reglab/housing_qa huggingface dataset:
MT Code § 17-5-911 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-911. Highway revenue bond debt service account -- deposit of bond proceeds

  17-5-911. Highway revenue bond debt service account -- deposit of bond proceeds. (1) There is in the debt service fund a highway revenue bond debt service account. The state treasurer shall deposit highway revenues that are pledged to the payment of particular bonds, to the credit of the highway revenue bond debt service account as required by resolution or indenture.   (2) All proceeds of an issue of bonds must be deposited in a separate account in the state special revenue fund, except that any premiums and accrued interest received may be deposited in a separate account in the debt service fund established for that bond issue by resolution or indenture. No more than the principal and interest on the bonds due in any year may be retained in the highway revenue bond debt service account for the payment of bonds. The remainder of pledged revenues is available for authorized purposes of the department. Money deposited in the separate accounts in the state special revenue fund until spent for project purposes may be pledged and appropriated for the payment of bonds, which are a first lien and prior charge upon the funds, and the funds may be used for payment of bonds to the extent highway revenues deposited in the highway revenue bond debt service account are not sufficient for that purpose.   (3) Interest and investment earnings on the separate accounts named in subsections (1) and (2) must be retained in the separate accounts referred to in subsection (2).   History: En. Sec. 4, Ch. 557, L. 1983; amd. Sec. 4, Ch. 249, L. 1983; amd. Sec. 3, Ch. 20, Sp. L. June 1986; amd. Sec. 2, Ch. 10, L. 2009.
MT Code § 17-5-912 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-912. Pledge of highway revenues

  17-5-912. Pledge of highway revenues. All or any portion of highway revenues may be pledged to the payment of the principal, interest, and redemption premium, if any, on particular issues of state highway revenue bonds, and the pledge is and remains at all times a first lien and prior charge upon the pledged highway revenues credited to the highway revenue bond debt service account, subject to the pledge of particular highway revenues to secure particular issues of highway revenue bonds.   History: En. Sec. 5, Ch. 557, L. 1983; amd. Sec. 4, Ch. 249, L. 1983; amd. Sec. 3, Ch. 10, L. 2009.
MT Code § 17-5-913 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-913. Authority to issue highway revenue bonds

  17-5-913. Authority to issue highway revenue bonds. The board may issue and sell highway revenue bonds to finance the cost of highway projects, to pay the costs of issuing the bonds, and to provide for reserves, upon recommendation of the department. The state reserves the right to issue additional bonds secured equally and ratably by the pledge and appropriation of the highway revenues or separately secured by a portion of highway revenues subject only to the pledge of particular highway revenues to secure particular bonds.   History: En. Sec. 6, Ch. 557, L. 1983.
MT Code § 17-5-914 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-914. Continuation of taxes -- limit on additional highway revenue bonds

  17-5-914. Continuation of taxes -- limit on additional highway revenue bonds. The legislature shall provide for the continued assessment, levy, collection, and deposit of highway revenues into the state special revenue fund for the credit of the department in amounts sufficient to pay, when due, the annual debt service charges on all outstanding highway revenue bonds. The board is authorized to include a contractual undertaking for the benefit of bondholders to this effect in the resolution or indenture under which the bonds are issued.   History: En. Sec. 7, Ch. 557, L. 1983; amd. Sec. 4, Ch. 249, L. 1983.
MT Code § 17-5-915 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-915. through 17-5-920 reserved

  17-5-915 through 17-5-920 reserved.
MT Code § 17-5-921 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-921. Bond anticipation notes -- issued when -- payment of principal and interest

  17-5-921. Bond anticipation notes -- issued when -- payment of principal and interest. (1) The board may, pending the issuance of bonds, issue temporary notes in anticipation of the proceeds to be derived from the sale of the bonds, which notes are designated as "bond anticipation notes". The proceeds of the sale of the bond anticipation notes must be used only for the purpose for which the proceeds of the bonds could be used, including costs of issuance. If, prior to the issuance of the bonds, it becomes necessary or desirable to redeem outstanding notes, additional bond anticipation notes may be issued to redeem the outstanding notes. No renewal of any note may be issued after the sale of bonds in anticipation of which the original notes were issued.   (2) Bond anticipation notes or other short-term evidences of indebtedness maturing not more than 3 years after the date of issue may be issued from time to time as the proceeds thereof are needed. Such notes must be authorized by the board and have such terms and provisions as may be provided by resolution of the board; however, each resolution of the board authorizing notes must:   (a) describe the need for the proceeds of the notes to be issued; and   (b) specify the principal amount of the notes or maximum principal amount of the notes which may be outstanding at any one time, the rate or rates of interest or maximum rate of interest or interest rate formula (to be determined in the manner specified in the resolution authorizing the notes) of such notes, and the maturity date or maximum maturity date of the notes.   (3) Subject to the limitations contained in this section and the standards and limitations prescribed in the authorizing resolution, the board in its discretion may provide for the notes described in subsection (2) to be issued and sold, in whole or in part, from time to time, and may delegate to the state treasurer the power to determine the time or times of sale, the manner of sale, the amounts, the maturities, the rate or rates of interest, and such other terms and details of the notes as may be considered appropriate by the board or, if there has been such a delegation, the state treasurer. The board may, in its discretion but subject to the limitations contained in this section, provide in the resolution authorizing the issuance of notes for:   (a) the employment of one or more persons or firms to assist the board in the sale of the notes;   (b) the appointment of one or more banks or trust companies, either inside or outside the state, as depository for safekeeping and as agent for the delivery and payment of the notes;   (c) the refunding of the notes, from time to time, without further action by the board, unless and until the board revokes such authority to refund; and   (d) such other terms and conditions as the board may consider appropriate.   History: En. Sec. 8, Ch. 557, L. 1983.
MT Code § 17-5-922 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-922. Form -- principal and interest -- fiscal agent -- bonds authorized

  17-5-922. Form -- principal and interest -- fiscal agent -- bonds authorized. (1) Each series of bonds may be issued by the board at public or private sale, in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for the conversion or exchange, bearing interest at the rate or rates or the method of determining the rate or rates, maturing at times, not more than 40 years from date of issue, subject to redemption at earlier times and prices and upon notice, and payable at the office of a fiscal agency of the state that the board shall determine, subject to the limitations contained in this part. Any action taken by the board under this part must be approved by at least a majority vote of its members.   (2) In all other respects the board is authorized to prescribe the form and terms of the bonds and shall do whatever is lawful and necessary for their issuance and payment.   (3) Bonds and any interest coupons appurtenant to the bonds must be signed by the members of the board, and the bonds must be issued under the great seal of the state of Montana. The bonds and coupons may be executed with facsimile signatures and seal in the manner and subject to the limitations prescribed by law. The state treasurer shall keep a record of all bonds issued and sold.   (4) The board may employ a fiscal agent and a bond registrar and transfer agent to assist in the performance of its duties under this part.   (5) In connection with the issuance and sale of bonds, the board may arrange for lines of credit or letters of credit with any bank, firm, or person for the purpose of providing an additional source of repayment for bonds issued pursuant to this part. Amounts drawn on lines of credit may be evidenced by negotiable or nonnegotiable notes or other evidences of indebtedness, containing terms and conditions that the board may authorize in the resolution approving the notes or evidences of indebtedness.   (6) Not more than $150 million of bonds issued under this part may be outstanding at any time. Additional bonds, other than refunding bonds, may not be issued until the pledge in favor of the highway revenue bonds is satisfied and discharged.   (7) If applicable, the board shall specify whether the bonds are tax credit bonds as provided in 17-5-117.   History: En. Sec. 9, Ch. 557, L. 1983; amd. Sec. 16, Ch. 489, L. 2009.
MT Code § 17-5-923 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-923. Trust indenture

  17-5-923. Trust indenture. In the discretion of the board, bonds issued under this part may be secured by a trust indenture by and between the board and a trustee, which may be any trust company or bank having the powers of a trust company inside or outside of the state. Each trust indenture or an executed counterpart thereof must be filed in the office of the secretary of state. The filing of a trust indenture or an executed counterpart thereof in the office of the county clerk and recorder of the county in which the property covered by the trust indenture is located is constructive notice of its content to all persons from the time of filing, and the recording of the trust indenture or its content is not necessary.   History: En. Sec. 10, Ch. 557, L. 1983.
MT Code § 17-5-924 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-924. Provisions for protecting bondholders

  17-5-924. Provisions for protecting bondholders. The resolution of the board providing for the issuance of bonds or the trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the state, the board, and the departments, boards, or agencies of state government in relation to the construction, reconstruction, improvement, maintenance, and repair of the highway projects financed with the proceeds of the bonds and the custody, safeguarding, and application of all money. The trust indenture may set forth the rights and remedies of the bondholders customary in trust indentures, deeds of trusts, and mortgages securing bonds or debentures of corporations. No enumeration of particular powers granted by this section impairs any general grant of power contained in this part.   History: En. Sec. 11, Ch. 557, L. 1983.
MT Code § 17-5-925 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-925. Personal liability -- suit to compel performance

  17-5-925. Personal liability -- suit to compel performance. (1) The members of the board and officers and employees of the departments, boards, or agencies of state government are not personally liable or accountable by reason of the issuance of or on any bond issued by the board under this part.   (2) Any holder of bonds issued under this part or any person or officer who is a party in interest, subject to any applicable agreements or trust indentures, may sue to enforce and compel the performance of the bond provisions as set out in this part.   History: En. Sec. 12, Ch. 557, L. 1983.
MT Code § 17-5-926 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-926. Negotiability of bonds

  17-5-926. Negotiability of bonds. Bonds issued under this part are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of bonds.   History: En. Sec. 13, Ch. 557, L. 1983.
MT Code § 17-5-927 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-927. Signatures of board members

  17-5-927. Signatures of board members. If any member of the board whose signature appears on bonds or coupons issued under this part ceases to be a member before the delivery of the bonds, the member's signature is valid and sufficient for all purposes as if the member had remained in office until delivery.   History: En. Sec. 14, Ch. 557, L. 1983; amd. Sec. 215, Ch. 56, L. 2009.
MT Code § 17-5-928 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-928. Refunding obligations

  17-5-928. 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 or to accrue to the date of redemption of the obligations. The issuance of refunding obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of the state are governed by the appropriate provisions of this part that relate to the issuance of the obligations.   (2) Refunding obligations issued as provided in subsection (1) may be sold or exchanged for outstanding obligations issued under this part. The proceeds may be applied to the purchase, redemption, or payment of the 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 may be invested as provided in Title 17, chapter 6.   History: En. Sec. 15, Ch. 557, L. 1983.
MT Code § 17-5-929 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-929. Pledge of the state

  17-5-929. 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 state and the holders of notes and bonds issued by the state under this part.   History: En. Sec. 16, Ch. 557, L. 1983.
MT Code § 17-5-930 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 9. Highway Revenue Bonds|17-5-930. Tax exemption of bonds -- legal investments

  17-5-930. Tax exemption of bonds -- legal investments. (1) All bonds issued under this part, their transfer, and their income, including any profits made on their sale, are exempt from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes.   (2) Bonds issued under this part are legal investments for any person or board charged with investment of public funds and are acceptable as security for any deposit of public money.   History: En. Sec. 17, Ch. 557, L. 1983; amd. Sec. 10, Ch. 9, Sp. L. May 2000.
MT Code § 17-5-1001 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 10. Actions|17-5-1001. Action to restrain bond issues

  17-5-1001. Action to restrain bond issues. (1) No action may be brought for the purpose of restraining the issuance and sale of bonds or other obligations by the state of Montana or for the purpose of restraining the levy and collection of taxes for the payment of such bonds or other obligations after the expiration of 60 days from the date of the election on such bonds or obligations or, if no election was held thereon, after the expiration of 60 days from the date of the order, resolution, or ordinance authorizing the issuance thereof, on account of any defect, irregularity, or informality in giving notice of or in holding the election. No defense based upon any such defect, irregularity, or informality may be interposed in any action unless brought within this period.   (2) This section applies but is not limited to any action or defense in which the issue is raised whether a voted debt or liability has carried by the required majority vote of the electors qualified and offering to vote thereon.   History: En. Sec. 1, Ch. 114, L. 1919; re-en. Sec. 9040, R.C.M. 1921; re-en. Sec. 9040, R.C.M. 1935; R.C.M. 1947, 93-2612(part); amd. Sec. 4, Ch. 540, L. 1979.
MT Code § 17-5-1101 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 11. Public Obligations Registration|17-5-1101. Short title

  17-5-1101. Short title. This part may be cited as the "Model Public Obligations Registration Act of Montana".   History: En. Sec. 1, Ch. 364, L. 1983.
MT Code § 17-5-1103 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 11. Public Obligations Registration|17-5-1103. Declarations of state interest -- purposes

  17-5-1103. Declarations of state interest -- purposes. (1) Sections 103 and 103A of the Internal Revenue Code, 26 U.S.C. 103 and 103A, provide that interest with respect to certain obligations may not be exempt from the income tax if they are not in registered form. It is therefore a matter of state concern that public entities be authorized to provide for the issuance of obligations in registered form. It is a purpose of this part to authorize all public entities to establish and maintain a system pursuant to which obligations may be issued in registered form within the meaning of sections 103 and 103A of the Internal Revenue Code, 26 U.S.C. 103 and 103A.   (2) Obligations have traditionally been issued in bearer rather than in registered form, and a change from bearer to registered form will significantly affect the relationships, rights, and duties of issuers of and the persons that deal with obligations and may consequently affect the costs. The effects will impact the various issuers and varieties of obligations differently, depending on their legal and financial characteristics, their markets, and their adaptability to recent and prospective technological and organizational developments. It is therefore a matter of state concern that public entities be provided flexibility in the development of systems of registration and control over system incidents, in order to accommodate differing impacts. It is a purpose of this part to provide for the establishment and maintenance, and amendment from time to time, of differing systems of registration of obligations, including system incidents, in order to accommodate the differing impacts upon issuers and varieties of obligations.   History: En. Sec. 3, Ch. 364, L. 1983; amd. Sec. 44, Ch. 114, L. 2003.
MT Code § 17-5-1104 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 11. Public Obligations Registration|17-5-1104. Construction

  17-5-1104. Construction. This part must be construed in conjunction with the Uniform Commercial Code and the principles of contract law relative to the registration and transfer of obligations.   History: En. Sec. 14, Ch. 364, L. 1983.
MT Code § 17-5-1105 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 11. Public Obligations Registration|17-5-1105. Applicability -- election -- rescission

  17-5-1105. Applicability -- election -- rescission. (1) Public obligations may be issued as certificated or uncertificated public obligations as provided in this part, notwithstanding provisions of law providing for issuance in other forms. Whenever bonds are issued under this part, the provisions of this part are alternative and supplemental to such other provisions.   (2) Nothing in this part limits or prevents the issuance of obligations in any other form or manner authorized by law.   (3) The provisions of this part may be applied to obligations that have previously been approved by vote, referendum, or hearing, authorizing or permitting the authorization of obligations in bearer and registered form or in bearer form only, and such obligations need not be resubmitted for a further vote, referendum, or hearing for the purpose of authorizing or permitting the authorization of obligations in registered form only.   History: En. Sec. 13, Ch. 364, L. 1983.
MT Code § 17-5-1106 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 11. Public Obligations Registration|17-5-1106. Records -- no public inspection -- locations

  17-5-1106. Records -- no public inspection -- locations. (1) With regard to the ownership or pledge of public obligations, records are not subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records.   (2) Registration records of the issuer may be maintained at locations inside or outside this state determined by the issuer.   History: En. Sec. 12, Ch. 364, L. 1983.
MT Code § 17-5-1107 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 11. Public Obligations Registration|17-5-1107. through 17-5-1110 reserved

  17-5-1107 through 17-5-1110 reserved.