reglab/housing_qa huggingface dataset:
MT Code § 7-7-4272 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4272. Cancellation of bonds and coupons

  7-7-4272. Cancellation of bonds and coupons. (1) All bonds and interest coupons paid by the city treasurer or town clerk from time to time must be canceled by the treasurer or clerk. After cancellation, the treasurer or clerk shall deliver the bonds and coupons to the city or town clerk, with a report showing the numbers of the bonds and the amounts paid as principal and interest. The city treasurer or town clerk shall enter on the records of the registration of the bonds the date of the payment of the bonds and the coupons attached to the bonds.   (2) The city or town clerk shall exhibit the bonds and coupons, with the report, to the city or town council at its next regular meeting.   History: En. Sec. 28, Ch. 160, L. 1931; re-en. Sec. 5278.28, R.C.M. 1935; R.C.M. 1947, 11-2328(part); amd. Sec. 512, Ch. 61, L. 2007.
MT Code § 7-7-4273 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4273. Cancellation of warrants and refunded general obligation bonds

  7-7-4273. Cancellation of warrants and refunded general obligation bonds. (1) Whenever bonds are issued for the purpose of funding outstanding warrants or refunding outstanding bonds, the city treasurer or town clerk shall, upon taking up such warrants or bonds, cancel the same, keep a record thereof, and deliver the same to the city or town clerk, with a report showing the numbers thereof and the amounts paid for principal and interest.   (2) The city or town clerk shall exhibit such warrants or bonds, with such report, to the city or town council at the next regular meeting thereof.   History: En. Sec. 28, Ch. 160, L. 1931; re-en. Sec. 5278.28, R.C.M. 1935; R.C.M. 1947, 11-2328(part).
MT Code § 7-7-4274 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4274. Closing of accounts and transfer of money to other funds

  7-7-4274. Closing of accounts and transfer of money to other funds. When all bonds of any series or issue, with the interest thereon, have been fully paid or called in for payment and there remains in the sinking and interest fund for such series or issue any amount not required for the payment of such bonds and interest, such excess amount and all amounts subsequently collected for such fund shall be transferred to the general fund of the city or town or to the sinking and interest fund of any other issue or series of bonds outstanding that the city or town council may designate.   History: En. Sec. 24, Ch. 160, L. 1931; re-en. Sec. 5278.24, R.C.M. 1935; R.C.M. 1947, 11-2324(part).
MT Code § 7-7-4275 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4275. Refunding of bond issue held by state by exchange for amortization bonds

  7-7-4275. Refunding of bond issue held by state by exchange for amortization bonds. (1) Subject to the approval of the board of investments, the council of any city or town is hereby authorized to issue amortization bonds for the purpose of refunding any outstanding bonds of such city or town held by the state and which were not issued either as amortization or serial bonds and to exchange the same for such outstanding bonds.   (2) Such amortization bonds shall conform in all respects to the definition of amortization bonds as set forth in 7-7-4209 and shall bear interest at such rate as may be agreed upon between the council of such city or town and the board of investments pursuant to 17-5-102. Such amortization bonds may be issued and exchanged for such outstanding bonds without submitting the question of issuing the same at an election, and it shall not be necessary to publish any notice of sale of such bonds.   (3) This section shall not be construed so as to deprive city or town councils of the right to advertise, sell, and issue refunding bonds in the manner provided in part 43.   History: En. Sec. 29, Ch. 160, L. 1931; re-en. Sec. 5278.29, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2329; amd. Sec. 3, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983.
MT Code § 7-7-4301 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4301. Authorization to issue refunding general obligation bonds

  7-7-4301. Authorization to issue refunding general obligation bonds. The city or town council may contract an indebtedness on behalf of a city or town, upon the credit of the city or town, by issuing bonds for the funding of outstanding warrants and maturing bonds when there are not sufficient funds available to pay the outstanding warrants or maturing bonds or when there is a reduction in debt service as a result of refunding pursuant to 7-7-4304.   History: En. Subd. 64, Sec. 5039, R.C.M. 1921; amd. Sec. 1, Ch. 115, L. 1925; amd. Sec. 1, Ch. 20, L. 1927; re-en. Sec. 5039.63, R.C.M. 1935; amd. Sec. 1, Ch. 35, L. 1947; amd. Sec. 1, Ch. 152, L. 1953; amd. Sec. 1, Ch. 34, L. 1955; amd. Sec. 1, Ch. 38, L. 1959; amd. Sec. 1, Ch. 158, L. 1963; amd. Sec. 1, Ch. 100, L. 1973; R.C.M. 1947, 11-966(part); amd. Sec. 28, Ch. 423, L. 1995.
MT Code § 7-7-4302 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4302. Applicability of certain other bond provisions

  7-7-4302. Applicability of certain other bond provisions. (1) The provisions of 7-7-4201 through 7-7-4206, 7-7-4208 through 7-7-4210, 7-7-4255 through 7-7-4266, 7-7-4268 through 7-7-4270, and 7-7-4272 through 7-7-4274 apply to refunding bonds issued under this part; however, the city or town council may at its option sell bonds issued under this part at a private negotiated sale or at a public sale conducted pursuant to the provisions of 7-7-4251, 7-7-4252, and 7-7-4254.   (2) If a refunding bond issue refunds only a portion of an outstanding bond issue, the unrefunded portion of the outstanding bond issue and the refunding bond issue must be treated as a single bond issue for the purposes of 7-7-4210.   History: En. by Code Commissioner, 1979; amd. Sec. 2, Ch. 647, L. 1983; amd. Sec. 16, Ch. 370, L. 1987; amd. Sec. 2, Ch. 6, L. 1993; amd. Sec. 29, Ch. 423, L. 1995.
MT Code § 7-7-4303 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4303. Term of refunding general obligation bonds

  7-7-4303. Term of refunding general obligation bonds. (1) Except as provided in subsection (2), when bonds are issued for the purpose of refunding bonds theretofore issued and outstanding, such bonds shall not be issued for a longer term than 10 years.   (2) If the unexpired term of the bonds to be refunded shall be more than 10 years, the refunding bonds may be issued for such unexpired term.   History: En. Sec. 4, Ch. 160, L. 1931; amd. Sec. 1, Ch. 34, L. 1933; re-en. Sec. 5278.4, R.C.M. 1935; amd. Sec. 2, Ch. 62, L. 1945; amd. Sec. 4, Ch. 234, L. 1971; amd. Sec. 1, Ch. 284, L. 1973; R.C.M. 1947, 11-2304(part).
MT Code § 7-7-4304 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4304. Interest rate on refunding general obligation bonds

  7-7-4304. Interest rate on refunding general obligation bonds. (1) Except as provided in subsection (2), refunding bonds may not be issued unless the refunding bonds bear interest at a rate of at least 1/2 of 1% less than the interest rate of the outstanding bonds to be refunded. In determining whether the refunding bonds satisfy the savings requirements provided for in this section:   (a) if the bonds proposed to be refunded bear interest at a variable rate, the average annual interest rate on the bonds being refunded must be calculated by reference to the interest rate on the bonds currently in effect and over the immediately preceding 5 complete fiscal years of the issuer; or   (b) if the variable rate bonds being refunded have not been outstanding for the period of time referred to in subsection (1)(a), the average annual interest rate on the bonds being refunded must be calculated by reference to the interest rate on the bonds being refunded currently in effect and over the total number of complete fiscal years of the issuer since the date of issuance of the bonds.   (2) Refunding bonds may bear interest in excess of the rate on the bonds being refunded if the issuance of the refunding bonds, including the total costs of refunding the bonds, results in a reduction of total debt service cost to the city or town. Variable rate refunding bonds may also be issued if the governing body determines that the issuance of variable rate refunding bonds is reasonably expected to result in less interest payable on the refunding bonds than the interest payable on the refunded bonds.   (3) Refunding bonds may be issued in a principal amount greater than the principal amount of the outstanding bonds if there is a reduction of total debt service cost to the county.   History: En. Sec. 1, Ch. 160, L. 1931; amd. Sec. 1, Ch. 100, L. 1933; re-en. Sec. 5278.1, R.C.M. 1935; amd. Sec. 1, Ch. 12, L. 1937; amd. Sec. 1, Ch. 108, L. 1937; amd. Sec. 1, Ch. 15, L. 1943; amd. Sec. 1, Ch. 62, L. 1945; amd. Sec. 1, Ch. 413, L. 1973; R.C.M. 1947, 11-2301(part); amd. Sec. 2, Ch. 54, L. 1989; amd. Sec. 30, Ch. 423, L. 1995; amd. Sec. 3, Ch. 277, L. 2003; amd. Sec. 9, Ch. 451, L. 2005.
MT Code § 7-7-4305 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4305. through 7-7-4310 reserved

  7-7-4305 through 7-7-4310 reserved.
MT Code § 7-7-4311 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4311. Procedure to issue refunding general obligation bonds

  7-7-4311. Procedure to issue refunding general obligation bonds. In order to issue bonds to refund bonds theretofore issued and outstanding, it shall only be necessary for the council, at a regular or duly called special meeting, to pass and adopt a resolution setting forth the facts with regard to the indebtedness to be refunded, showing the reason for issuing such refunding bonds and fixing and determining the details thereof, including whether the bonds will be sold at a private negotiated sale or public sale.   History: En. Sec. 1, Ch. 160, L. 1931; amd. Sec. 1, Ch. 100, L. 1933; ; re-en. Sec. 5278.1, R.C.M. 1935; amd. Sec. 1, Ch. 12, L. 1937; amd. Sec. 1, Ch. 108, L. 1937; amd. Sec. 1, Ch. 15, L. 1943; amd. Sec. 1, Ch. 62, L. 1945; amd. Sec. 1, Ch. 413, L. 1973; R.C.M. 1947, 11-2301(part); amd. Sec. 3, Ch. 647, L. 1983.
MT Code § 7-7-4312 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4312. Disposition of proceeds of refunding bonds

  7-7-4312. Disposition of proceeds of refunding bonds. Whenever bonds are issued for the purpose of funding outstanding warrants or refunding outstanding bonds, it shall be the duty of the city treasurer or town clerk to apply the proceeds derived from the sale of such bonds to the payment of such funded warrants or refunded bonds.   History: En. Sec. 28, Ch. 160, L. 1931; re-en. Sec. 5278.28, R.C.M. 1935; R.C.M. 1947, 11-2328(part).
MT Code § 7-7-4313 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4313. through 7-7-4315 reserved

  7-7-4313 through 7-7-4315 reserved.
MT Code § 7-7-4316 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 43. Municipal Refunding General Obligation Bonds|7-7-4316. Advance refunding bonds

  7-7-4316. Advance refunding bonds. (1) A city or town may issue refunding bonds pursuant to this section to refund outstanding bonds in advance of the date on which the bonds mature or are subject to redemption, provided that the proceeds of the refunding bonds, less any accrued interest or premium received upon the sale of the refunding bonds, are deposited with other funds appropriated to the payment of the outstanding bonds in escrow with a suitable banking institution in or outside of the state.   (2) Except as provided in subsection (3), the funds deposited must be invested in securities that are general obligations of the United States or the principal and interest of which are guaranteed by the United States and that mature or are callable at the option of the holder on those dates and bear interest at those rates and are payable on the dates that are required to provide funds sufficient, with any cash retained in the escrow account, to pay when due the interest to accrue on each bond being refunded to its maturity or redemption date, if called for redemption, to pay the principal of the bond at maturity or upon the redemption date, and to pay any redemption premium.   (3) If the funds initially deposited in escrow are sufficient, without regard to any investment income on those funds, to redeem in full the bonds being refunded as of their redemption date and to pay the principal of and interest and premium on the bonds being refunded at their stated maturities, the funds may be invested in the securities described in subsection (2) or in a money market fund that is composed exclusively of eligible securities described in 7-6-202 and that otherwise satisfies the requirements of 7-6-202(3).   (4) The escrow account is irrevocably appropriated to the payment of the principal of and interest and redemption premium on the bonds being refunded. Funds in the sinking fund account for the payment of the bonds being refunded and not required for the payment of principal of or interest on the bonds being refunded due prior to issuance of the refunding bonds may be appropriated by the city or town to the escrow account. The city or town may pay the reasonable costs and expenses of printing the refunding bonds and of establishing and maintaining the escrow account. Bonds that are refunded pursuant to this part are not to be considered outstanding for purposes of 7-7-4201 or any other debt limitation.   History: En. Sec. 8, Ch. 647, L. 1983; amd. Sec. 4, Ch. 277, L. 2003.
MT Code § 7-7-4401 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4401. Short title

  7-7-4401. Short title. This part may be cited as "The Municipal Revenue Bond Act of 1939".   History: En. Sec. 1, Ch. 126, L. 1939; R.C.M. 1947, 11-2401.
MT Code § 7-7-4402 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4402. Definitions

  7-7-4402. Definitions. As used in this part, unless a different meaning clearly appears from the context, the following definitions apply:   (1) "Governing body" means a body or board that has charge of finances and management of a municipality.   (2) "Municipality" means a city or town, however organized.   (3) "Undertaking" means one or a combination of the following:   (a) water and sewer systems, together with all parts of the systems and appurtenances to the systems, including but not limited to supply and distribution systems, reservoirs, dams, and sewage treatment and disposal works;   (b) public airport construction and public airport building;   (c) convention facilities;   (d) public recreation facilities;   (e) streets and roads;   (f) public parking facilities, solid waste management systems, or other revenue-producing facilities and services authorized for cities and towns; and   (g) public transportation systems, including passenger buses, trolleys, passenger trains and lines, light rail trains and lines, and the facilities associated with those systems.   History: En. Sec. 2, Ch. 126, L. 1939; amd. Sec. 1, Ch. 42, L. 1949; amd. Sec. 1, Ch. 111, L. 1959; amd. Sec. 1, Ch. 254, L. 1969; R.C.M. 1947, 11-2402; amd. Sec. 5, Ch. 770, L. 1991; amd. Sec. 1, Ch. 248, L. 2009; amd. Sec. 1, Ch. 265, L. 2009.
MT Code § 7-7-4403 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4403. Interpretation of part

  7-7-4403. Interpretation of part. (1) The powers conferred in this part shall be in addition and supplemental to the powers conferred by any other general, special, or local law.   (2) The undertaking may be acquired, purchased, constructed, reconstructed, improved, bettered, and extended and bonds may be issued under this part for said purposes, notwithstanding that any general, special, or local law may provide for the acquisition, purchase, construction, reconstruction, improvement, betterment, and extension of a like undertaking or the issuance of bonds for like purposes and without regard to the requirements, restrictions, limitations, or other provisions contained in any other general, special, or local law, including but not limited to any requirement for the approval by the voters of any municipality.   (3) Insofar as the provisions of this part are inconsistent with the provisions of any other general, special, or local law, the provisions of this part shall be controlling.   History: En. Sec. 13, Ch. 126, L. 1939; R.C.M. 1947, 11-2413.
MT Code § 7-7-4404 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4404. Authority to acquire, construct, maintain, and operate various undertakings

  7-7-4404. Authority to acquire, construct, maintain, and operate various undertakings. A municipality under this part may:   (1) construct, reconstruct, improve, or extend any undertaking, within or outside of the municipality or partially within or partially outside of the municipality, and acquire by gift, purchase, or the exercise of the right of eminent domain pursuant to Title 70, chapter 30, any undertaking and land or rights in land or water rights in connection with the undertaking;   (2) operate and maintain any undertaking and furnish the service, facilities, and commodities of the undertaking for its own use and for the use of public and private consumers within or outside of the territorial boundaries of the municipality; and   (3) prescribe and collect rates, fees, and charges for the services, facilities, and commodities furnished by the undertaking.   History: En. Sec. 3, Ch. 126, L. 1939; amd. Sec. 1, Ch. 52, L. 1949; amd. Sec. 1, Ch. 145, L. 1951; R.C.M. 1947, 11-2403(part); amd. Sec. 3, Ch. 125, L. 2001.
MT Code § 7-7-4405 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4405. Pollution abatement

  7-7-4405. Pollution abatement. In addition to the powers which it now may have, any municipality shall have the power under this part to:   (1) enter into cooperative agreements with and accept contributions from industrial establishments relative to the planning, construction, lease or other acquisition, maintenance, and operation of undertakings and apply for and accept grants and loans or any other aid which the United States or any agency thereof may give or make to any political subdivision or agency of this state for undertakings, including all necessary actions preliminary thereto, the purpose of which is to aid in the prevention or abatement of water pollution;   (2) make contracts and execute instruments containing such terms, provisions, and conditions as, in the discretion of the governing body of the municipality, may be necessary, proper, or advisable for the purpose of obtaining such aid;   (3) enter into and perform contracts, whether long-term or short-term, with any industrial establishment for the provision and operation by the municipality of sewer facilities when the governing body of such municipality determines such action to be in the public interest and otherwise essential in order to abate or reduce the pollution of waters caused by discharges of industrial waste by such industrial establishment and to provide for the periodical payment by said industrial establishment to the municipality of an amount at least sufficient, in the determination of such governing body, to compensate the municipality for the cost of providing (including the payment of principal and interest charges, if any) and of operating and maintaining the sewer facilities serving such industrial establishment.   History: En. Sec. 3, Ch. 126, L. 1939; amd. Sec. 1, Ch. 52, L. 1949; amd. Sec. 1, Ch. 145, L. 1951; R.C.M. 1947, 11-2403(part).
MT Code § 7-7-4406 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4406. Cooperation among municipalities

  7-7-4406. Cooperation among municipalities. (1) Any two or more municipalities, through their respective governing bodies, are hereby authorized and empowered to enter into and perform such contracts and agreements as they may deem proper for or concerning the planning, construction, lease or other acquisition, and the finance of undertakings, in whole or in part, and the maintenance and operation thereof.   (2) Any such municipalities so contracting with each other may also provide in any contract or agreement for a board, commission, or such other body as their governing bodies may deem proper for the supervision and general management of the undertakings and for the operation thereof and may prescribe its powers and duties and fix the compensation of the members thereof.   (3) No municipality shall construct an undertaking wholly or partly within the corporate limits of another municipality except with the consent of the governing body of such other municipality.   History: (1), (2)En. Sec. 3, Ch. 126, L. 1939; amd. Sec. 1, Ch. 52, L. 1949; amd. Sec. 1, Ch. 145, L. 1951; Sec. 11-2403, R.C.M. 1947; (3)En. Sec. 11, Ch. 126, L. 1939; Sec. 11-2411, R.C.M. 1947; R.C.M. 1947, 11-2403(part), 11-2411.
MT Code § 7-7-4407 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4407. Role of state agencies

  7-7-4407. Role of state agencies. A municipality acting pursuant to this part is not required to obtain any certificate of convenience or necessity, franchise, license, permit, or other authorization from any bureau, board, commission, or other instrumentality of the state in order to acquire, construct, purchase, reconstruct, improve, better, extend, maintain, and operate an undertaking. The supervisory powers and duties of the department of environmental quality apply to projects under this part.   History: En. Sec. 12, Ch. 126, L. 1939; amd. Sec. 106, Ch. 349, L. 1964; R.C.M. 1947, 11-2412; amd. Sec. 23, Ch. 418, L. 1995.
MT Code § 7-7-4408 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4408. through 7-7-4420 reserved

  7-7-4408 through 7-7-4420 reserved.