reglab/housing_qa huggingface dataset:
MT Code § 7-7-4251 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4251. Form of notice of sale of bonds

  7-7-4251. Form of notice of sale of bonds. (1) If a city or town conducts a public sale, the notice of sale must state the purpose or purposes for which the bonds are to be issued and the amount proposed to be issued for each purpose and must be substantially in the following form:   NOTICE OF SALE OF (CITY OR TOWN) BONDS   Notice is hereby given by the council of the (city or town) of...., Montana, that the council will, on the.... day of....,...., at the hour of......m., at its council chamber in the (city or town) of...., Montana, sell to the highest and best bidder for cash general obligation bonds of the (city or town) in the total amount of.... dollars, ($....) for the purpose of.....   The bonds will be issued and sold in the aggregate principal amount of.... dollars ($....) each and will become due and payable according to the maturity schedule set forth below (set forth maturity schedule adopted by the city or town council).   The bonds must bear an original issue date of....,...., must pay interest commencing on the.... day of.... (month),.., and are payable semiannually on the.... day of.... and on the.... day of.... in each year thereafter and will be redeemable (here insert the optional provisions, if any, recited in the bonds).   The bonds will be sold for not less than $...., with accrued interest on the principal amount of the bonds to date of delivery, and all bidders shall state the lowest rate or rates of interest at which they will purchase the bonds at the purchase price specified for the bonds. (An interest rate may not exceed....% a year.) The council reserves the right to reject any bids and to sell the bonds at private sale.   All bids must be accompanied by (insert appropriate bid security as permitted by 18-1-203) in the sum of.... dollars ($....), payable to the order of the (city or town) clerk, which will be forfeited by the successful bidder in the event that the bidder fails or refuses to complete the purchase of the bonds in accordance with the terms of the bid.   All bids must be addressed to the council of the (city or town) of.... and delivered to the clerk of the (city or town).   ..............................   Mayor of the (city or town) of   ......................., Montana   ATTEST:....................(City or Town) Clerk   (2) The form of notice required under this section may be modified to accommodate changes necessary to issue citizen bonds pursuant to 7-7-4211 through 7-7-4213.   History: En. Sec. 13, Ch. 160, L. 1931; re-en. Sec. 5278.13, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2313; amd. Sec. 2, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983; amd. Sec. 5, Ch. 631, L. 1983; amd. Sec. 8, Ch. 511, L. 1989; amd. Sec. 6, Ch. 459, L. 1997; amd. Sec. 9, Ch. 253, L. 2011.
MT Code § 7-7-4252 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4252. Publication of notice of sale

  7-7-4252. Publication of notice of sale. If a city or town conducts a public sale, the city or town council or commission shall cause a notice to be published as provided in 17-5-106 in a newspaper of general circulation printed and published in the city or town if there is a newspaper of general circulation and, if not, then in a newspaper of general circulation printed and published in the county in which the city or town is located. The council or commission may in its discretion cause the notice to be published in another newspaper or newspapers published either within or outside of the state that in the opinion of the council or commission will be most likely to give notice of the sale to prospective bidders.   History: En. Sec. 14, Ch. 160, L. 1931; re-en. Sec. 5278.14, R.C.M. 1935; amd. Sec. 1, Ch. 38, L. 1955; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2314(part); amd. Sec. 3, Ch. 173, L. 1987; amd. Sec. 10, Ch. 253, L. 2011.
MT Code § 7-7-4253 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4253. Repealed

  7-7-4253. Repealed. Sec. 5, Ch. 6, L. 1993.   History: En. Sec. 14, Ch. 160, L. 1931; re-en. Sec. 5278.14, R.C.M. 1935; amd. Sec. 1, Ch. 38, L. 1955; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2314(part).
MT Code § 7-7-4254 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4254. Procedure for sale of bonds

  7-7-4254. Procedure for sale of bonds. (1) Any bonds issued under the authority of this part may be sold at public or private sale, as determined by the city or town council or commission pursuant to 17-5-107. If the city or town council or commission conducts a public sale, it shall meet at the time and place fixed in the notice to consider bids for the bonds.   (2) The bonds may not be sold at less than the minimum bid specified for their sale with accrued interest to date of delivery, and each bidder shall specify the rate of interest and the purchase price at which the bidder will purchase the bonds. The council shall accept the bid that it judges most advantageous to the city or town. The council may reject any bids and sell the bonds at private sale if the council considers it in the best interests of the city or town.   (3) Consultant fees and attorney fees may be paid to any person or corporation for assisting in the proceedings, in the preparation of the bonds, or in negotiating the sale of the bonds.   History: En. Sec. 15, Ch. 160, L. 1931; re-en. Sec. 5278.15, R.C.M. 1935; amd. Sec. 8, Ch. 234, L. 1971; R.C.M. 1947, 11-2315; amd. Sec. 8, Ch. 212, L. 1979; amd. Sec. 6, Ch. 631, L. 1983; amd. Sec. 21, Ch. 423, L. 1995; amd. Sec. 11, Ch. 253, L. 2011.
MT Code § 7-7-4255 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4255. Form and execution of bonds

  7-7-4255. Form and execution of bonds. (1) At the time of the sale of the bonds or at a meeting held after the sale, the city or town council shall adopt a resolution providing for the issuance of the bonds, prescribing the form of the bonds, whether amortization or serial bonds, providing the manner of execution of the bonds, and if applicable, specifying whether the bonds are tax credit bonds as provided in 17-5-117, recovery zone economic development bonds or recovery zone facility bonds as provided in 7-7-140, or qualified energy conservation bonds as provided in 7-7-141.   (2) Each bond and each coupon attached to a bond must be signed by or bear the facsimile signatures of the mayor and the treasurer of the city or town and must be attested by the city or town clerk, provided that one signature of a city or town official or the bond registrar must be a manual signature. Each bond may have the city or town seal or its facsimile imprinted on the bond.   History: En. Sec. 16, Ch. 160, L. 1931; re-en. Sec. 5278.16, R.C.M. 1935; amd. Sec. 6, Ch. 260, L. 1959; R.C.M. 1947, 11-2316; amd. Sec. 22, Ch. 423, L. 1995; amd. Sec. 4, Ch. 489, L. 2009.
MT Code § 7-7-4256 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4256. Printing of bonds

  7-7-4256. Printing of bonds. (1) Except as provided in subsection (2), the city or town clerk, under the direction of the council, shall cause the bonds, with coupons attached, to be printed or lithographed at the expense of the city or town at lowest commercial rates.   (2) A purchaser of the bonds may furnish the bonds to the city or town, in the form prescribed by the council, for execution, if furnished at the purchaser's own expense and without cost or expense to the city or town.   History: En. Sec. 17, Ch. 160, L. 1931; re-en. Sec. 5278.17, R.C.M. 1935; R.C.M. 1947, 11-2317; amd. Sec. 509, Ch. 61, L. 2007.
MT Code § 7-7-4257 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4257. Registration of bonds

  7-7-4257. Registration of bonds. (1) When executed by the officers of the city or town, the bonds must be registered by the city treasurer or town clerk before being delivered to the purchaser.   (2) The registration must show:   (a) the date of issue, the maturities of the bonds subject to early redemption, the redemption dates, and the dates when the principal and interest on the bonds will become due; and   (b) the amount of all payments of both principal and interest required on each bond, with the dates when the payments must be made.   History: En. Sec. 18, Ch. 160, L. 1931; re-en. Sec. 5278.18, R.C.M. 1935; R.C.M. 1947, 11-2318(part); amd. Sec. 23, Ch. 423, L. 1995.
MT Code § 7-7-4258 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4258. Copy of bond to be kept by city treasurer

  7-7-4258. Copy of bond to be kept by city treasurer. The city or town clerk shall also deliver to the city treasurer an unsigned and canceled printed copy of one of the bonds, as issued and registered, to be preserved in the treasurer's office.   History: En. Sec. 18, Ch. 160, L. 1931; re-en. Sec. 5278.18, R.C.M. 1935; R.C.M. 1947, 11-2318(part); amd. Sec. 510, Ch. 61, L. 2007.
MT Code § 7-7-4259 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4259. Delivery of bonds

  7-7-4259. Delivery of bonds. The city treasurer or town clerk shall deliver the bonds to the purchaser upon receiving full payment for the bonds.   History: En. Sec. 19, Ch. 160, L. 1931; re-en. Sec. 5278.19, R.C.M. 1935; amd. Sec. 2, Ch. 326, L. 1974; R.C.M. 1947, 11-2319(part); amd. Sec. 6, Ch. 581, L. 1987; amd. Sec. 24, Ch. 423, L. 1995.
MT Code § 7-7-4260 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4260. Disposition of sale proceeds

  7-7-4260. Disposition of sale proceeds. All money arising from the sale of the bonds shall be paid to the city treasurer or town clerk and shall be immediately available for the purpose for which the bonds were issued and for no other purpose.   History: En. Sec. 19, Ch. 160, L. 1931; re-en. Sec. 5278.19, R.C.M. 1935; amd. Sec. 2, Ch. 326, L. 1974; R.C.M. 1947, 11-2319(part).
MT Code § 7-7-4261 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4261. Maintenance of accounts for bond issues

  7-7-4261. Maintenance of accounts for bond issues. (1) The city treasurer or town clerk shall keep in the treasurer's or clerk's books a special and separate sinking fund account for each issue or series of outstanding bonds, including citizen bonds as provided in 7-7-4211 through 7-7-4214, issued by the city or town. Each fund must at all times show the exact condition of the fund.   (2) All taxes collected for interest and principal on city or town bonds must be placed to the credit of the sinking fund for which the taxes were levied.   (3) The sinking fund must be administered as provided in 7-7-123, 7-7-124, and 7-7-4270.   History: En. Sec. 24, Ch. 160, L. 1931; re-en. Sec. 5278.24, R.C.M. 1935; R.C.M. 1947, 11-2324(part); amd. Sec. 5, Ch. 256, L. 1979; amd. Sec. 9, Ch. 511, L. 1989; amd. Sec. 511, Ch. 61, L. 2007.
MT Code § 7-7-4262 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4262. Payment of principal and interest

  7-7-4262. Payment of principal and interest. The city treasurer or town clerk shall pay from the proper sinking and interest fund the interest and principal of each issue or series of outstanding bonds, as the interest and principal become due and at the place where the bonds are payable, upon presentation and surrender of the coupon or bond to be paid.   History: En. Sec. 25, Ch. 160, L. 1931; re-en. Sec. 5278.25, R.C.M. 1935; R.C.M. 1947, 11-2325(part); amd. Sec. 25, Ch. 423, L. 1995.
MT Code § 7-7-4263 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4263. Interest on late payments of principal and interest

  7-7-4263. Interest on late payments of principal and interest. Any and all installments of interest or principal of bonds issued under the provisions of this part not promptly paid when due shall draw interest at the rate of 6% per annum from the date due until actually paid, irrespective of the rate of interest on the bonds themselves.   History: En. Sec. 25, Ch. 160, L. 1931; re-en. Sec. 5278.25, R.C.M. 1935; R.C.M. 1947, 11-2325(part).
MT Code § 7-7-4264 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4264. Statement as to amount of principal and interest due and payable on bonds

  7-7-4264. Statement as to amount of principal and interest due and payable on bonds. (1) Whenever any city or town has any issue or series of bonds outstanding and there are not sufficient funds on hand available for the payment of the full amount of the interest and principal thereof, the city treasurer or town clerk shall, between July 1 and July 15 in each year while such bonds or any of them remain outstanding and unpaid, make out and deliver to the city or town clerk a statement.   (2) The statement required by subsection (1) shall show the amount required to be raised by tax levy during the then-current fiscal year for payment of interest and principal becoming due and payable during such fiscal year or within 90 days thereafter on each issue or series of bonds outstanding. If no part of the principal of any such issue or series of bonds outstanding or if no part of the principal of any such issue or series of bonds will become due and payable within such time, then such statement shall show the amount required to be raised by tax levy during such year for payment of interest becoming due during such time and to place the proper amount in the sinking fund for the payment of the principal of such bonds when they become due, as provided in 7-7-4204.   (3) The statement prepared by the city treasurer or town clerk shall be presented by the city or town clerk to the city or town council at its next meeting.   History: En. Sec. 21, Ch. 160, L. 1931; re-en. Sec. 5278.21, R.C.M. 1935; R.C.M. 1947, 11-2321.
MT Code § 7-7-4265 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4265. Tax levy for payment of bonds

  7-7-4265. Tax levy for payment of bonds. (1) The city or town council, at the time of making the levy of taxes for general city or town purposes, must levy a separate and special tax upon all taxable property in the city or town for the payment of interest and principal for each series or issue of bonds outstanding. The tax levy for any one series or issue of bonds must be entirely separate and distinct from the levy for any other issue or series of bonds.   (2) Except as provided in subsection (3), the levy made for the purpose of paying interest on and principal of each series or issue of bonds must be high enough to raise an amount sufficient to pay all interest on and so much of the principal, if any, of the bonds as will become due and payable during the then-current fiscal year or within 90 days thereafter, as such amount is shown by the treasurer's statement provided for by 7-7-4264. If no part of the principal of such bonds will become due and payable within such time, then such tax levy must be high enough to raise an amount sufficient to pay all interest which will become due and payable during the current fiscal year or within 90 days thereafter and to also place in the sinking fund for such issue or series of bonds, for the payment of the principal when the same becomes due, an amount not less than a sum produced by dividing the whole amount for which the series or issue of bonds were originally issued by the number of years for which such series or issue of bonds were originally issued to run, as such amounts are shown by the treasurer's statement provided for by 7-7-4264.   (3) The annual levies made for the purpose of paying off bonds that provide for no periodic interest payments but rather are sold at a discount from their face value, as provided in 7-7-4211 through 7-7-4214, must be actuarially sufficient so that at the time for redemption there is an amount in the sinking fund sufficient to redeem the bonds.   History: En. Sec. 22, Ch. 160, L. 1931; re-en. Sec. 5278.22, R.C.M. 1935; R.C.M. 1947, 11-2322; amd. Sec. 9, Ch. 212, L. 1979; amd. Sec. 10, Ch. 511, L. 1989.
MT Code § 7-7-4266 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4266. Procedure in case of insufficient tax levy -- individual liability of council members

  7-7-4266. Procedure in case of insufficient tax levy -- individual liability of council members. (1) If the council of any city or town shall fail, neglect, or refuse in any year to make a levy sufficient to pay the interest on and principal of any issue or series of bonds as required by the provisions of 7-7-4265, the holder of any bond of such issue or series or any taxpayer paying taxes on property situated in such city or town may apply to the district court of the county in which the city or town issuing such bonds is situated for a writ of mandate to compel the city or town council to make a proper and sufficient levy for such purposes.   (2) If, upon the hearing of such application, it shall appear to the satisfaction of the court that the city or town council has failed, neglected, or refused to make any levy whatever for such purposes or has made a levy but that the same is insufficient to raise the amount required to be raised for such purposes under the provisions of 7-7-4265, the court shall determine the amount of the deficiency and shall issue a writ of mandate directed to and requiring such city or town council, at the next meeting thereof for the purpose of making and fixing city or town levies, to make and fix a tax levy against all taxable property in such city or town sufficient to raise the amount of such deficiency. This levy shall be in addition to the levy required to be made for the then-current fiscal year.   (3) Any costs which may be allowed or awarded the petition in any such proceeding shall be paid by the members of the city or town council and shall not be a charge against the city or town.   History: En. Sec. 23, Ch. 160, L. 1931; re-en. Sec. 5278.23, R.C.M. 1935; R.C.M. 1947, 11-2323.
MT Code § 7-7-4267 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4267. Repealed

  7-7-4267. Repealed. Sec. 52, Ch. 423, L. 1995.   History: En. Sec. 26, Ch. 160, L. 1931; re-en. Sec. 5278.26, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2326(part).
MT Code § 7-7-4268 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4268. Redemption of bonds

  7-7-4268. Redemption of bonds. (1) Whenever there is available money in any sinking and interest fund over and above the amount required for payment of principal and interest becoming due on the next interest payment date and sufficient to pay and redeem one or more of the outstanding bonds of the issue or series to which the sinking and interest fund belongs, which bonds are not yet due but are then redeemable or will become redeemable on or before the next interest payment date, the city treasurer or town clerk shall apply the available money in redemption of as many of the bonds as the available money will pay and redeem to a redemption date on or before the next interest payment date, as fixed by the city treasurer or town clerk.   (2) The city treasurer or town clerk shall notify the holder of the bond or bonds, if ownership of the bonds is registered or is otherwise known to the treasurer, the registered owners at their addresses as they appear in the bond registration books, and any bank or financial institution at which the bonds are payable, by mail sent at least 30 days before the redemption date, that bonds will be redeemed and paid on that date. A defect in or failure to give notice may not affect the validity of the proceedings for the redemption of a bond or principal installment not affected by the defect or failure. If the ownership of the bonds is not registered, the city treasurer or town clerk shall also publish in a newspaper of general circulation printed and published in the city or town and, if there is none, then in a newspaper of general circulation in the city or town printed and published in the county in which the city or town is situated a notice that the bond or bonds have been called for redemption and will be paid in full on the redemption date. The notice must be published once, not less than 30 days prior to the redemption date. If actual notice of the call has been received, the holder of a bond may waive published or mailed notice.   (3) If the bonds are payable at a bank or financial institution, the city treasurer or town clerk shall remit to the bank or financial institution, before the redemption date, an amount sufficient to pay and redeem the bonds. If the bonds are not presented for redemption and payment on the redemption date, interest ceases on that date if the funds have been deposited in the bank or financial institution.   History: En. Sec. 26, Ch. 160, L. 1931; re-en. Sec. 5278.26, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2326(part); amd. Sec. 3, Ch. 453, L. 1993; amd. Sec. 26, Ch. 423, L. 1995.
MT Code § 7-7-4269 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4269. Order of redemption of bonds

  7-7-4269. Order of redemption of bonds. All bonds to be redeemed under the provisions of 7-7-4268 may be redeemed in the order that the city treasurer or city clerk selects, consistent with the provisions of the resolution authorizing the issuance of the bonds.   History: En. Sec. 26, Ch. 160, L. 1931; re-en. Sec. 5278.26, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2326(part); amd. Sec. 4, Ch. 453, L. 1993; amd. Sec. 27, Ch. 423, L. 1995.
MT Code § 7-7-4270 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4270. Authority to buy outstanding bonds

  7-7-4270. Authority to buy outstanding bonds. Whenever there is available money in any sinking fund over and above the amount required for payment of principal and interest becoming due on the next interest payment date and sufficient to pay and redeem one or more outstanding bonds of the issue or series to which the sinking fund belongs and whenever such bonds are not held by the state and are not subject to redemption, the city treasurer or town clerk, at the direction of the city or town council, shall purchase such bonds if this can be done at not more than par and accrued interest or at such reasonable premium as the council may feel justified in paying, not, in any case, exceeding 5%.   History: En. Sec. 27, Ch. 160, L. 1931; re-en. Sec. 5278.27, R.C.M. 1935; R.C.M. 1947, 11-2327(part); amd. Sec. 6, Ch. 256, L. 1979.
MT Code § 7-7-4271 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 42. Municipal General Obligation Bonds|7-7-4271. Repealed

  7-7-4271. Repealed. Sec. 7, Ch. 256, L. 1979.   History: En. Sec. 27, Ch. 160, L. 1931; re-en. Sec. 5278.27, R.C.M. 1935; R.C.M. 1947, 11-2327(part).