reglab/housing_qa huggingface dataset:
MT Code § 17-5-1518 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1518. Tax exemption of bonds

  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.   History: En. Sec. 16, Ch. 686, and Sec. 18, Ch. 701, L. 1983; amd. Sec. 11, Ch. 9, Sp. L. May 2000.
MT Code § 17-5-1519 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1519. Repealed

  17-5-1519. Repealed. Sec. 19, Ch. 589, L. 1991.   History: En. Sec. 17, Ch. 686, and Sec. 19, Ch. 701, L. 1983.
MT Code § 17-5-1520 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1520. Repealed

  17-5-1520. Repealed. Sec. 19, Ch. 589, L. 1991.   History: En. Sec. 18, Ch. 686, and Sec. 20, Ch. 701, L. 1983.
MT Code § 17-5-1521 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1521. Adoption of rules

  17-5-1521. Adoption of rules. (1) The board shall adopt rules to establish:   (a) procedures for soliciting and evaluating applications and for notifying the local government of the application for purposes of complying with 17-5-1526 and 17-5-1527; and   (b) a system for evaluating applications, considering the following criteria:   (i) the applicant's net worth;   (ii) the applicant's training and experience in the industry involved in the proposed project;   (iii) the applicant's prospects for succeeding in the proposed project;   (iv) the degree to which the new or increased business resulting from the loan will meet the objectives of 17-5-1502; and   (v) any other factors the board may prescribe.   (2) The board shall adopt rules for the:   (a) organization, approval, standards, and regulation of project applicants;   (b) approval, standards, and regulation of financial institutions under this part;   (c) assessment, collection, and payment of all fees and charges in connection with making, purchasing, and servicing of its bonds and notes, mortgage lending, construction lending, temporary lending, and guaranty programs; and   (d) such other matters as the board considers necessary or desirable.   History: En. Sec. 19, Ch. 686, and Sec. 21, Ch. 701, L. 1983.
MT Code § 17-5-1522 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1522. Pledge of the state

  17-5-1522. Pledge of the state. In accordance with the constitutions of the United States and the state of Montana, the state pledges that it will not in any way impair the obligations of any agreement between the board and the holders of notes and bonds issued by the board, including but not limited to an agreement to administer a loan program financed by the issuance of bonds and to employ a staff sufficient and competent for this purpose.   History: En. Sec. 20, Ch. 686, and Sec. 22, Ch. 701, L. 1983.
MT Code § 17-5-1523 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1523. Credit of state not pledged

  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.   History: En. Sec. 21, Ch. 686, and Sec. 23, Ch. 701, L. 1983.
MT Code § 17-5-1524 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1524. Taxation of projects

  17-5-1524. Taxation of projects. (1) Notwithstanding the fact that title to a project may be in the board, such projects are subject to taxation to the same extent, in the same manner, and under the same procedures as privately owned property in similar circumstances if such projects are leased to or held by private interests on both the assessment date and the date the levy is made in that year. Such projects are not subject to taxation in any year if they are not leased to or held by private interests on both the assessment date and the date the levy is made in that year.   (2) When personal property owned by the board is taxed under this section and such personal property taxes are delinquent, levy by warrant for distraint for collection of such delinquent taxes may be made only on personal property against which such taxes were levied.   History: En. Sec. 22, Ch. 686, and Sec. 24, Ch. 701, L. 1983.
MT Code § 17-5-1525 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1525. Bonds as legal investment

  17-5-1525. Bonds as legal investment. (1) Bonds issued by the board under the provisions of this part are securities in which all funds may be legally and properly invested, including capital in the control of or belonging to:   (a) public officers and public bodies of the state and its political subdivisions;   (b) insurance companies;   (c) credit unions, building and loan associations, investment companies, savings banks, banking associations, and trust companies;   (d) executors, administrators, trustees, and other fiduciaries; and   (e) pension, profit-sharing, and retirement funds.   (2) Bonds issued under 17-5-1505 through 17-5-1518 and 17-5-1521 through 17-5-1529 are securities that may properly and legally be deposited with and received by any state or municipal officer or any agency or municipality of the state for any purpose for which the deposit of bonds or obligations of the state is now or may hereafter be authorized by law.   History: En. Sec. 23, Ch. 686, and Sec. 25, Ch. 701, L. 1983; amd. Sec. 2, Ch. 589, L. 1991.
MT Code § 17-5-1528 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1528. Validity of pledge

  17-5-1528. Validity of pledge. Any pledge made by the board is valid and binding from the time the pledge is made. Revenue, money, or property pledged and received by the board is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding against all parties having claims of any kind, whether 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 is required to be recorded.   History: En. Sec. 25, Ch. 686, and Sec. 27, Ch. 701, L. 1983.
MT Code § 17-5-1529 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1529. Annual audits

  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.   History: En. Sec. 26, Ch. 686, and Sec. 28, Ch. 701, L. 1983; amd. Sec. 1, Ch. 308, L. 1985; amd. Sec. 43, Ch. 483, L. 2001; amd. Sec. 1, Ch. 487, L. 2001.
MT Code § 17-5-1601 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1601. Short title

  17-5-1601. Short title. This part shall be known and may be cited as the "Municipal Finance Consolidation Act of 1983".   History: En. Sec. 1, Ch. 620, L. 1983.
MT Code § 17-5-1602 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1602. Policy and purpose

  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.   History: En. Sec. 2, Ch. 620, L. 1983; amd. Sec. 1, Ch. 208, L. 1995.
MT Code § 17-5-1603 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1603. Liberal construction

  17-5-1603. Liberal construction. This part and the powers granted in this part must be liberally construed to effectuate the policies and purposes stated in this part.   History: En. Sec. 3, Ch. 620, L. 1983.
MT Code § 17-5-1604 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1604. Definitions

  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.   History: En. Sec. 4, Ch. 620, L. 1983; amd. Sec. 35, Ch. 620, L. 1983; amd. Sec. 9, Ch. 581, L. 1987; amd. Sec. 1, Ch. 593, L. 1991; amd. Sec. 1, Ch. 380, L. 1993; amd. Sec. 2, Ch. 208, L. 1995; amd. Sec. 21, Ch. 498, L. 1999; amd. Sec. 19, Ch. 378, L. 2007; amd. Sec. 3, Ch. 359, L. 2019.
MT Code § 17-5-1605 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1605. Board of investments to implement

  17-5-1605. Board of investments to implement. The board of investments may make and enforce orders, rules, and bylaws that are necessary or desirable for the implementation of this part.   History: En. Sec. 5, Ch. 620, L. 1983; amd. Sec. 35, Ch. 620, L. 1983; amd. Sec. 10, Ch. 581, L. 1987.
MT Code § 17-5-1606 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1606. Bonds, bond anticipation notes, and notes of the board

  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.   History: En. Sec. 6, Ch. 620, L. 1983; amd. Sec. 9, Ch. 481, L. 1985; amd. Sec. 3, Ch. 208, L. 1995.
MT Code § 17-5-1607 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1607. Participation voluntary

  17-5-1607. Participation voluntary. Use of the financing mechanism created by this part is entirely voluntary, and an eligible government unit is not required to sell its bonds, bond anticipation notes, or notes to the board.   History: En. Sec. 7, Ch. 620, L. 1983; amd. Sec. 4, Ch. 208, L. 1995.
MT Code § 17-5-1608 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1608. Limitations on amounts

  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.   History: En. Sec. 8, Ch. 620, L. 1983; amd. Sec. 10, Ch. 481, L. 1985; amd. Sec. 2, Ch. 94, L. 1987; amd. Sec. 1, Ch. 483, L. 1997; amd. Sec. 1, Ch. 394, L. 2001; amd. Sec. 1, Ch. 562, L. 2003; amd. Sec. 3, Ch. 597, L. 2003; amd. Sec. 1, Ch. 50, L. 2007; amd. Sec. 20, Ch. 378, L. 2007.
MT Code § 17-5-1609 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1609. Purchase of anticipation notes

  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.   History: En. Sec. 9, Ch. 620, L. 1983; amd. Sec. 5, Ch. 208, L. 1995.
MT Code § 17-5-1610 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1610. Refunding obligations

  17-5-1610. 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 to or to accrue to the date of 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 board are governed by the appropriate provisions of this part that relate to the issuance of obligations.   (2) Refunding obligations issued as provided in subsection (1) may be sold or exchanged for outstanding obligations issued under this part. 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, 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 of refunding obligations may be invested as provided in Title 17, chapter 6.   History: En. Sec. 10, Ch. 620, L. 1983.
MT Code § 17-5-1612 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1612. Specific loan authorization

  17-5-1612. Specific loan authorization. The legislature intends that individual state agencies may borrow from the program established in this part, as specifically authorized by the legislature under the following conditions:   (1) A loan for which the security is an enterprise or internal service fund source may be approved by a simple majority vote of the legislature.   (2) A loan for which the security is a general fund appropriation, a general fund revenue source, or any type of tax or fee imposed by the legislature must be approved by a two-thirds vote of the members of each house of the legislature and must include language authorizing the creation of a state debt under Article VIII, section 8, of the Montana constitution.   History: En. Sec. 1, Ch. 399, L. 2005.
MT Code § 17-5-1613 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1613. through 17-5-1620 reserved

  17-5-1613 through 17-5-1620 reserved.
MT Code § 17-5-1621 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1621. Provisions of bond resolutions

  17-5-1621. Provisions of bond resolutions. A resolution authorizing notes or bonds or any issue thereof may contain provisions that 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 funds 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) the setting aside of reserves for debt service funds in the possession of trustees, paying agents, and other depositories and the regulation and disposition thereof;   (3) 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 notes or bonds or of any issue thereof;   (4) 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;   (5) 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 must consent thereto, and the manner in which such consent may be given;   (6) a commitment to employ adequate and competent personnel at reasonable compensation, 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;   (7) vesting in a trustee such property, rights, powers, and duties in trust as the board determines; and   (8) defining the acts or omissions that 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. Rights and remedies may not be inconsistent with the laws of this state and the other provisions of this part.   History: En. Sec. 12, Ch. 620, L. 1983; amd. Sec. 48, Ch. 281, L. 1983.
MT Code § 17-5-1622 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1622. Validity of pledge

  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.   History: En. Sec. 13, Ch. 620, L. 1983.
MT Code § 17-5-1623 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1623. Nonimpairment by state

  17-5-1623. Nonimpairment by state. In accordance with the constitutions of the United States and the state of Montana, the state pledges that it will not in any way impair the obligations of any agreement between the board and an eligible government unit or between the board and the holders of notes and bonds issued by the board, including but not limited to an agreement to administer a loan program financed by the issuance of bonds and to employ a staff sufficient and competent for this purpose.   History: En. Sec. 14, Ch. 620, L. 1983; amd. Sec. 7, Ch. 208, L. 1995.