reglab/housing_qa huggingface dataset:
MT Code § 7-7-4505 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 45. Municipal Refunding Revenue Bonds Option 1|7-7-4505. Use of excess revenues and pledged reserves

  7-7-4505. Use of excess revenues and pledged reserves. (1) Revenues and other funds on hand in excess of amounts pledged by ordinances and resolutions authorizing outstanding bonds for the payment of principal and interest currently due thereon and reserves securing such payment may be used to pay the expenses incurred by the municipality for the purpose of such refunding, including without limitation the cost of advertising and printing refunding bonds, legal and financial advice and assistance in connection therewith, and the reasonable and customary charges of escrow agents and paying agents.   (2) Revenues and other funds on hand, including reserves pledged for the payment and security of outstanding revenue bonds, may be deposited in an escrow fund created for the retirement of such bonds and may be invested and disbursed, as provided in 7-7-4504, to the extent consistent with the ordinances or resolutions authorizing such outstanding bonds.   History: En. 11-2414 by Sec. 1, Ch. 50, L. 1936; R.C.M. 1947, 11-2414(5).
MT Code § 7-7-4601 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4601. Short title

  7-7-4601. Short title. This part may be cited as "The Revenue Bond Refinancing Act of 1937".   History: En. Sec. 1, Ch. 121, L. 1937; R.C.M. 1947, 79-1901.
MT Code § 7-7-4602 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4602. Definitions

  7-7-4602. Definitions. As used in this part, unless the context indicates otherwise, the following definitions apply:   (1) "Enterprise" means any work, undertaking, or project that the municipality is authorized to construct and from which the municipality derives revenue for the refinancing or the refinancing and improving of which enterprise refunding bonds are issued under this part. The enterprise includes all incidental or connected improvements, betterments, extensions, replacements, appurtenances, facilities, lands, rights in land, water rights, franchises, and structures.   (2) "Governing body" means, in the case of a city or town, the council, commission, or other body, board, officer, or officers having charge of the finances of the city or town.   (3) "Holder of bonds" or "bondholder" (or any similar term) means a person who is the bearer of any outstanding refunding bond, registered to bearer or not registered, or the registered owner of any outstanding bond that is at the time registered other than to bearer.   (4) "Improving" means reconstructing, replacing, extending, repairing, bettering, equipping, developing, or embellishing.   (5) "Law" means any act or statute (general, special, or local) of this state, including but not limited to the charter of any municipality.   (6) "Municipality" means any city or town of this state.   (7) "Refinancing" means funding, refunding, paying, or discharging, by means of refunding bonds or the proceeds received from the sale of refunding bonds, all or any part of any notes, bonds, or other obligations issued to finance or to aid in financing the acquisition, construction, or improving of an enterprise and payable solely from all or any part of the revenue of the refunding bonds, including interest on the refunding bonds in arrears or about to become due, whether or not represented by coupons or interest certificates.   (8) "Refunding bonds" means notes, bonds, certificates, or other obligations of a municipality issued pursuant to this part or pursuant to any other law as supplemented by or in conjunction with this part.   (9) "Revenue" means all fees, tolls, rates, rentals, and charges to be levied and collected in connection with an enterprise and all other income and receipts of whatever kind or character derived by the municipality from the operation of an enterprise or arising from an enterprise.   History: En. Sec. 2, Ch. 121, L. 1937; R.C.M. 1947, 79-1902(part); amd. Sec. 10, Ch. 212, L. 1979; amd. Sec. 35, Ch. 42, L. 1997.
MT Code § 7-7-4603 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4603. Scope of part

  7-7-4603. Scope of part. (1) This part constitutes full and complete authority for the issuance of refunding bonds. No procedure or proceedings, publications, notices, consents, approvals, orders, acts, or things by any governing body of any municipality or any board, officer, commission, department, agency, or instrumentality of the state or any municipality shall be required to issue any refunding bonds or to do any act or perform any thing under this part except as may be prescribed in this part.   (2) The powers conferred by this part shall be in addition and supplemental to and not in substitution for and the limitations imposed by this part shall not affect the powers conferred by any other law.   (3) This part is remedial in nature and shall be liberally construed.   History: En. Sec. 16, Ch. 121, L. 1937; R.C.M. 1947, 79-1916.
MT Code § 7-7-4604 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4604. Interpretation of part

  7-7-4604. Interpretation of part. Nothing in this part shall in any way be deemed to:   (1) alter the terms of any agreements made with the holders of any outstanding notes, bonds, or other obligations of the municipality;   (2) authorize the municipality to alter the terms of any such agreements;   (3) impair or authorize the municipality to impair the rights and remedies of any creditors of the municipality;   (4) authorize any municipality to do anything in any manner or for any purpose which would result in the creation or incurring of a debt or indebtedness or the issuance of any instrument which would constitute a bond or debt within the meaning of any provision, limitation, or restriction of the constitution relating to the creation or incurring of a debt or indebtedness or the issuance of an instrument constituting a debt.   History: En. Sec. 8, Ch. 121, L. 1937; R.C.M. 1947, 79-1908(4), (5).
MT Code § 7-7-4605 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4605. Authorization for refinancing and refunding revenue bonds

  7-7-4605. Authorization for refinancing and refunding revenue bonds. Any municipality shall have power and is hereby authorized to refinance or to refinance and improve any enterprise and for such purpose or purposes, to borrow money and issue refunding bonds from time to time.   History: En. Sec. 3, Ch. 121, L. 1937; R.C.M. 1947, 79-1903.
MT Code § 7-7-4606 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4606. Nature of refunding revenue bonds

  7-7-4606. Nature of refunding revenue bonds. (1) No recourse shall be had for the payment of the refunding bonds, interest thereon, or any part thereof against the general fund of any municipality, nor shall the credit or taxing power of any municipality be deemed to be pledged thereto.   (2) The refunding bonds and interest thereon shall not be a debt of the municipality or a charge, lien, or encumbrance, legal or equitable, upon any property of the municipality or upon any income, receipts, or revenues of the municipality, other than such of the revenues of the enterprise as shall have been pledged to the payment thereof. Every refunding bond shall recite in substance that said bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that the municipality is under no obligation to pay the same except from said revenues.   History: En. Sec. 9, Ch. 121, L. 1937; R.C.M. 1947, 79-1909.
MT Code § 7-7-4607 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4607. Exemption from certain taxes for refunding revenue bonds

  7-7-4607. Exemption from certain taxes for refunding revenue bonds. Refunding bonds issued pursuant to this part and the income from those bonds are exempt from taxation, except estate taxes.   History: En. Sec. 10, Ch. 121, L. 1937; R.C.M. 1947, 79-1910; amd. Sec. 2, Ch. 9, Sp. L. May 2000.
MT Code § 7-7-4608 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4608. Refunding revenue bonds to be fully negotiable

  7-7-4608. Refunding revenue bonds to be fully negotiable. Notwithstanding the form or tenor thereof and in the absence of an express recital on the face thereof that the bond is nonnegotiable, all refunding bonds shall at all times be and shall be treated as fully negotiable within the meaning of and for the purposes of the Uniform Commercial Code--Investment Securities.   History: En. Sec. 5, Ch. 121, L. 1937; amd. Sec. 11-153, Ch. 264, L. 1963; R.C.M. 1947, 79-1905(part).
MT Code § 7-7-4609 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4609. Presumptions of validity of refunding revenue bonds

  7-7-4609. Presumptions of validity of refunding revenue bonds. (1) Refunding bonds bearing the signatures of officers of the municipality in office on the date of the signing thereof shall be valid and binding obligations of the municipality for all purposes, notwithstanding that before the delivery thereof, any or all of the persons whose signatures appear thereon shall have ceased to be officers of the municipality, the same as if such persons had continued to be officers of the municipality until after the delivery thereof.   (2) The validity of the authorization and issuance of the refunding bonds shall not be dependent on or affected in any way by proceedings taken for the improving of any enterprise for the refinancing and improving of which the refunding bonds are to be issued or by contracts made in connection with the improving of any such enterprise.   (3) Any resolution authorizing refunding bonds may provide that any such refunding bond may contain a recital that such refunding bond is issued pursuant to this part, and any refunding bond containing such recital under authority of any such resolution shall be conclusively deemed to be valid and to have been issued in conformity with the provisions of this part.   History: En. Sec. 6, Ch. 121, L. 1937; R.C.M. 1947, 79-1906.
MT Code § 7-7-4610 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4610. Details relating to refunding revenue bonds

  7-7-4610. Details relating to refunding revenue bonds. The refunding bonds may, as provided by resolution of the governing body of the municipality:   (1) be issued in one or more series, bear such date or dates, and mature at such time or times, not exceeding the period of usefulness of the enterprise, as determined by the governing body in its discretion, and, in any event, not exceeding 40 years from their respective dates;   (2) bear interest at such rate or rates not exceeding the maximum rate of interest borne by the notes, bonds, or other obligations refinanced thereby, except that refunding bonds may bear interest in excess of the rate on the refunded bonds 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 municipality;   (3) be in such denomination or denominations and be in such form, either coupon or registered;   (4) carry such registration and conversion privileges;   (5) be executed in such manner;   (6) be payable in such medium of payment and at such place or places;   (7) be subject to such terms of redemption, with or without a premium;   (8) be declared or become due before the maturity date thereof;   (9) provide for the replacement of mutilated, destroyed, stolen, or lost bonds;   (10) be authenticated in such manner and upon compliance with such conditions; and   (11) contain such other terms and covenants.   History: En. Sec. 5, Ch. 121, L. 1937; amd. Sec. 11-153, Ch. 264, L. 1963; R.C.M. 1947, 79-1905(part); amd. Sec. 4, Ch. 54, L. 1989.
MT Code § 7-7-4611 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4611. through 7-7-4620 reserved

  7-7-4611 through 7-7-4620 reserved.
MT Code § 7-7-4621 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4621. Resolution for issuance of refunding revenue bonds

  7-7-4621. Resolution for issuance of refunding revenue bonds. (1) The refunding bonds shall be authorized by resolution of the governing body of the municipality. Such resolution may be adopted at a regular or special meeting and at the same meeting at which they are introduced by a majority of all the members of the governing body then in office. Such resolution shall take effect immediately upon the adoption thereof.   (2) No other proceedings or procedure of any character whatever shall be required for the issuance of refunding bonds by the municipality.   History: En. Sec. 4, Ch. 121, L. 1937; R.C.M. 1947, 79-1904.
MT Code § 7-7-4623 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4623. Security for refunding revenue bonds

  7-7-4623. Security for refunding revenue bonds. (1) The refunding bonds shall be special obligations of the municipality and shall be payable from and secured by a lien upon the revenues of the enterprise, as shall be more fully described in the resolution of the governing body authorizing the issuance of the refunding bonds. Subject to the constitution of the state of Montana and to the prior or superior rights of any person, any municipality shall have power, by resolution of its governing body, to pledge and assign for the security of the refunding bonds all or any part of the gross or the net revenues of such enterprise.   (2) (a) As additional security for any issue of refunding bonds hereunder or any part thereof, any municipality shall have power and is hereby authorized, by resolution of its governing body, to confer upon the holders of the refunding bonds all rights, powers, and remedies which said holders would be entitled to if they were the owners and had possession of the notes, bonds, or other obligations for the refinancing of which such refunding bonds shall have been issued, including but not limited to the preservation of the lien of such notes, bonds, or other obligations without extinguishment, impairment, or diminution thereof.   (b) In the event any municipality exercises the power conferred by this subsection:   (i) each refunding bond shall contain a recital to the effect that the holder thereof has been granted the additional security provided by this subsection; and   (ii) each note, bond, certificate, or other obligation of the municipality to be refinanced by any such refunding bonds shall be kept intact and shall not be canceled or destroyed until the refunding bonds and interest thereon have been finally paid and discharged but shall be stamped with a legend to the effect that such note, bond, certificate, or other obligation has been refunded pursuant to the Revenue Bond Refinancing Act of 1937.   (3) All refunding bonds of the same issue shall be equally and ratably secured, without priority by reason of number or date of bond, of sale, of execution, or of delivery, by a lien upon the revenues of the enterprise in accordance with the provisions of this section and the resolution authorizing the issuance of such refunding bonds.   History: En. Sec. 8, Ch. 121, L. 1937; R.C.M. 1947, 79-1908(1) thru (3).
MT Code § 7-7-4624 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4624. Use of fiscal agent

  7-7-4624. Use of fiscal agent. Any municipality shall have power, in connection with the issuance of refunding bonds:   (1) to appoint a fiscal agent;   (2) to provide for the powers, duties, and functions and compensation of such fiscal agent;   (3) to limit the liabilities of such fiscal agent;   (4) to prescribe a method for the resignation, removal, merger, or consolidation of such fiscal agent and the appointment of a successor fiscal agent and the transfer of rights and properties to such successor fiscal agent.   History: En. Sec. 11, Ch. 121, L. 1937; R.C.M. 1947, 79-1911.
MT Code § 7-7-4625 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4625. Sale or exchange of refunding revenue bonds

  7-7-4625. Sale or exchange of refunding revenue bonds. (1) The refunding bonds may be sold or exchanged in installments at different times, or an entire issue or series may be sold or exchanged at one time. Any issue or series of refunding bonds may be exchanged in part or sold in part in installments at different times or at one time.   (2) The refunding bonds may be sold or exchanged at any time on, before, or after the maturity of any of the outstanding notes, bonds, certificates, or other obligations to be refinanced thereby.   History: En. Sec. 7, Ch. 121, L. 1937; R.C.M. 1947, 79-1907(1).
MT Code § 7-7-4626 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4626. Details relating to sales of refunding revenue bonds

  7-7-4626. Details relating to sales of refunding revenue bonds. If the governing body determines to sell any refunding bonds, the refunding bonds may not be sold at less than 97% of the face value and must be sold at public or private sale and in a manner and upon terms that the governing body considers best for the interests of the municipality.   History: En. Sec. 7, Ch. 121, L. 1937; R.C.M. 1947, 79-1907(3); amd. Sec. 7, Ch. 459, L. 1997.
MT Code § 7-7-4627 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4627. Details relating to exchanges of refunding revenue bonds

  7-7-4627. Details relating to exchanges of refunding revenue bonds. (1) If the governing body determines to exchange any refunding bonds, such refunding bonds may be exchanged privately for and in payment and discharge of any of the outstanding notes, bonds, or other obligations of the municipality issued to finance or to aid in financing the acquisition, construction, improving, refinancing, or improving and refinancing of an enterprise.   (2) The refunding bonds may be exchanged for a like or greater principal amount of such notes, bonds, or other obligations of the municipality, except that the principal amount of the refunding bonds may exceed the principal amount of such outstanding notes, bonds, or other obligations to the extent necessary or advisable, in the discretion of the governing body, to fund interest in arrears or about to become due.   (3) The holder or holders of such outstanding notes, bonds, or other obligations need not pay accrued interest on the refunding bonds to be delivered in exchange therefor if and to the extent that interest is due or accrued and unpaid on such outstanding notes, bonds, or other obligations to be surrendered.   History: En. Sec. 7, Ch. 121, L. 1937; R.C.M. 1947, 79-1907(2).
MT Code § 7-7-4628 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 46. Municipal Refunding Revenue Bonds Option 2|7-7-4628. Payment of bonds

  7-7-4628. Payment of bonds. (1) In order that the payment of the refunding bonds and interest thereon shall be adequately secured, any municipality issuing refunding bonds pursuant to this part and the proper officers, agents, and employees thereof are hereby directed and it shall be the mandatory duty of such officers, agents, and employees under this part and it shall further be of the essence of the contract of such municipality with the bondholders, at all times:   (a) to pay or cause to be paid punctually the principal of every refunding bond and the interest thereon on the date or dates and at the place or places and in the manner and out of the funds mentioned in such refunding bonds and in the coupons thereto appertaining and in accordance with the resolution authorizing their issuance;   (b) to preserve and protect the security of the refunding bonds and the rights of the holders thereof and warrant and defend such rights against all claims and demands of all persons whomsoever;   (c) to hold in trust the revenues pledged to the payment of the refunding bonds for the benefit of the holders of the refunding bonds and to apply such revenues only as provided by the resolution authorizing the issuance of the refunding bonds, or if such resolution shall thereafter be modified in the manner provided therein or herein, only as provided in such resolution as modified.   (2) None of the foregoing duties shall be construed to require the expenditure in any manner or for any purpose by the municipality of any funds other than revenues received or receivable from the enterprise.   History: En. Sec. 12, Ch. 121, L. 1937; R.C.M. 1947, 79-1912(1), (a), (d), (f), (2).