reglab/housing_qa huggingface dataset:
MT Code § 17-5-1316 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1316. Allocations by the department

  17-5-1316. Allocations by the department. (1) The department shall administer the allocation of state's volume cap bonds to issuers in accordance with this section and 17-5-1312. Applications for an allocation for each issue of bonds must be made to the department in an acceptable form and, if applicable, must contain the following:   (a) the name of the issuer;   (b) a description of the purpose or purposes for which the proceeds of the state's volume cap bonds will be used, including, if appropriate, a description of the project or projects to be financed;   (c) the location of the project or projects;   (d) the name and address of each project owner and user;   (e) a certified copy of the inducement resolution adopted or official action taken by the issuer, pursuant to the tax act, approving the project or the purpose and granting preliminary authorization for the issuance of the state's volume cap bonds;   (f) the preliminary opinion of a qualified bond counsel stating that the proposed purpose for which the state's volume cap bonds are to be issued qualifies under applicable state law and the tax act and that the interest on the bonds is not taxable as gross income for purposes of federal income taxation;   (g) evidence that all public hearing requirements concerning the proposed purpose and project have been met;   (h) a copy of a letter from an underwriter, bank, or other financial institution certifying that in its opinion the proposed financing is feasible, that the state's volume cap bonds may be successfully sold under current market conditions, and that it has reviewed all of the information necessary to form its opinion;   (i) the amount of allocation requested; and   (j) such other information as the department considers necessary.   (2) The department shall issue allocations in chronological order of the receipt of completed applications. Completed applications received by the department on the same day must be ranked according to the earliest inducement resolution or official action date.   History: En. Sec. 8, Ch. 190, L. 1987; amd. Sec. 5, Ch. 32, L. 2001.
MT Code § 17-5-1317 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1317. Notification of approval or disapproval by the department

  17-5-1317. Notification of approval or disapproval by the department. After receipt of an application for an allocation, the department shall notify the applicant in writing of either the approval of the allocation or the reasons for disapproval.   History: En. Sec. 9, Ch. 190, L. 1987.
MT Code § 17-5-1318 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1318. Terms of allocations

  17-5-1318. Terms of allocations. (1) Unless terminated earlier by the issuer, an allocation is valid for 90 days from the date the department mails the notice of approval. Prior to the expiration of the 90-day period, the department may extend the period of validity for an additional 30 days upon presentation of evidence that an agreement to purchase the state's volume cap bonds for which the allocation was given has been obtained from an entity legally authorized to purchase them.   (2) If the state's volume cap bonds are not issued within the period of validity as determined under subsection (1), the allocation automatically expires.   (3) All allocations expire on December 31 of the year in which they were made. However, this subsection does not limit the term of an allocation for which a valid carryforward election has been made.   History: En. Sec. 10, Ch. 190, L. 1987; amd. Sec. 6, Ch. 32, L. 2001.
MT Code § 17-5-1319 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1319. and 17-5-1320 reserved

  17-5-1319 and 17-5-1320 reserved.
MT Code § 17-5-1321 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1321. Allocations not transferable

  17-5-1321. Allocations not transferable. Allocations may not be transferred between projects or purposes.   History: En. Sec. 11, Ch. 190, L. 1987.
MT Code § 17-5-1322 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1322. Reapplication

  17-5-1322. Reapplication. (1) If the department disapproves an application for an allocation or if an allocation expires under 17-5-1318, the issuer may reapply for an allocation.   (2) A reapplication must be reviewed according to the chronological order of its receipt. Priority or preference may not be given to a reapplication.   History: En. Sec. 12, Ch. 190, L. 1987.
MT Code § 17-5-1323 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1323. Recordkeeping

  17-5-1323. Recordkeeping. The department shall maintain complete records of all applications for allocations to ensure that the requirements of the tax act, with respect to the volume cap, and the requirements of the state's volume cap are observed.   History: En. Sec. 14, Ch. 190, L. 1987; amd. Sec. 7, Ch. 32, L. 2001.
MT Code § 17-5-1324 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1324. reserved

  17-5-1324 reserved.
MT Code § 17-5-1325 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 13. Montana Unified Volume Cap Bond Allocation Plan Act|17-5-1325. Reassignment of bonding authority for agricultural purposes -- contingency

  17-5-1325. Reassignment of bonding authority for agricultural purposes -- contingency. If, at some time in the future, federal taxation laws allow the use of tax-exempt bonds to provide loans for the acquisition of farm or ranch land, a downpayment on the acquisition of farm or ranch land, or the acquisition or construction of depreciable property used in the operation of a farm or ranch, the allocation of bonding authority originally assigned to the Montana agricultural loan authority must be reassigned to the Montana board of investments to provide those loans.   History: En. Sec. 3, Ch. 168, L. 1991.
MT Code § 17-5-1501 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1501. Short title

  17-5-1501. Short title. This part shall be known and may be cited as the "Montana Economic Development Bond Act of 1983".   History: En. Sec. 1, Ch. 701, L. 1983.
MT Code § 17-5-1502 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1502. Legislative declaration

  17-5-1502. Legislative declaration. (1) It is the policy of the state of Montana, in the interest of promoting the health, safety, and general welfare of all the people of the state, to increase job opportunities and to retain existing jobs by making available, through the board of investments, funds for industrial, commercial, manufacturing, natural resource, agricultural, livestock, recreational, tourist, and health care development.   (2) The legislature finds that:   (a) a vigorous, diversified, and growing economy is the basic source of job opportunities;   (b) protection against unemployment and its economic burdens and the spread of economic stagnation can best be provided by promoting, attracting, stimulating, and revitalizing a diversified economy with contributions from industry, manufacturing, commerce, natural resource development, agriculture, livestock, recreation, tourism, and health care facilities; and   (c) the state of Montana has a responsibility to help create a favorable climate for new and improved job opportunities and a stable, growing, and healthy economy for its citizens by encouraging the development of business.   History: En. Sec. 2, Ch. 701, L. 1983; amd. Sec. 7, Ch. 581, L. 1987.
MT Code § 17-5-1503 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1503. Definitions

  17-5-1503. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:   (1) "Board" means the board of investments created in 2-15-1808.   (2) "Bond" means any bond, note, debenture, interim certificate, or other evidence of financial indebtedness issued by the board pursuant to this part.   (3) "Department" means the department of commerce provided for in 2-15-1801.   (4) "Finance" means to supply capital and, in the case of agricultural enterprises, to refinance a project and project costs.   (5) "Financial institution" means any bank, savings and loan association, credit union, development credit corporation, insurance company, investment company, trust company, savings institution, or other financial institution approved by the board.   (6) "Local government" means the city in which the project is located, if the project is located within an incorporated municipality, or the county if the project is located within the county but outside the boundaries of an incorporated municipality.   (7) "Major project" means a project whose cost or appraised value exceeds $800,000.   (8) "Project" means a project as defined in 90-5-101.   (9) "Project costs" means the costs of acquiring or improving any project, including the following:   (a) the actual cost of acquiring or improving real estate for any project;   (b) the actual cost of construction of all or any part of a project, including architects' and engineers' fees;   (c) all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition or improvement;   (d) bond reserves and premiums for insurance or guaranty of loan payments or lease rentals pledged to pay the bonds;   (e) the interest on such bonds for a reasonable time prior to construction, during construction, and not exceeding 6 months after completion of construction; and   (f) working capital for agricultural enterprise projects for a period not to exceed 1 year.   History: En. Sec. 1, Ch. 686, and Sec. 3, Ch. 701, L. 1983; amd. Sec. 1, Ch. 94, L. 1987; amd. Sec. 8, Ch. 581, L. 1987; amd. Sec. 1, Ch. 684, L. 1989.
MT Code § 17-5-1505 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1505. Financing programs of the board

  17-5-1505. Financing programs of the board. (1) The board may:   (a) invest in, purchase or make commitments to purchase, and take assignment from financial institutions of notes, mortgages, loan agreements, and other securities evidencing loans for the acquisition, construction, reconstruction, or improvement of projects located in the state, under terms and conditions determined by the board;   (b) acquire, by construction, purchase, devise, gift, lease, or any combination of methods, from financial institutions, projects located in the state and lease such projects to others for such rentals and upon such terms and conditions as determined by the board;   (c) make loans to financial institutions, under terms and conditions determined by the board, requiring the proceeds to be used by the financial institution for the purpose of financing the acquisition, construction, reconstruction, or improvement of projects located in the state; or   (d) finance projects located in the state upon such terms and conditions as determined by the board.   (2) The board may not operate any project as a business or in any other manner except as the lessor thereof or as may be necessary for a temporary period through the enforcement of its rights under a lease, loan agreement, or other security agreement.   History: En. Sec. 3, Ch. 686, and Sec. 5, Ch. 701, L. 1983; amd. Sec. 1, Ch. 640, L. 1985.
MT Code § 17-5-1508 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1508. Provisions of bond resolutions

  17-5-1508. Provisions of bond resolutions. A resolution authorizing notes or bonds or any issue thereof may contain provisions, which 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 property 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) pledging all or any part of the assets of the board, including lease agreements, loan agreements, mortgages, and obligations securing them, to secure the payment of the notes or bonds or of any issue thereof, subject to existing agreements with noteholders or bondholders;   (3) the use and disposition of the gross income from lease agreements, loan agreements, and mortgages owned by the board, and the payment of the principal of mortgages owned by the board;   (4) the setting aside of reserves for debt service funds in the hands of trustees, paying agents, and other depositories and the regulation and disposition thereof;   (5) 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 bonds or of any issue thereof;   (6) 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;   (7) 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 shall consent thereto, and the manner in which such consent may be given;   (8) a commitment to employ adequate and competent personnel at reasonable compensation; to set 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;   (9) vesting in a trustee such property, rights, powers, and duties in trust as the authority determines to be necessary;   (10) defining the acts or omissions that shall 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; and   (11) any other matters of like or different character that in any way affect the security or protection of the holders of the notes or bonds.   History: En. Sec. 6, Ch. 686, and Sec. 8, Ch. 701, L. 1983; amd. Sec. 48, Ch. 281, L. 1983.
MT Code § 17-5-1509 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1509. Personal liability

  17-5-1509. Personal liability. The board and employees of the department are not personally liable or accountable by reason of the issuance of or on any bond or note issued by the board.   History: En. Sec. 7, Ch. 686, and Sec. 9, Ch. 701, L. 1983.
MT Code § 17-5-1510 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1510. Purchase of notes and bonds -- cancellation

  17-5-1510. Purchase of notes and bonds -- cancellation. The board may, subject to existing agreements with noteholders or bondholders and out of any funds available for that purpose, purchase notes or bonds of the board, which shall then be canceled, at a price not exceeding:   (1) the current redemption price plus accrued interest to the next interest payment if the notes or bonds are then redeemable; or   (2) the redemption price applicable on the first date after the purchase on which the notes or bonds become subject to redemption, plus accrued interest to that date, if the notes or bonds are not then redeemable.   History: En. Sec. 8, Ch. 686, and Sec. 10, Ch. 701, L. 1983.
MT Code § 17-5-1511 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1511. Trust indenture

  17-5-1511. Trust indenture. (1) In the discretion of the board, the bonds may be secured by a trust indenture between the board and a corporate trustee, which may be a trust company or bank having the power of a trust company, either inside or outside the state. A trust indenture may contain provisions for protecting and enforcing bondholders' rights and remedies that are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the authority in relation to the exercise of its powers and the custody, safeguarding, and application of all money. The authority may provide by a trust indenture for the payment of the proceeds of the bonds and revenues to the trustee under the trust indenture of another depository and for the method of disbursement, with the safeguards and restrictions it considers necessary.   (2) All expenditures incurred in carrying out a trust indenture may be treated as part of the operating expenses of the board.   History: En. Sec. 9, Ch. 686, and Sec. 11, Ch. 701, L. 1983.
MT Code § 17-5-1512 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1512. Negotiability of bonds

  17-5-1512. Negotiability of bonds. Notes and bonds issued by the board are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of notes and bonds.   History: En. Sec. 10, Ch. 686, and Sec. 12, Ch. 701, L. 1983.
MT Code § 17-5-1513 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1513. Signatures of board members

  17-5-1513. Signatures of board members. If board members whose signatures appear on notes, bonds, or coupons cease to be members before the delivery of the notes or bonds, their signatures shall nevertheless be valid and sufficient for all purposes the same as if the members had remained in office until delivery.   History: En. Sec. 11, Ch. 686, and Sec. 13, Ch. 701, L. 1983.
MT Code § 17-5-1514 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1514. Accounts

  17-5-1514. Accounts. The board may create funds and accounts necessary to implement this part. The funds and accounts may include:   (1) a fund into which bond proceeds are deposited;   (2) a common bond fund consisting of:   (a) a common debt service account;   (b) a capital reserve account as provided in 17-5-1515; and   (c) an operating account for defraying the operational costs of the board; and   (3) other funds or accounts.   History: En. Sec. 12, Ch. 686, and Sec. 14, Ch. 701, L. 1983; amd Sec. 48, Ch. 281, L. 1983.
MT Code § 17-5-1515 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1515. Reserve funds and appropriations

  17-5-1515. Reserve funds and appropriations. (1) The board may establish a capital reserve account and pay into it any:   (a) funds appropriated and made available by the state for the purpose of the account;   (b) proceeds of the sale of notes or bonds to the extent provided in the resolutions or indentures of the board authorizing their issuance; and   (c) other funds which may be available to the board from any other source for the purpose of the account.   (2) All funds held in the capital reserve account must be used solely for the payment of the principal of or interest on the bonds secured in whole or in part by the account or the debt service fund payments with respect to the bonds, the purchase or redemption of the bonds, the payment of interest on the bonds, or the payment of any redemption premium required to be paid when the bonds are redeemed prior to maturity. Funds in the account may not be withdrawn at any time in an amount that reduces the account to an amount less than the sum of minimum capital reserve requirements established in the resolutions or indentures of the board for the account except, with respect to bonds secured in whole or in part by the account, for the purpose of making payment, when due, of principal, interest, redemption premiums, and debt service fund payments for the payment of which other money pledged is not available. Any income or interest earned by or incremental to the capital reserve account due to its investment may be transferred to other accounts of the board to an extent that does not reduce the amount of the capital reserve account below the sum of minimum capital reserve requirements for the account.   History: En. Sec. 13, Ch. 686, and Sec. 15, Ch. 701, L. 1983; amd. Sec. 48, Ch. 281, L. 1983.
MT Code § 17-5-1516 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1516. Maintenance of capital reserve account

  17-5-1516. Maintenance of capital reserve account. (1) In order to ensure the maintenance of the capital reserve account, the presiding officer of the board shall, on or before September 1 in each year preceding the convening of the legislature, deliver to the governor a certificate stating the sum, if any, required to restore the capital reserve account to the minimum capital reserve requirement. The governor shall include in the executive budget submitted to the legislature the sum required to restore the capital reserve account to the sum of minimum capital reserve requirement. All sums appropriated by the legislature must be deposited in the capital reserve account.   (2) All amounts appropriated to the board under this section constitute advances to the board and, subject to the rights of the holders of any bonds or notes of the board, must be repaid to the state general fund without interest from available operating revenue of the board in excess of amounts required for the payment of bonds, notes, or other obligations of the board, for maintenance of the capital reserve account, and for operating expenses.   History: En. Sec. 14, Ch. 686, and Sec. 16, Ch. 701, L. 1983; amd. Sec. 216, Ch. 56, L. 2009.
MT Code § 17-5-1517 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 15. Economic Development Bonds|17-5-1517. Refunding obligations

  17-5-1517. Refunding obligations. 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 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 authority are governed by the appropriate provisions of this part that relate to the issuance of obligations. 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 and other available funds to the payment of principal, accrued interests, 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 may be invested in such securities as the board considers appropriate.   History: En. Sec. 15, Ch. 686, and Sec. 17, Ch. 701, L. 1983.