reglab/housing_qa huggingface dataset:
MT Code § 17-6-225 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 2. Investments|17-6-225. Loans to petroleum tank release compensation board

  17-6-225. Loans to petroleum tank release compensation board. (1) The board of investments may loan funds to the petroleum tank release compensation board to cover temporary cash shortfalls. The total of all loans may not exceed the greater of $15 million or 80% of the fees that the office of budget and program planning projects will be collected under 75-11-314 during the next 3 fiscal years. A loan must be amortized, based on projected fee revenue, over a period of not more than 10 years.   (2) The board shall establish the interest rate on the loan, considering the security and the term of the loan.   History: En. Sec. 1, Ch. 115, L. 1997.
MT Code § 17-6-226 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 2. Investments|17-6-226. through 16-6-229 reserved

  17-6-226 through 16-6-229 reserved.
MT Code § 17-6-230 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 2. Investments|17-6-230. Reports on retirement system trust fund investments and benefits

  17-6-230. Reports on retirement system trust fund investments and benefits. (1) As soon as practical after the end of each calendar year, the board of investments shall publish a report on each retirement system trust fund invested by the board. The report may be part of an annual report required pursuant to Article VIII, section 13, of the Montana constitution or 17-5-1650 but must summarize the following with respect to each retirement system trust fund:   (a) asset allocation;   (b) past and expected investment performance;   (c) investment goals and strategies; and   (d) Montana public employees' retirement system investments and performance compared with the public employees' retirement system investments and performance in other states.   (2) The board of investments shall annually at a public meeting present the report described in subsection (1) to the public employees' retirement board provided for in 2-15-1009 and the teachers' retirement board provided for in 2-15-1010. The board shall also provide the report to the legislature pursuant to 5-11-210 and to the state administration and veterans' affairs interim committee.   History: En. Sec. 1, Ch. 285, L. 2007; amd. Sec. 4, Ch. 155, L. 2013.
MT Code § 17-6-301 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-301. Short title

  17-6-301. Short title. This part may be cited as the "Montana In-State Investment Act of 1983".   History: En. Sec. 1, Ch. 677, L. 1983.
MT Code § 17-6-303 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-303. Purpose of the coal tax trust fund

  17-6-303. Purpose of the coal tax trust fund. The people of Montana establish that the intent of the permanent coal tax trust fund, as created by Article IX, section 5, of the Montana constitution, is:   (1) to compensate future generations for the loss of a valuable and depletable resource and to meet any economic, social, and environmental impacts caused by coal development not otherwise provided for by other coal tax sources; and   (2) to develop a stable, strong, and diversified economy which meets the needs of Montana residents both now and in the future while maintaining and improving a clean and healthful environment as required by Article IX, section 1, of the Montana constitution.   History: En. Sec. 1, I.M. No. 95, approved Nov. 2, 1982.
MT Code § 17-6-304 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-304. Use of the coal tax trust fund for economic development

  17-6-304. Use of the coal tax trust fund for economic development. Objectives for investment of the permanent coal tax trust fund are to diversify, strengthen, and stabilize the Montana economy and to increase Montana employment and business opportunities while maintaining and improving a clean and healthful environment.   History: En. Sec. 2, I.M. No. 95, approved Nov. 2, 1982.
MT Code § 17-6-305 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-305. Investment of coal tax trust fund in Montana economy -- report by board

  17-6-305. Investment of coal tax trust fund in Montana economy -- report by board. (1) Subject to the provisions of 17-6-201(1), the board shall endeavor to invest 25% of the permanent coal tax trust fund established in 17-6-203(6) in the Montana economy, with special emphasis on investments in new or expanding locally owned enterprises. Investments made pursuant to this section do not include investments made pursuant to 17-6-309(2). For purposes of calculating the 25% of the permanent coal tax trust fund, the board shall include all funds listed in 17-5-703(1). The portion of the permanent coal tax trust fund contained in portfolios formerly administered by the Montana board of science and technology development is included in the 25% of the trust fund allocated to the board for in-state investment under this section. This subsection does not prohibit the board from investing more than 25% of the permanent coal tax trust fund in the Montana economy if it is prudent to do so and the investments will benefit the Montana economy.   (2) In determining the probable income to be derived from investment of this revenue, the long-term benefit to the Montana economy must be considered.   (3) The legislature may provide additional procedures to implement this section.   (4) The board shall include a report on the investments made under this section as a part of the information required by 17-7-111.   History: En. Sec. 3, I.M. No. 95, approved Nov. 2, 1982; amd. Sec. 1, Ch. 338, L. 1985; amd. Sec. 6, Ch. 418, L. 1985; amd. Sec. 14, Ch. 16, L. 1991; amd. Sec. 6, Ch. 589, L. 1991; amd. Sec. 16, Ch. 787, L. 1991; amd. Sec. 21, Ch. 349, L. 1993; amd. Sec. 1, Ch. 34, L. 1995; amd. Sec. 1, Ch. 477, L. 1995; amd. Sec. 5, Ch. 549, L. 1997; amd. Sec. 8, Ch. 307, L. 2001; amd. Sec. 1, Ch. 444, L. 2007.
MT Code § 17-6-306 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-306. Repealed

  17-6-306. Repealed. Sec. 19, Ch. 589, L. 1991.   History: En. Sec. 3, Ch. 677, L. 1983; amd. Sec. 2, Ch. 338, L. 1985; amd. Sec. 7, Ch. 445, L. 1987; amd. Sec. 17, Ch. 787, L. 1991.
MT Code § 17-6-307 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-307. Repealed

  17-6-307. Repealed. Sec. 18, Ch. 581, L. 1987.   History: En. Sec. 4, Ch. 677, L. 1983.
MT Code § 17-6-309 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-309. Investment preferences

  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 or raise salaries, wages, and business incomes of existing employees and employers.   (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.   History: En. Sec. 6, Ch. 677, L. 1983; amd. Sec. 2, Ch. 408, L. 1985; amd. Sec. 2, Ch. 477, L. 1995; amd. Sec. 1, Ch. 64, L. 1999; amd. Sec. 4, Ch. 373, L. 2017.
MT Code § 17-6-310 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-310. Repealed

  17-6-310. Repealed. Sec. 3, Ch. 46, L. 1993.   History: (1)En. Sec. 3(3), I.M. No. 95, approved Nov. 2, 1982; (2)En. Sec. 7, Ch. 677, L. 1983; amd. Sec. 2, Ch. 124, L. 1987; amd. Sec. 8, Ch. 589, L. 1991; amd. Secs. 4, 12, Ch. 594, L. 1991; amd. Sec. 5, Ch. 12, Sp. L. January 1992; amd. Sec. 4, Ch. 354, L. 1993.
MT Code § 17-6-311 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-311. Limitation on size of investments

  17-6-311. Limitation on size of investments. (1) Except as provided in subsection (2) and this subsection, an investment may not be made that will result in any one business enterprise or person receiving a benefit from or incurring a debt to the permanent coal tax trust fund the total current accumulated amount of which exceeds 10% of the permanent coal tax trust fund. If an investment results in any one business enterprise or person incurring a debt in excess of 6% of the permanent coal tax trust fund, at least 30% of the debt incurred for the project or enterprise for the coal tax investment that was made to the business enterprise or person must be held by a commercial lender. This subsection does not:   (a) apply to a loan made pursuant to 17-6-317; or   (b) limit the board's authority to make loans to the capital reserve account as provided in 17-6-308(2).   (2) The total amount of loans made pursuant to 17-6-309(2) may not exceed $80 million, the total amount of loans made pursuant to 17-6-317 may not exceed $70 million, and a single loan may not be less than $250,000. Except for a loan made pursuant to 17-6-317, a loan may not exceed $16,666 for each job that is estimated to be created. In determining the size of a loan made pursuant to 17-6-309(2), the board shall consider:   (a) the estimated number of jobs to be created by the project within a 4-year period from the time that the loan is made and the impact of the jobs on the state and the community where the project will be located;   (b) the long-term effect of corporate and personal income taxes estimated to be paid by the business and its employees;   (c) the current and projected ability of the community to provide necessary infrastructure for economic and community development purposes;   (d) the amount of increased salaries, wages, and business incomes of existing jobholders and businesses; and   (e) other matters that the board considers necessary.   (3) The total amount of loans made annually pursuant to 17-6-309(3) may not exceed $50 million. In determining the size of a loan, the board shall consider:   (a) the direct and indirect tax implications to the state if a coal-fired generating unit is retired prematurely;   (b) the current and projected ability of an owner to operate and maintain a coal-fired generating unit; and   (c) other matters that the board considers necessary.   History: En. Sec. 8, Ch. 677, L. 1983; amd. Sec. 4, Ch. 640, L. 1985; amd. Sec. 3, Ch. 124, L. 1987; amd. Sec. 9, Ch. 589, L. 1991; amd. Sec. 3, Ch. 2, L. 1995; amd. Sec. 3, Ch. 477, L. 1995; amd. Sec. 1, Ch. 98, L. 1997; amd. Sec. 2, Ch. 64, L. 1999; amd. Sec. 2, Ch. 4, Sp. L. May 2000; amd. Sec. 2, Ch. 487, L. 2001; amd. Sec. 2, Ch. 444, L. 2007; amd. Sec. 2, Ch. 9, L. 2011; amd. Sec. 5, Ch. 373, L. 2017; amd. Sec. 3, Ch. 245, L. 2019.
MT Code § 17-6-312 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-312. State participation in loans

  17-6-312. State participation in loans. (1) Subject to 17-6-311, state participation in any loan to a business enterprise, except for a loan made pursuant to 17-6-317 or guaranteed by a federal agency, must be limited to 80% of the outstanding loan. The state shall participate in the security for a loan in the same proportion as the loan participation amount.   (2) State participation in loans to nonprofit corporations may qualify for the job credit interest rate reductions under 17-6-318 if the interest rate reduction passes through to a for-profit business creating the jobs.   History: En. Sec. 9, Ch. 677, L. 1983; amd. Sec. 4, Ch. 124, L. 1987; amd. Sec. 4, Ch. 2, L. 1995; amd. Sec. 4, Ch. 477, L. 1995; amd. Sec. 3, Ch. 4, Sp. L. May 2000; amd. Sec. 3, Ch. 487, L. 2001; amd. Sec. 3, Ch. 9, L. 2011.
MT Code § 17-6-313 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-313. Prior commitment of funds

  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.   History: En. Sec. 10, Ch. 677, L. 1983; amd. Sec. 5, Ch. 124, L. 1987; amd. Sec. 4, Ch. 9, L. 2011.
MT Code § 17-6-314 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-314. Rate of return

  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.   History: En. Sec. 11, Ch. 677, L. 1983; amd. Sec. 10, Ch. 589, L. 1991; amd. Sec. 4, Ch. 4, Sp. L. May 2000.
MT Code § 17-6-315 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-315. Repealed

  17-6-315. Repealed. Sec. 19, Ch. 589, L. 1991.   History: En. Sec. 12, Ch. 677, L. 1983; amd. Sec. 5, Ch. 640, L. 1985; amd. Sec. 1, Ch. 102, L. 1987.
MT Code § 17-6-316 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-316. Economic development loan -- infrastructure tax credit

  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, as provided for in 7-15-4288(4), such as water systems, sewer systems, water treatment facilities, sewage treatment facilities, and roads, 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.   History: En. Sec. 5, Ch. 2, L. 1995; En. Sec. 5, Ch. 477, L. 1995; amd. Sec. 7, Ch. 477, L. 1995; amd. Sec. 4, Ch. 359, L. 2019.
MT Code § 17-6-318 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-318. Job credit interest rate reduction for business loan participation

  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.   History: En. Sec. 17, Ch. 589, L. 1991; amd. Sec. 2, Ch. 98, L. 1997; amd. Sec. 3, Ch. 64, L. 1999; amd. Sec. 4, Ch. 487, L. 2001; amd. Sec. 2, Ch. 26, L. 2005.
MT Code § 17-6-319 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-319. Incentive to financial institution for small business loan participation

  17-6-319. Incentive to financial institution for small business loan participation. A financial institution that originates a small business loan no larger than 0.05% of the balance of the Montana permanent coal tax trust fund at the end of the last-completed fiscal year is entitled to an additional service fee in the form of a discount equal to 0.5% of the board's participation in the loan. The board shall consider the additional service fee discount to the financial institution as part of the rate of return provided in 17-6-314.   History: En. Sec. 18, Ch. 589, L. 1991.
MT Code § 17-6-320 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-320. Loan recipients -- notice

  17-6-320. Loan recipients -- notice. (1) If an owner of a coal-fired generating unit receives a loan in accordance with this part, the owner shall provide the board of investments and the governor of Montana with a minimum of 90 days' notice prior to filing for bankruptcy, reorganization, or other insolvency proceeding or prior to a merger, sale, or transfer, by operation of law or otherwise.   (2) A successor to the owner, whether pursuant to a bankruptcy, reorganization, or other insolvency proceeding or pursuant to a merger, sale, or transfer, by operation of law or otherwise, shall perform and satisfy all obligations of the owner pursuant to this part in the same manner and to the same extent as the owner.   History: En. Sec. 1, Ch. 373, L. 2017.
MT Code § 17-6-321 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-321. Audits

  17-6-321. Audits. The board's books and records related to in-state investments must be audited once each fiscal year by or at the direction of the legislative auditor. The actual cost of this audit must be paid from the board's funds.   History: En. Sec. 13, Ch. 677, L. 1983; amd. Sec. 3, Ch. 308, L. 1985; amd. Sec. 45, Ch. 483, L. 2001; amd. Sec. 5, Ch. 487, L. 2001.
MT Code § 17-6-322 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-322. Report

  17-6-322. Report. The board shall include in its annual report a section on the results of the previous year's operations of the investment in the Montana economy from the permanent coal tax trust fund, as required in 17-6-305, including:   (1) financial statements audited by independent auditors;   (2) a summary report of loan activity; and   (3) a comparison of the performance of the investments in the Montana economy in relation to the purposes contained in 17-6-303.   History: En. Sec. 14, Ch. 677, L. 1983; amd. Sec. 1, Ch. 264, L. 1987; amd. Sec. 1, Ch. 94, L. 1989; amd. Sec. 11, Ch. 589, L. 1991.
MT Code § 17-6-323 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-323. Repealed

  17-6-323. Repealed. Sec. 3, Ch. 94, L. 1989.   History: En. Sec. 15, Ch. 677, L. 1983.
MT Code § 17-6-324 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 6. Deposits and Investments|Part 3. Montana In-State Investment|17-6-324. Rulemaking authority

  17-6-324. Rulemaking authority. (1) The board may adopt rules to implement the provisions of this part and 17-6-211(2). Rules adopted by the board may include:   (a) definitions of small- and medium-sized businesses;   (b) a method of committing funds to financial institutions, including guidelines for lead private financial institutions if a consortium of private financial institutions is participating in a loan made pursuant to 17-6-317;   (c) guidelines for graduation clauses for refinancing and early payment of loans made pursuant to 17-6-317;   (d) types of service fees; and   (e) types of investments to be made.   (2) The board may also adopt procedural rules to govern its proceedings.   History: En. Sec. 16, Ch. 677, L. 1983; amd. Sec. 8, Ch. 418, L. 1985; amd. Sec. 5, Ch. 4, Sp. L. May 2000.