices
Status: in_force

17-1-112 . Access to offices. The state treasurer has full access to all offices of the state for inspection of books, papers, and accounts that concern the state treasurer's duties.
Mont. Code Ann. § 17-1-508 — MT Code / Title 17 / Chapter 1 / Part 5 / Section 17-1-508
17-1-508 Review of statutory appropriations
Status: in_force

17-1-508 . Review of statutory appropriations. (1) Each biennium, the office of budget and program planning shall, in development of the executive budget, review and identify instances in which statutory appropriations in current law do not appear consistent with the guidelines set forth in subsection (2).

(2) The review of statutory appropriations must determine whether a statutory appropriation meets the requirements of 17-7-502 . Except as provided in [ 76-17-103 ,] 77-1-108 , and 87-5-909 , a statutory appropriation from a continuing and reliable source of revenue may not be used to fund administrative costs. In reviewing and establishing statutory appropriations, the legislature shall consider the following guidelines. A proposed or existing statutory appropriation may not be considered appropriate if:

(a) the money is from a continuing, reliable, and estimable source;

(b) the use of the appropriation or the expenditure occurrence is predictable and reliable;

(c) the authority exists elsewhere;

(d) an alternative appropriation method is available, practical, or effective;

(e) it appropriates state general fund money for purposes other than paying for emergency services;

(f) the money is used for general purposes;

(g) the legislature wishes to review expenditure and appropriation levels each biennium; and

(h) an expenditure cap and sunset date are excluded.

(3) The office of budget and program planning shall prepare a fiscal note for each piece of legislation that proposes to create or amend a statutory appropriation. It shall, consistent with the guidelines in this section, review each of these pieces of legislation. Its findings concerning the statutory appropriation must be contained in the fiscal note accompanying that legislation. (Bracketed language in subsection (2) terminates June 30, 2027--sec. 10, Ch. 374, L. 2017.)
Mont. Code Ann. § 17-3-107 — MT Code / Title 17 / Chapter 3 / Part 1 / Section 17-3-107
17-3-107 Federal funds for welfare of Indians
Status: in_force

17-3-107 . Federal funds for welfare of Indians. If and whenever the congress of the United States shall authorize the administration of federal appropriations for the welfare of the Indians of Montana through the agency of public departments and bureaus of this state, full power and authority is conferred upon such state agencies to administer the expenditure of such federal appropriations for the welfare of such Indians within the scope of the powers conferred upon such departments by law.
Mont. Code Ann. § 17-7-208 — MT Code / Title 17 / Chapter 7 / Part 2 / Section 17-7-208
17-7-208 Capital development funding -- transfer as present law base
Status: in_force

17-7-208 . Capital development funding -- transfer as present law base. (1) As part of the executive budget prepared pursuant to 17-7-123 , the governor shall propose annual transfers from the general fund into the account established in 17-7-209 . Except as provided in subsection (2), the amount of the proposed annual transfers are considered present law and must be equal to 1% of the amount of the certified unaudited state general fund revenue, including transfers into the general fund, as determined by the state treasurer on or before August 15 of the year preceding a legislative session less the:

(a) general fund debt service anticipated by the office of budget and program planning for each year of the biennium for issued general obligation bonds paid from the general fund as set forth in the state budget pursuant to 17-5-802 ; and

(b) projected general fund debt service for each year of the biennium for general obligation bonds paid from the general fund proposed in the executive budget.

(2) The governor may propose to reduce or increase the amount of the annual transfers proposed pursuant to subsection (1). Any proposed increase or decrease to the amount required in subsection (1) must be included in the executive budget request as a new proposal.

(3) The legislature may appropriate funds in the general appropriations act for transfer into the account established in 17-7-209 from the general fund for capital development projects based on the state fiscal condition.

(4) The appropriated transfer to the account established in 17-7-209 to fund capital developments is part of the base budget for purposes of Title 17, chapter 7, part 1.

(5) The department of administration shall transfer the annual amount appropriated by the legislature from the general fund to the capital developments long-range building program account established in 17-7-209 by August 15 of each fiscal year except as provided in subsection (6).

(6) The department of administration may not make the annual transfer if the executive has authorized transfers from the budget stabilization reserve fund established in 17-7-130 in the immediately preceding 11 months or if the transfer would result in reductions pursuant to 17-7-140 .

(7) This section does not limit the ability of the legislature to authorize general obligation bonds or the board of examiners to issue and sell bonds authorized by previous legislatures and has no effect on the pledge or security for general obligation bonds.
Mont. Code Ann. § 17-6-331 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-331
17-6-331 Establishment of a Montana economic development fund
Status: in_force

17-6-331 . Establishment of a Montana economic development fund. A Montana economic development fund is created. A portion of the interest income from the permanent coal tax trust fund created in 17-6-203 (6) shall be deposited in the fund as determined by the legislature. Monies, if any, appropriated by the legislature from the economic development fund shall be used only for programs consistent with the objectives in 17-6-304 .
Mont. Code Ann. § 17-5-1314 — MT Code / Title 17 / Chapter 5 / Part 13 / Section 17-5-1314
17-5-1314 Authorization by the governor
Status: in_force

17-5-1314 . Authorization by the governor. The governor may order an allocation different than that allocated by the department to state and local issuers pursuant to 17-5-1312 and 17-5-1313 .
Mont. Code Ann. § 17-3-105 — MT Code / Title 17 / Chapter 3 / Part 1 / Section 17-3-105
17-3-105 Governor authorized to accept funds -- designation of state agency
Status: in_force

17-3-105 . Governor authorized to accept funds -- designation of state agency. (1) The governor is authorized to accept on behalf of the state any federal assistance funds made available by act of congress for programs that are consistent with the needs and goals of the state and its citizens and that are not prohibited by the provisions of this part or other applicable law.

(2) The governor shall designate, unless otherwise specified by state or federal law or regulation, the state agency to administer the accepted federal assistance program.
Mont. Code Ann. § 17-5-718 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-718
17-5-718 Tax exemption of bonds -- legal investments
Status: in_force

17-5-718 . Tax exemption of bonds -- legal investments. (1) All bonds or notes issued under this part, their transfer, and their income, including any profits made on their sale, are exempt from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes.

(2) Bonds or notes issued under this part are legal investments for any person or board charged with investment of public funds and are acceptable as security for any deposit of public money.
Mont. Code Ann. § 17-3-241 — MT Code / Title 17 / Chapter 3 / Part 2 / Section 17-3-241
17-3-241 Mineral impact account
Status: in_force

17-3-241 . Mineral impact account. There is a mineral impact account. Money must be deposited in the impact account as provided in 17-3-240 . The money in the impact account must be distributed to counties from which the minerals were produced that resulted in the deposit of the mineral royalty revenue in the impact account. Beginning July 1, 2003, the impact account is statutorily appropriated, as provided in 17-7-502 .
Mont. Code Ann. § 17-8-416 — MT Code / Title 17 / Chapter 8 / Part 4 / Section 17-8-416
17-8-416 Reporting
Status: in_force

17-8-416 . Reporting. The attorney general shall submit to the law and justice interim committee a report in accordance with 5-11-210 containing the following information:

(1) the number of cases filed under the Montana False Claims Act, Title 17, chapter 8, part 4, that were pending in the state during the previous calendar year;

(2) the number of cases filed under the Montana False Claims Act that were settled during the previous calendar year;

(3) the number of cases filed under the Montana False Claims Act in which judgment was entered during the previous calendar year;

(4) the total proceeds paid to the state and the total proceeds paid to the qui tam plaintiffs in cases filed under the Montana False Claims Act during the previous calendar year; and

(5) the number of qui tam cases pending in other jurisdictions involving the state in the previous calendar year.
Mont. Code Ann. § 17-3-101 — MT Code / Title 17 / Chapter 3 / Part 1 / Section 17-3-101
17-3-101 Purpose
Status: in_force

17-3-101 . Purpose. The purpose of this part is to provide more complete information regarding federal assistance programs to the governor, state agencies, and the legislature and coordinate federally assisted programs with other state programs.
Mont. Code Ann. § 17-1-204 — MT Code / Title 17 / Chapter 1 / Part 2 / Section 17-1-204
17-1-204 Payment -- pledge of taxes and revenue -- costs of issuance
Status: in_force

17-1-204 . Payment -- pledge of taxes and revenue -- costs of issuance. (1) The notes and interest on the notes must be paid from taxes and revenues not later than the end of the fiscal year in which issued.

(2) The full faith and credit and taxing power of the state are pledged for the payment of all notes issued under this part. In furtherance of this pledge, if there are insufficient funds in the general fund to pay the notes and interest on the notes when due, the department shall transfer available funds from any fund of the state, except pension trust funds, to the general fund to pay the notes and interest. The transfer is considered a loan to the general fund subject to the provisions of 17-2-105 .

(3) The department may pay all costs of issuance of notes issued under this part, including without limitation interest, rating agency fees, printing costs, legal fees, bank or trust company fees, costs to employ persons or firms to assist in the sale of the notes, line of credit fees and charges, and all other amounts related to the costs of issuing the notes. Payment of costs must be made from amounts available from the proceeds of the notes upon deposit in the general fund.
Mont. Code Ann. § 17-5-406 — MT Code / Title 17 / Chapter 5 / Part 4 / Section 17-5-406
17-5-406 Use of debt service account
Status: in_force

17-5-406 . Use of debt service account. The debt service account shall be segregated by the treasurer from all other money in that or any other fund in the treasury and used only to pay long-range building program bonds and interest thereon when due so long as any such bonds or interest remain unpaid.
Mont. Code Ann. § 17-7-405 — MT Code / Title 17 / Chapter 7 / Part 4 / Section 17-7-405
17-7-405 Voidness of improperly certified budget amendments
Status: in_force

17-7-405 . Voidness of improperly certified budget amendments. Any budget amendment that is not certified by the approving authority according to the standards and procedures set out in this part may be declared void in its entirety by a court of competent jurisdiction on complaint of the attorney general, the legislature, or the legislative finance committee. No funds may be expended under an improperly certified budget amendment.
Mont. Code Ann. § 17-8-302 — MT Code / Title 17 / Chapter 8 / Part 3 / Section 17-8-302
17-8-302 Order in which warrants are drawn
Status: in_force

17-8-302 . Order in which warrants are drawn. All warrants for claims which have been audited by the department of administration and filed in the treasurer's office must be drawn in the order in which they are transmitted by the department of administration.
Mont. Code Ann. § 17-3-211 — MT Code / Title 17 / Chapter 3 / Part 2 / Section 17-3-211
17-3-211 Forest reserve money and other federal funds
Status: in_force

17-3-211 . Forest reserve money and other federal funds. (1) The state treasurer, for the purpose of carrying out the provisions of 16 U.S.C. 500, Public Law 106-393, Public Law 110-343, and all acts subsequent to them, shall divide and distribute all forest reserve, Public Law 106-393, and Public Law 110-343 funds received by the state to and among the several counties entitled to the funds and pay the amounts to the several county treasurers of the counties within 5 business days after receiving full payment, as directed by the department.

(2) If the forest reserve money, the Public Law 106-393 money, and Public Law 110-343 money are not distributed within 5 business days of receipt by the state, all interest earnings must be credited to the appropriate counties.
Mont. Code Ann. § 17-7-501 — MT Code / Title 17 / Chapter 7 / Part 5 / Section 17-7-501
17-7-501 Appropriations -- type
Status: in_force

17-7-501 . Appropriations -- type. There are three types of appropriations within the meaning of "appropriation made by law" as used in Article VIII, section 14, of the Montana constitution:

(1) temporary appropriations enacted by the legislature as part of designated appropriation bills or sections designated as appropriations in other bills;

(2) temporary appropriations made by valid budget amendment; and

(3) statutory appropriations made by permanent law in conformance with 17-7-502 .
Mont. Code Ann. § 17-7-154 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-154
17-7-154 Terminated
Status: in_force

17-7-154 . Terminated. Sec. 7, Ch. 232, L. 2015.
Mont. Code Ann. § 17-2-502 — MT Code / Title 17 / Chapter 2 / Part 5 / Section 17-2-502
17-2-502 Funding for tribal entities -- reporting
Status: in_force

17-2-502 . Funding for tribal entities -- reporting. (1) Following the close of each fiscal year, a designated state agency that has distributed funds to a tribal entity or has received or retained funds related to a program that directly or indirectly provides financial assistance to a tribal entity shall prepare a report that identifies all financial assistance distributed by the designated state agency directly or indirectly to a tribal entity in the previous fiscal year.

(2) Unless otherwise specifically provided in the report issued by the director of the office of Indian affairs, the report under this section must provide the following information:

(a) the amount distributed directly to a tribal entity;

(b) the amount distributed to a subrecipient that was ultimately distributed to a tribal entity;

(c) the date the amount was distributed to a tribal entity or subrecipient;

(d) the tribal entity receiving the financial assistance;

(e) the federal assistance listings number, if applicable;

(f) the purpose of the distribution;

(g) the amount of any overhead rate and a general description of the uses of overhead funding for distributing the financial assistance;

(h) for funds distributed pursuant to a program administered by a designated state agency, the program through which the funds were distributed; and

(i) for federal funds, any other amount retained by the state agency and for what purpose.

(3) A designated state agency that prepares a report in accordance with subsection (1) shall submit the report to the office of budget and program planning on or before November 1 of each year.

(4) The office of budget and program planning shall prepare an annual report that compiles and summarizes the reports that the office of budget and program planning receives in accordance with subsection (3).

(5) On or before December 1 of each year, the office of budget and program planning shall submit the report required by subsection (4) to:

(a) the state-tribal relations committee, in accordance with 5-11-210 ;

(b) the office of state director of Indian affairs provided for in 2-15-217 ;

(c) each federally recognized tribal government in the state; and

(d) the legislative finance committee established in 5-12-201 .

(6) The report required by subsection (4) must be posted on the website of the office of state director of Indian affairs.
Mont. Code Ann. § 17-5-927 — MT Code / Title 17 / Chapter 5 / Part 9 / Section 17-5-927
17-5-927 Signatures of board members
Status: in_force

17-5-927 . Signatures of board members. If any member of the board whose signature appears on bonds or coupons issued under this part ceases to be a member before the delivery of the bonds, the member's signature is valid and sufficient for all purposes as if the member had remained in office until delivery.
Mont. Code Ann. § 17-5-802 — MT Code / Title 17 / Chapter 5 / Part 8 / Section 17-5-802
17-5-802 Authority to authorize and issue general obligation bonds and notes
Status: in_force

17-5-802 . Authority to authorize and issue general obligation bonds and notes. (1) When authorized by and within the limits of a bond act and as provided in this part, the board may issue and sell bonds of the state in the manner that it considers necessary and proper to provide funds for the purpose set forth in the bond act.

(2) The full faith and credit and taxing powers of the state must be pledged for the payment of all bonds and notes issued pursuant to this part, with all interest on the bonds and notes and premiums payable upon the redemption of the bonds and notes. All principal, interest, and redemption premium, if any, becoming due during a fiscal year must be included in the state budget for that fiscal year, and sufficient revenue must be appropriated for the payment of principal, interest, and redemption premiums from the general fund and, if the general fund is not sufficient, from any other funds of the state legally available for the payment of principal, interest, and redemption premiums. Bonds may not be issued to cover deficits incurred because appropriations exceeded anticipated revenue. Money transferred for the payment of bonds and notes must be deposited in the debt service account.

(3) Except as provided in subsection (8), the legislature may not authorize general obligation bonds paid from the general fund if the issuance of those bonds would cause the total amount of the state debt to exceed 0.6% of the fair market value of all taxable property within the state.

(4) Except as provided in subsection (8), the legislature may not authorize new general obligation bonds paid from the general fund if the issuance of those bonds would create an obligation for fiscal year debt service on general obligation bonds paid from the general fund that have been issued that exceeds 1.5% of the amount of the certified unaudited state general fund revenue, including transfers into the general fund, as determined by the state treasurer on or before August 15 of the year preceding a legislative session.

(5) For purposes of subsections (3) and (4):

(a) "fair market value of all taxable property within the state" includes all real and personal property subject to ad valorem taxation within the state as enumerated in the department of revenue's biennial report issued pursuant to 15-1-205 ;

(b) "general obligation bonds paid from the general fund" means bonds issued as general obligation bonds of the state that are payable from only the general fund and that are not payable from or secured by funds or specific sources of revenue outside the general fund;

(c) "state debt" means:

(i) the outstanding principal of issued general obligation bonds paid from the general fund as of July 1 of the current fiscal year;

(ii) the principal amount of all authorized but unissued general obligation bonds paid from the general fund; and

(iii) the total amount of unfunded actuarial accrued liability of the public retirement systems established in Title 19 that does not amortize in 30 years as identified in those systems' most recent actuarial valuation of the assets and liabilities of their plans.

(6) For purposes of calculating the total fiscal year debt service of proposed bonds to determine whether the limitations described in subsection (4) are satisfied, the debt service amounts set forth in the fiscal note for the proposed bond act regarding the bonds are used and are final and conclusive.

(7) The passage and approval of a bond act is final and conclusive authority for the issuance of the bonds authorized under that act. The board of examiners may rely on that authority without regard to condition or circumstance existing as of the date of the issuance of the bonds.

(8) The limits on legislative authority to authorize general obligation bonds paid from the general fund do not apply to bonds authorized during a state of emergency or a state of disaster as provided in Title 10, chapter 3.
Mont. Code Ann. § 17-7-224 — MT Code / Title 17 / Chapter 7 / Part 2 / Section 17-7-224
17-7-224 Funding for major repair -- emergency funding
Status: in_force

17-7-224 . Funding for major repair -- emergency funding. (1) After the legislature approves the list of anticipated major repair projects, if an exigency arises that creates an unforeseen and critical need for a major repair project, the division may reallocate major repair funds to address the project.

(2) The division shall report any changes made in major repair allocations approved by the legislature to:

(a) the legislative fiscal analyst and the budget director on a quarterly basis; and

(b) the legislature at its next regular session.
Mont. Code Ann. § 17-2-501 — MT Code / Title 17 / Chapter 2 / Part 5 / Section 17-2-501
17-2-501 Definitions
Status: in_force

17-2-501 . Definitions. As used in this part, unless the context clearly indicates otherwise, the following definitions apply:

(1) (a) "Designated state agency" means:

(i) the department of administration;

(ii) the department of agriculture;

(iii) the Montana arts council;

(iv) the office of the state auditor;

(v) the board of regents;

(vi) the department of commerce;

(vii) the department of corrections;

(viii) the department of environmental quality;

(ix) the department of fish, wildlife, and parks;

(x) the governor's office;

(xi) the department of labor and industry;

(xii) the department of livestock;

(xiii) the department of military affairs;

(xiv) the Montana board of crime control;

(xv) the department of natural resources and conservation;

(xvi) the commissioner of political practices;

(xvii) the office of state public defender;

(xviii) the board of public education;

(xix) the department of public health and human services;

(xx) the office of public instruction;

(xxi) the public service commission;

(xxii) the department of revenue;

(xxiii) the school for the deaf and blind;

(xxiv) the office of the secretary of state;

(xxv) the state fund;

(xxvi) the state library;

(xxvii) the department of transportation;

(xxviii) the office of the commissioner of higher education; or

(xxix) the department of justice.

(b) The term does not include the judicial branch, the legislative branch, or an office or other entity within the judicial branch or the legislative branch.

(2) (a) "Financial assistance" means assistance provided directly or indirectly to a tribal entity either as state funds or as federal funds provided through a state agency to carry out a program. Financial assistance may be in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations, and electronic benefit transfer cards. The term includes awards received directly or indirectly by a tribal entity as state funds or as federal funds passed through a state agency directly or indirectly from a subrecipient. The granting agency is responsible for identifying the source of funds awarded to tribal entity recipients.

(b) The term does not include federal, state, or local government cash assistance provided directly to individuals.

(3) "Subrecipient" means a third party who receives state funds or federal funds through a state agency that the third party ultimately provides to a tribal entity in the form of financial assistance.

(4) "Tribal entity" means a tribal nation, tribal council, or tribal government located in the state.
Mont. Code Ann. § 17-5-1514 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1514
17-5-1514 Accounts
Status: in_force

17-5-1514 . Accounts. The board may create funds and accounts necessary to implement this part. The funds and accounts may include:

(1) a fund into which bond proceeds are deposited;

(2) a common bond fund consisting of:

(a) a common debt service account;

(b) a capital reserve account as provided in 17-5-1515 ; and

(c) an operating account for defraying the operational costs of the board; and

(3) other funds or accounts.
Mont. Code Ann. § 17-1-702 — MT Code / Title 17 / Chapter 1 / Part 7 / Section 17-1-702
17-1-702 Incurrence of certain general obligations related to Indian tribal governments
Status: in_force

17-1-702 . Incurrence of certain general obligations related to Indian tribal governments. An Indian tribal government may enter into a loan agreement under Title 17, chapters 5 and 6, for any public or governmental purpose as provided in 7-7-4104 .
Mont. Code Ann. § 17-6-202 — MT Code / Title 17 / Chapter 6 / Part 2 / Section 17-6-202
17-6-202 Investment funds -- general provisions
Status: in_force

17-6-202 . Investment funds -- general provisions. (1) For each treasury fund account into which state funds are segregated by the department of administration pursuant to 17-2-106 , individual transactions and totals of all investments shall be separately recorded to the extent directed by the department.

(2) However, the securities purchased and cash on hand for all treasury fund accounts not otherwise specifically designated by law or by the provisions of a gift, donation, grant, legacy, bequest, or devise from which the fund account originates to be invested shall be pooled in an account to be designated "treasury cash account" and placed in one of the investment funds designated in 17-6-203 . Except for the fiscal year beginning July 1, 2022, through the fiscal year ending June 30, 2025, the share of the income for this account shall be credited to the general fund. For the fiscal year beginning July 1, 2022, through the fiscal year ending June 30, 2025, the share of the income for this account must be credited to the debt and liability free account established in 17-6-214 .

(3) If, within the list in 17-6-203 of separate investment funds, more than one investment fund is included which may be held jointly with others under the same separate listing, all investments purchased for that separate investment fund shall be held jointly for all the accounts participating therein, which shall share all capital gains and losses and income pro rata.
Mont. Code Ann. § 17-7-101 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-101
17-7-101 Short title
Status: in_force

17-7-101 . Short title. This part shall be known and may be cited as the "Budget Act".
Mont. Code Ann. § 17-7-151 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-151
17-7-151 Budget comparison
Status: in_force

17-7-151 . Budget comparison. (1) The budget comparison contrasts appropriations for general government operations in one biennium to those in a different biennium.

(2) In preparing budget comparisons for legislative sessions, the office of budget and program planning and the legislative fiscal division shall compare temporary and statutory appropriations of state resources in the current biennium to temporary and statutory appropriations of state resources in the next biennium.

(3) The office of budget and program planning and the legislative fiscal division shall share the methods used to estimate the amounts of statutory appropriations. If there are differences in estimates of revenue or amounts of statutory appropriations, the legislative fiscal analyst shall explain the differences as part of the independent analysis of the executive budget.

(4) Budget comparisons must include the same attributes and methods of calculation. Items that are not appropriated at the beginning of a biennium, such as budget amendments, supplemental appropriations, and reappropriations, must be included in budget comparisons but must be segregated and indicated as noncomparable items.
Mont. Code Ann. § 17-6-325 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-325
17-6-325 Preference of Montana labor
Status: in_force

17-6-325 . Preference of Montana labor. Any contract to construct a project financed pursuant to this part must require all contractors to give preference to the employment of bona fide Montana residents, as defined in 18-2-401 , in the performance of the work on the projects if their qualifications are substantially equal to those of nonresidents. "Substantially equal qualifications" means the qualifications of two or more persons among whom the employer cannot make a reasonable determination that the qualifications held by one person are significantly better suited for the position than the qualifications held by the other persons.
Mont. Code Ann. § 17-5-902 — MT Code / Title 17 / Chapter 5 / Part 9 / Section 17-5-902
17-5-902 Purpose
Status: in_force

17-5-902 . Purpose. The purpose of this part is to provide for the financing of the cost of state highway and federal-aid highway projects through the issuance of highway revenue bonds secured by a pledge and appropriation of highway revenue.
Mont. Code Ann. § 17-8-101 — MT Code / Title 17 / Chapter 8 / Part 1 / Section 17-8-101
17-8-101 Appropriation and disbursement of money from treasury
Status: in_force

17-8-101 . Appropriation and disbursement of money from treasury. (1) For purposes of complying with Article VIII, section 14, of the Montana constitution, money deposited in the general fund, the special revenue fund type (except money deposited in the treasury from nonstate and nonfederal sources restricted by law or by the terms of an agreement, such as a contract, trust agreement, or donation), and the capital projects fund type, with the exception of refunds authorized in subsection (4), may be paid out of the treasury only on appropriation made by law.

(2) Subject to the provisions of subsection (8), money deposited in the enterprise fund type, debt service fund type, internal service fund type, private purpose trust fund type, custodial fund type, and state special revenue fund from nonstate and nonfederal sources restricted by law or by the terms of an agreement, such as a contract, trust agreement, or donation, may be paid out of the treasury:

(a) by appropriation; or

(b) under general laws, or contracts entered into in pursuance of law, permitting the disbursement if a subclass is established on the state financial system.

(3) The pension trust fund type is not considered a part of the state treasury for appropriation purposes. Money deposited in the pension trust fund type may be paid out of the treasury pursuant to general laws, trust agreement, or contract.

(4) Money paid into the state treasury through error or under circumstances such that the state is not legally entitled to retain it and a refund procedure is not otherwise provided by law may be refunded upon the submission of a verified claim approved by the department.

(5) Authority to expend appropriated money may be transferred from one state agency to another, provided that the original purpose of the appropriation is maintained.

(6) Fees and charges for services deposited in the internal service fund type must be based upon commensurate costs. The legislative auditor, during regularly scheduled audits of state agencies, shall audit and report on the reasonableness of internal service fund type fees and charges and on the fund equity balances.

(7) The creation of accounts in the enterprise fund or the internal service fund must be approved by the department, using conformity with generally accepted accounting principles as the primary approval criteria. The department shall report annually to the office of budget and program planning and the legislative fiscal analyst on the nature, status, and justification for all new accounts in the enterprise fund and the internal service fund. The report must be provided in an electronic format.

(8) Enterprise and internal service funds must be appropriated if they are used as a part of a program that is not an enterprise or internal service function and that otherwise requires an appropriation. An enterprise fund that is required by law to transfer money to the general fund or to any other appropriated fund is subject to appropriation. The payment of funds into an internal service fund must be authorized by law.
Mont. Code Ann. § 17-5-1114 — MT Code / Title 17 / Chapter 5 / Part 11 / Section 17-5-1114
17-5-1114 Certificated public obligation -- seal
Status: in_force

17-5-1114 . Certificated public obligation -- seal. When a seal is required or permitted in the execution of any certificated public obligation, an authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal.
Mont. Code Ann. § 17-3-221 — MT Code / Title 17 / Chapter 3 / Part 2 / Section 17-3-221
17-3-221 State treasurer to be custodian of money received under Taylor Grazing Act
Status: in_force

17-3-221 . State treasurer to be custodian of money received under Taylor Grazing Act. The state treasurer is the custodian of all money that the treasurer of the United States transfers to the state of Montana under the terms of section 10 of the Taylor Grazing Act, 43 U.S.C. 315i, to be expended as the legislature may prescribe. The money must be deposited in the federal special revenue fund.
Mont. Code Ann. § 17-5-1650 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1650
17-5-1650 Annual report
Status: in_force

17-5-1650 . Annual report. (1) By December 31 of each year, the board shall publish a financial report for distribution to the governor, the legislature, and the public. Except as provided in subsection (2), distribution to the legislature is accomplished by providing a copy to a legislator on request.

(2) Subject to 5-11-222 (5), a report demonstrating the requirements of subsections (1) and (3) must be provided to the legislature in accordance with 5-11-210 .

(3) The report must include:

(a) a statement of the board's current financial position with respect to its activities under this part;

(b) a summary of its activities pursuant to this part during the previous year including:

(i) a listing of the eligible governmental securities purchased by the board;

(ii) a listing of the bonds and notes sold by the board; and

(iii) a summary of the performance of any other investments of the board's funds received under this part;

(c) an estimate of the levels of activities for the next year; and

(d) a comparison of the activities during the previous year with the estimates of those activities that were made in the previous annual report.
Mont. Code Ann. § 17-8-407 — MT Code / Title 17 / Chapter 8 / Part 4 / Section 17-8-407
17-8-407 Dismissal of civil action
Status: in_force

17-8-407 . Dismissal of civil action. On the motion of the government attorney, the court may dismiss a civil action notwithstanding the objection of the person who initiated the action if the government attorney has notified the person of the filing of the motion to dismiss and the court has given the person an opportunity to oppose the motion and present evidence at a hearing.
Mont. Code Ann. § 17-5-701 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-701
17-5-701 State of Montana coal severance tax bonds
Status: in_force

17-5-701 . State of Montana coal severance tax bonds. This part provides for the issuance of state of Montana coal severance tax bonds (also referred to as coal severance tax bonds in this part) to:

(1) finance renewable resource projects in the state designed to provide, during and after extensive coal mining, a healthy economy, the alleviation of social and economic impacts created by coal development, and a clean and healthful environment for present and future generations; and

(2) finance loans to local governments for infrastructure projects under Title 90, chapter 6, part 7.
Mont. Code Ann. § 17-5-1122 — MT Code / Title 17 / Chapter 5 / Part 11 / Section 17-5-1122
17-5-1122 Costs -- collection
Status: in_force

17-5-1122 . Costs -- collection. (1) An issuer, prior to or at original issuance, may provide as a part of a system of registration that the transferor or transferee of the public obligations pay all or a designated part of the costs of the system, that costs be paid out of the proceeds of the public obligations, or that both methods be used. The portion of the costs of the system not provided to be paid by the transferor or transferee or out of proceeds is the liability of the issuer.

(2) The issuer may as a part of the system provide for reimbursement or for satisfaction of its liability by payment by others. The issuer may enter into agreements with others respecting reimbursement or payment, may establish fees and charges pursuant to such agreements or otherwise, and may provide that the amount or estimated amount of the fees and charges must be reimbursed or paid from the same sources and by means of the same collection and enforcement procedures and with the same priority and effect as with respect to the obligation.
Mont. Code Ann. § 17-8-303 — MT Code / Title 17 / Chapter 8 / Part 3 / Section 17-8-303
17-8-303 Warrants -- presentation and cancellation
Status: in_force

17-8-303 . Warrants -- presentation and cancellation. (1) State warrants must be presented for payment within the time limits specified as follows:

(a) Except as provided in subsection (1)(b), all warrants drawn by the state treasurer on the state treasury must be presented for payment within 6 months after the date of issue.

(b) Warrants issued for the department of public health and human services that are funded to any extent with federal money must be presented for payment within 180 days after the date of issue.

(2) If the payee or legal holder of any warrant fails to present it for payment within the time specified in subsection (1), the state treasurer shall record the warrant as stale-dated and the amount must be credited to a separate private purpose trust fund account administered by the treasurer. If the payee or legal owner of a stale-dated warrant presents it for payment or presents a claim for payment within 1 year from the date of issue, the state treasurer may, upon proper showing by affidavit, issue a new warrant in lieu of the stale-dated warrant.

(3) Six months after being stale-dated, the warrant must be classed as unclaimed property subject to the provisions of Title 70, chapter 9, part 8. If the payee or legal owner of a stale-dated warrant presents it for payment or presents a claim for payment, the presentation must be to the department of revenue as provided in 70-9-815 .
Mont. Code Ann. § 17-5-1647 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1647
17-5-1647 Powers and duties of trustee on default
Status: in_force

17-5-1647 . Powers and duties of trustee on default. (1) A trustee appointed under 17-5-1646 may:

(a) by civil action enforce all rights of the noteholders or bondholders, including the right to require the board or eligible government unit to collect rates, charges, and other fees and to collect interest and amortization payments on bonds and notes held by them adequate to carry out a pledge of or an agreement as to the rates, charges, and other fees and of the interest and amortization payments and the right to require the board or eligible government unit to carry out any other agreements with the holders of the notes or bonds and to perform their duties under this part;

(b) bring a civil action upon the notes or bonds;

(c) by civil action require the board or eligible government unit to account as if it were the trustee of an express trust for the holders of the notes or bonds;

(d) by civil action enjoin anything that may be unlawful or in violation of the rights of the holders of the notes or bonds;

(e) declare all the notes or bonds due and payable and, if all defaults are made good, then, with the consent of the holders of 25% of the principal amount of the outstanding notes or bonds, annul the declaration and its consequences.

(2) The trustee, in addition to the powers stated in subsection (1), has all the powers necessary for the exercise of functions specifically set out or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.

(3) Before declaring the principal of notes or bonds due and payable, the trustee shall give 30 days' notice in writing to the governor, the attorney general, and the board or eligible government unit defaulting.
Mont. Code Ann. § 17-5-1622 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1622
17-5-1622 Validity of pledge
Status: in_force

17-5-1622 . Validity of pledge. A pledge by the board is valid and binding from the time the pledge is made. The revenues, money, or property pledged and thereafter received by the board is immediately subject to the lien of the pledge without any physical delivery thereof or further act. The lien of any pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the board, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.
Mont. Code Ann. § 17-5-101 — MT Code / Title 17 / Chapter 5 / Part 1 / Section 17-5-101
17-5-101 Definitions
Status: in_force

17-5-101 . Definitions. As used in this part, the following definitions apply:

(1) "Bonds" include bonds, notes, warrants, debentures, certificates of indebtedness, temporary bonds, temporary notes, interim receipts, interim certificates, and all instruments or obligations evidencing or representing indebtedness, evidencing or representing the borrowing of money, or evidencing or representing a charge, lien, or encumbrance on specific revenues, special assessments, income, or property of a political subdivision, including all instruments or obligations payable from a special fund.

(2) "Governing body" means the board, council, commission, or other body charged with the general control of the issuance of bonds of a political subdivision.

(3) (a) "Political subdivision" includes a county, city, town, school district, irrigation district, drainage district, special improvement district, or any other governmental subdivision of the state.

(b) The term does not include the state of Montana, the board of examiners, the department of natural resources and conservation, the state transportation commission, or any other board, agency, or commission of the state.
Mont. Code Ann. § 17-5-1651 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1651
17-5-1651 Limitations on board's power
Status: in_force

17-5-1651 . Limitations on board's power. Under this part, the board may not:

(1) make loans of money to any person, firm, or corporation other than an eligible government unit or purchase securities issued by any person, firm, or corporation other than an eligible government unit as provided in this part;

(2) emit bills of credit, accept deposits of money for time or demand deposit, engage in any form or manner in the conduct of any private or commercial banking business, or act as a savings bank or savings and loan association;

(3) be or constitute a bank or trust company within the jurisdiction or under the control of the department of administration or the comptroller of the currency of the United States department of the treasury;

(4) be or constitute a bank, banker, or dealer in securities within the meaning of or subject to the provisions of any securities, securities exchange, or securities dealers law of the United States or of this state or of any other state.
Mont. Code Ann. § 17-6-606 — MT Code / Title 17 / Chapter 6 / Part 6 / Section 17-6-606
17-6-606 Tobacco settlement accounts -- purpose -- uses
Status: in_force

17-6-606 . Tobacco settlement accounts -- purpose -- uses. (1) The purpose of this section is to dedicate a portion of the tobacco settlement proceeds to fund statewide programs for tobacco disease prevention and other health and support services designed to:

(a) discourage children from starting use of tobacco;

(b) assist adults in quitting use of tobacco;

(c) provide funds for the children's health insurance program; and

(d) provide assistance to children and adults who are aged, blind, or disabled.

(2) An amount equal to 32% of the total yearly tobacco settlement proceeds received after June 30, 2003, must be deposited in a state special revenue account. Subject to subsection (5), the funds referred to in this subsection may be used only for funding statewide programs for tobacco disease prevention designed to prevent children from starting tobacco use and to help adults who want to quit tobacco use. The department of public health and human services shall manage the tobacco disease prevention programs and shall adopt rules to implement the programs. In adopting rules, the department shall consider the standards contained in Best Practices for Comprehensive Tobacco Control Programs--August 1999 or its successor document, published by the U.S. department of health and human services, centers for disease control and prevention.

(3) An amount equal to 17% of the total yearly tobacco settlement proceeds received after June 30, 2003, must be deposited in a state special revenue account. Subject to subsection (5), the funds referred to in this subsection may be used only:

(a) for matching funds to secure the maximum amount of federal funds for:

(i) the Children's Health Insurance Program Act provided for in Title 53, chapter 4, part 10;

(ii) home visiting through the maternal, infant, and early childhood program established in 42 U.S.C. 711 or Title IV-E prevention services;

(iii) the medicaid section 1115 waiver 0148.R07.00 for Montana residents who are elderly or physically disabled; and

(iv) the medicaid section 1115 waiver 0208.R07.00 to provide home and community-based services for individuals with developmental disabilities; and

(b) to fund services for infants and toddlers with disabilities provided for in 34 CFR 303.13 and through the department of public health and human services' family education support program.

(4) Funds deposited in a state special revenue account, as provided in subsection (2) or (3), that are not appropriated within 2 years after the date of deposit must be transferred to the trust fund.

(5) The legislature shall appropriate money from the state special revenue accounts provided for in this section for programs for tobacco disease prevention and for the programs referred to in the subsection establishing the account.

(6) Programs funded under this section that are private in nature may be funded through contracted services.
Mont. Code Ann. § 17-5-1302 — MT Code / Title 17 / Chapter 5 / Part 13 / Section 17-5-1302
17-5-1302 Definitions
Status: reserved

17-5-1302 . Definitions. As used in this part, unless the context clearly requires otherwise, the following definitions apply:

(1) "Allocation" means an allocation of a part of the state's volume cap to an issuer pursuant to this part.

(2) "Board" means the board of examiners.

(3) "Bonds" means bonds, notes, or other interest-bearing obligations of an issuer.

(4) "Cap bonds" means those private activity bonds and that portion of governmental bonds for which a part of the volume cap is required to be allocated pursuant to the tax act.

(5) "Department" means the department of administration.

(6) "Governmental bonds" means bonds other than private activity bonds.

(7) "Issuer" means a state issuer or local issuer.

(8) "Local issuer" means a city, town, county, or other political subdivision of the state authorized to issue private activity bonds or governmental bonds.

(9) "Local portion" means that portion of the state's volume cap reserved for local issuers.

(10) "Private activity bonds" (PABs) has the meaning prescribed under section 141 of the Internal Revenue Code, 26 U.S.C. 141.

(11) "State issuer" means the state and any agency, board, or authority of the state authorized to issue private activity bonds.

(12) "State portion" means that portion of the state's volume cap reserved for state issuers.

(13) "State's volume cap" means that amount of the volume cap specified by the department pursuant to 17-5-1311 (2).

(14) "Tax act" means the latest limitation enacted by the United States congress on the amount of cap bonds that may be issued by a state or local issuer.

(15) "Volume cap" means, with respect to each calendar year, the principal amount of cap bonds that may be issued in the state in a calendar year as determined under the provisions of the tax act.
Mont. Code Ann. § 17-1-503 — MT Code / Title 17 / Chapter 1 / Part 5 / Section 17-1-503
17-1-503 Transfer of fund balances to general fund
Status: in_force

17-1-503 . Transfer of fund balances to general fund. The balance remaining in each special revenue account terminated pursuant to legislative review must be deposited in the general fund.
Mont. Code Ann. § 17-7-225 — MT Code / Title 17 / Chapter 7 / Part 2 / Section 17-7-225
17-7-225 Capitol complex executive branch state special revenue account
Status: in_force

17-7-225 . Capitol complex executive branch state special revenue account. (1) There is a capitol complex executive branch state special revenue account in the state special fund type established in 17-2-102 .

(2) Interest earnings, project carryover funds, and miscellaneous revenue must be retained in the account.
Mont. Code Ann. § 17-6-204 — MT Code / Title 17 / Chapter 6 / Part 2 / Section 17-6-204
17-6-204 Short-term investment of local government funds
Status: in_force

17-6-204 . Short-term investment of local government funds. (1) The governing body of any city, county, school district, or other local government unit or political subdivision that has funds that are available for investment and are not required by law or by any covenant or agreement with bondholders or others to be segregated and invested in a different manner may direct its treasurer to remit the funds to the state treasurer for investment under the direction of the board of investments as part of the short-term pooled investment fund.

(2) A separate account, designated by name and number for each participant in the fund, must be kept to record individual transactions and totals of all investments belonging to each participant. A monthly report must be furnished to each participant having a beneficial interest in the short-term pooled investment fund, showing the changes in investments made during the preceding month. Details of any investment transaction must be furnished to any participant upon request.

(3) The principal and accrued income, and any part of that amount, of each account maintained for a participant in the short-term pooled investment fund is subject to payment at any time from the fund upon request. Accumulated income must be remitted to each participant at least annually.

(4) An order or warrant may not be issued upon any account for a larger amount than the principal and accrued income of the account to which it applies. If any order or warrant is issued, the participant receiving it shall reimburse the excess amount to the fund from any funds not otherwise appropriated. The state treasurer is liable under the treasurer's official bond for any amount not reimbursed.
Mont. Code Ann. § 17-5-710 — MT Code / Title 17 / Chapter 5 / Part 7 / Section 17-5-710
17-5-710 Form -- principal and interest -- fiscal agent -- deposit of proceeds
Status: in_force

17-5-710 . Form -- principal and interest -- fiscal agent -- deposit of proceeds. (1) Subject to the limitations contained in this part, each series of coal severance tax bonds must be issued by the board of examiners at public or private sale. The bonds may be issued in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for conversion or exchange, bearing interest at a rate or rates, maturing at times not exceeding 40 years from date of issue, subject to redemption at earlier times and prices and on notice, and payable at the office of the fiscal agency of the state as the board of examiners determines.

(2) In all other respects the board of examiners is authorized to prescribe the form and terms of the bonds and shall do whatever is lawful and necessary for their issuance and payment.

(3) Coal severance tax bonds and any interest coupons appurtenant to the bonds must be signed by the members of the board of examiners, and the bonds must be issued under the great seal of the state of Montana. The bonds and coupons may be executed with facsimile signatures and seal in the manner and subject to the limitations prescribed by law. The state treasurer shall keep a record of all bonds issued and sold.

(4) The board of examiners may employ a fiscal agent to assist in the performance of its duties.

(5) All proceeds of a state of Montana coal severance tax bonds issue must be deposited in a capital projects fund or a state special revenue account established for that bond issue, except that:

(a) bond proceeds used to pay interest on the bonds and accrued interest received must be deposited in a debt service fund established for that bond issue;

(b) any premiums received may be deposited in a debt service fund established for that bond issue; and

(c) bond proceeds used to pay the cost of issuance may be deposited in a separate account within the state special revenue account.
Mont. Code Ann. § 17-7-203 — MT Code / Title 17 / Chapter 7 / Part 2 / Section 17-7-203
17-7-203 Submission to legislature
Status: in_force

17-7-203 . Submission to legislature. During the first week of each regular legislative session, the governor shall submit to the legislature:

(1) the requests of all state agencies and institutions compiled in the form of a comprehensive, long-range proposed building program for capital developments, including:

(a) the purpose for which each building would be used;

(b) the estimated cost of each building, including necessary land acquisition;

(c) the reasons given by the institution or agency for needing each building;

(d) a priority order recommended by the agency or institution for each building;

(e) the recommendation of the institution or agency as to when each building is needed;

(f) any comments of the governor;

(2) a building program for capital developments proposed by the governor for the forthcoming biennium in the form of a capital developments budget, including:

(a) the purpose for which each building would be used;

(b) the estimated cost of each building and necessary land acquisition;

(c) the reasons for the governor's recommendation to construct each building during the forthcoming biennium;

(d) the proposed method of financing for each building;

(e) any long-range building plans;

(f) any changes in the law necessary to insure an effective, well-coordinated building program for the state.

(3) the list of anticipated major repair projects submitted by the architecture and engineering division pursuant to 17-7-223 .
Mont. Code Ann. § 17-7-113 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-113
17-7-113 Inquiries and investigations by budget director
Status: in_force

17-7-113 . Inquiries and investigations by budget director. The budget director or the budget director's designated representative shall make further inquiries and investigations that the budget director considers necessary as to any item included in the report and estimates furnished by any department, agency, or institution.
Mont. Code Ann. § 17-5-1517 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1517
17-5-1517 Refunding obligations
Status: in_force

17-5-1517 . Refunding obligations. The board may provide for the issuance of refunding obligations for refunding any obligations then outstanding that have been issued under this part, including the payment of any redemption of the obligations. The issuance of obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of the authority are governed by the appropriate provisions of this part that relate to the issuance of obligations. The proceeds of refunding obligations may be applied to the purchase, redemption, or payment of outstanding obligations. Pending the application of the proceeds of refunding obligations and other available funds to the payment of principal, accrued interests, and any redemption premium on the obligations being refunded and, if permitted in the resolution authorizing the issuance of the refunding obligations or in the trust agreement securing them, to the payment of interest on refunding obligations and expenses in connection with refunding, the proceeds may be invested in such securities as the board considers appropriate.
Mont. Code Ann. § 17-6-205 — MT Code / Title 17 / Chapter 6 / Part 2 / Section 17-6-205
17-6-205 Long-term investment of local government funds
Status: in_force

17-6-205 . Long-term investment of local government funds. (1) The governing body of any city, county, school district, or other local government unit or political subdivision may participate in the various investment pools or other investments offered by the board of investments not otherwise prohibited by law.

(2) A local government may invest with the board of investments under this section if:

(a) the source of the original principal for investment with the board is from an identifiable action or event such as a legal settlement, judgment, bequest, insurance settlement, trust fund, or other one-time source of funds;

(b) the local government does not anticipate the need to expend 50% or more of the original principal for investment within 5 years from the initial investment with the board;

(c) the initial investment is at least $10 million; and

(d) the local government agrees to the board's investment policies, including those addressing liquidity needs, risk and return considerations, asset allocation, permissible investments, and any other necessary investment considerations or limits.

(3) The board of investments is not obligated to accept any funds for investment under this section. No local government is obligated to invest with the board under this section.
Mont. Code Ann. § 17-5-1503 — MT Code / Title 17 / Chapter 5 / Part 15 / Section 17-5-1503
17-5-1503 Definitions
Status: in_force

17-5-1503 . Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:

(1) "Board" means the board of investments created in 2-15-1808 .

(2) "Bond" means any bond, note, debenture, interim certificate, or other evidence of financial indebtedness issued by the board pursuant to this part.

(3) "Department" means the department of commerce provided for in 2-15-1801 .

(4) "Finance" means to supply capital and, in the case of agricultural enterprises, to refinance a project and project costs.

(5) "Financial institution" means any bank, savings and loan association, credit union, development credit corporation, insurance company, investment company, trust company, savings institution, or other financial institution approved by the board.

(6) "Local government" means the city in which the project is located, if the project is located within an incorporated municipality, or the county if the project is located within the county but outside the boundaries of an incorporated municipality.

(7) "Major project" means a project whose cost or appraised value exceeds $800,000.

(8) "Project" means a project as defined in 90-5-101 .

(9) "Project costs" means the costs of acquiring or improving any project, including the following:

(a) the actual cost of acquiring or improving real estate for any project;

(b) the actual cost of construction of all or any part of a project, including architects' and engineers' fees;

(c) all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition or improvement;

(d) bond reserves and premiums for insurance or guaranty of loan payments or lease rentals pledged to pay the bonds;

(e) the interest on such bonds for a reasonable time prior to construction, during construction, and not exceeding 6 months after completion of construction; and

(f) working capital for agricultural enterprise projects for a period not to exceed 1 year.
Mont. Code Ann. § 17-5-1631 — MT Code / Title 17 / Chapter 5 / Part 16 / Section 17-5-1631
17-5-1631 Additional funds and accounts
Status: in_force

17-5-1631 . Additional funds and accounts. The board may in its discretion establish additional reserves or other funds or accounts necessary, desirable, or convenient to further the accomplishment of the purposes of this part or to comply with the provisions of any of its agreements or resolutions.
Mont. Code Ann. § 17-8-312 — MT Code / Title 17 / Chapter 8 / Part 3 / Section 17-8-312
17-8-312 Charges for services or supplies among agencies -- valid claim
Status: in_force

17-8-312 . Charges for services or supplies among agencies -- valid claim. (1) Subject to 17-8-242 , charges for services and supplies incurred between state agencies are considered a debt that must be paid by the receiving agency as if the amount were owed to a vendor outside of state government.

(2) Agencies shall use all funds at their disposal to pay the bills for specific charges for services or supplies provided by another state agency.
Mont. Code Ann. § 17-5-928 — MT Code / Title 17 / Chapter 5 / Part 9 / Section 17-5-928
17-5-928 Refunding obligations
Status: in_force

17-5-928 . Refunding obligations. (1) The board may provide for the issuance of refunding obligations for refunding any obligations then outstanding that have been issued under this part, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption of the obligations. The issuance of refunding obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of the state are governed by the appropriate provisions of this part that relate to the issuance of the obligations.

(2) Refunding obligations issued as provided in subsection (1) may be sold or exchanged for outstanding obligations issued under this part. The proceeds may be applied to the purchase, redemption, or payment of the outstanding obligations. Pending the application of the proceeds of refunding obligations, with other available funds, to the payment of principal, accrued interest, and any redemption premium on the obligations being refunded and, if permitted in the resolution authorizing the issuance of the refunding obligations or in the trust agreement securing them, to the payment of interest on refunding obligations and expenses in connection with refunding, the proceeds may be invested as provided in Title 17, chapter 6.
Mont. Code Ann. § 17-6-401 — MT Code / Title 17 / Chapter 6 / Part 4 / Section 17-6-401
17-6-401 Short title
Status: in_force

17-6-401 . Short title. This part may be cited as the "Microbusiness Development Act".
Mont. Code Ann. § 17-7-153 — MT Code / Title 17 / Chapter 7 / Part 1 / Section 17-7-153
17-7-153 State contributions to local government -- expenditure comparison
Status: in_force

17-7-153 . State contributions to local government -- expenditure comparison. Expenditure comparisons of state resources to local government must include local assistance grants, city or county or city-county appropriations, federal revenue sharing funds, fund transfers to local governments, and other expenditures of state resources made by the state to local government entities, tribal entities, and school districts.
Mont. Code Ann. § 17-6-232 — MT Code / Title 17 / Chapter 6 / Part 2 / Section 17-6-232
17-6-232 Consideration of nonpecuniary factors prohibited
Status: in_force

17-6-232 . Consideration of nonpecuniary factors prohibited. (1) The evaluation by the board of investments or the evaluation or exercise of any right appurtenant to an investment must take into account only pecuniary factors.

(2) Environmental, social, governance, or other similarly oriented considerations are pecuniary factors only if they present economic risks or opportunities that qualified investment professionals would treat as material economic considerations under generally accepted investment theories. The weight given to those factors must solely reflect a prudent assessment of their impact on risk and return.

(3) The board, when considering environmental, social, governance, or other similarly oriented factors as pecuniary factors, is also required to examine the level of diversification, the degree of liquidity, and the potential risk-return in comparison with other available investment alternatives that would play a similar role in their plans' portfolios.

(4) Any pecuniary consideration of environmental, social, governance, or other similarly oriented factors must necessarily include evaluating whether greater returns can be achieved through investments that rank poorly on these factors.
Mont. Code Ann. § 17-7-226 — MT Code / Title 17 / Chapter 7 / Part 2 / Section 17-7-226
17-7-226 Eligible use of funds
Status: in_force

17-7-226 . Eligible use of funds. (1) The funds in the account established in 17-7-225 may be used to continue renovation, replacement, or construction of complex facilities based on findings from the 2022 Montana remote and office workspace study, including but not limited to capital improvements to:

(a) align modern workspace with a modern workforce;

(b) implement enterprise-wide opportunities for technology enhanced touch-down and hoteling stations;

(c) improve productivity;

(d) reduce agency programmatic and operational costs;

(e) provide flexible spaces for long-term efficiencies, performance, and cost reduction;

(f) improve workforce efficiencies, recruiting, and retention, including telework-friendly design;

(g) consolidate state-owned and leased properties into existing, replacement, or new spaces;

(h) renovation or construction costs, including relocation costs, for moving the legislative audit division provided for in 5-13-301 and non-legislative branch functions or agencies out of the capitol;

(i) colocation to take advantage of teleworking and mission-related adjacencies;

(j) centralize access to governmental services and improve citizen accessibility;

(k) provide security improvements to ensure safety and continuity of governmental operations; and

(l) increase disaster resiliency.

(2) Priority must be given to projects that have a high return on investment or that reduce deferred maintenance backlog through the renovation and renewal of existing spaces.

(3) Furniture, fixtures, and equipment associated with the implementation of this section may be paid from these funds.

(4) Operating, administrative, moving, and relocation costs associated with the implementation of this section may be paid from these funds.

(5) The department may propose transfers from the account established in 17-7-225 to the major repair long-range building program account or the capital developments long-range building program account for executive branch capital projects within the capitol complex.
Mont. Code Ann. § 17-6-318 — MT Code / Title 17 / Chapter 6 / Part 3 / Section 17-6-318
17-6-318 Job credit interest rate reduction for business loan participation
Status: in_force

17-6-318 . Job credit interest rate reduction for business loan participation. (1) A borrower who uses the proceeds of a business loan participation funded under the provisions of this part to create jobs employing Montana residents is entitled to a job credit interest rate reduction for each job created to employ a Montana resident. A borrower who uses the proceeds of a loan made pursuant to 17-6-309 (2) to create jobs is entitled to a job credit interest rate reduction for each job created. The job credit interest rate reduction is equal to 0.05% for each job created to employ a Montana resident, up to a maximum interest rate reduction of 2.5%.

(2) If the salary or wage of the job created:

(a) exceeds the state's average weekly wage, as defined in 39-71-116 , the amount of the job credit interest rate reduction may be increased proportionately for each increment of 25% above the state's average weekly wage to a maximum of two times the state's average weekly wage; or

(b) is less than the state's average weekly wage, as defined in 39-71-116 , the job credit interest rate reduction is reduced proportionately for each 25% increment below the state's average weekly wage.

(3) A job credit interest rate reduction may not be allowed for a job created by the borrower using the proceeds of the loan for which the salary or wage is less than the minimum wage provided for in 39-3-409 .

(4) A job credit may not be given unless one whole job is created.

(5) To qualify for the job credit interest rate reduction, the borrower shall provide satisfactory evidence of the creation of jobs and shall make a written application to the board through its financial institution or, in the case of a loan made pursuant to 17-6-309 (2), shall make a written application directly to the board.