reglab/housing_qa huggingface dataset:
MT Code § 90-6-112 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-112. Provision of bond resolutions

  90-6-112. Provision of bond resolutions. A resolution authorizing any notes or bonds, or any issue thereof, may contain provisions, which shall be a part of the contract or contracts with the holders thereof, as to:   (1) pledging all or any part of the revenues 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 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 mortgages owned by the board and payment of principal of mortgages owned by the board;   (4) the setting aside of reserves of sinking funds in the hands of trustees, paying agents, and other depositories and the regulation and disposition thereof;   (5) limitations on the purpose to which the proceeds of 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;   (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 must consent thereto, and the manner in which such consent may be given;   (8) a commitment to employ adequate and competent personnel at such reasonable compensation, salaries, fees, and charges as may be determined by the board in conjunction with the department of commerce and to maintain suitable facilities and services for the purpose of carrying out its programs;   (9) vesting in a trustee property, rights, powers, and duties in trust as the board determines;   (10) defining the acts or omissions to act which 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. Rights and remedies shall not be inconsistent with the laws of the state and the other provisions of this part; and   (11) any other matters of like or different character which in any way affect the security or protection of the holders of the notes or bonds.   History: En. 35-509 by Sec. 10, Ch. 461, L. 1975; R.C.M. 1947, 35-509; amd. Sec. 1, Ch. 143, L. 1979; amd. Sec. 11, Ch. 274, L. 1981.
MT Code § 90-6-113 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-113. Validity of pledge

  90-6-113. Validity of pledge. Any pledge made by the board shall be valid and binding from the time the pledge is made. The revenues, moneys, or property pledged and thereafter received by the board shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act. The lien of any pledge shall be 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. 35-510 by Sec. 11, Ch. 461, L. 1975; R.C.M. 1947, 35-510.
MT Code § 90-6-114 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-114. Personal liability

  90-6-114. Personal liability. The board members 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. 35-511 by Sec. 12, Ch. 461, L. 1975; R.C.M. 1947, 35-511.
MT Code § 90-6-115 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-115. Purchase of notes and bonds -- cancellation

  90-6-115. Purchase of notes and bonds -- cancellation. The board, subject to existing agreements with noteholders or bondholders, may, out of any funds available for that reason, purchase notes or bonds of the board, which shall thereupon be canceled, at a price not exceeding:   (1) the current redemption price plus accrued interest to the next interest payment thereon, if the notes or bonds are then redeemable; or   (2) the redemption price applicable on the first date after the purchase upon 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. 35-512 by Sec. 13, Ch. 461, L. 1975; R.C.M. 1947, 35-512.
MT Code § 90-6-116 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-116. Trust indenture

  90-6-116. 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 within or without the state. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders which are reasonable and proper and not in violation of law, including covenants setting forth the duties of the board in relation to the exercise of its powers and the custody, safeguarding, and application of all money. The board may provide by a trust indenture for the payment of the proceeds of the bonds and the revenues to the trustee under the trust indenture of another depository and for the method of disbursement, with safeguards and restrictions it considers necessary.   (2) All expenditures incurred in carrying out a trust indenture may be treated as part of the operating expenditures of the board.   History: En. 35-513 by Sec. 14, Ch. 461, L. 1975; R.C.M. 1947, 35-513; amd. Sec. 4, Ch. 51, L. 1979.
MT Code § 90-6-117 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-117. Negotiability of bonds

  90-6-117. 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. 35-514 by Sec. 15, Ch. 461, L. 1975; R.C.M. 1947, 35-514.
MT Code § 90-6-118 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-118. Signatures of board members

  90-6-118. Signatures of board members. In case any of the board members whose signatures appear on notes or 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. 35-515 by Sec. 16, Ch. 461, L. 1975; R.C.M. 1947, 35-515.
MT Code § 90-6-120 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-120. Maintenance of capital reserve account

  90-6-120. 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 the 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 requirements. All sums appropriated by the legislature must be deposited in the capital reserve account.   (2) All amounts appropriated to the board by the legislature 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's general fund, without interest from available operating revenues 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. 35-517 by Sec. 18, Ch. 461, L. 1975; R.C.M. 1947, 35-517; amd. Sec. 2873, Ch. 56, L. 2009.
MT Code § 90-6-121 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-121. Refunding obligations -- issuance

  90-6-121. Refunding obligations -- issuance. The board may provide for the issuance of refunding obligations for refunding any obligations then outstanding which 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 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 which relate to the issuance of obligations.   History: En. 35-518 by Sec. 19, Ch. 461, L. 1975; R.C.M. 1947, 35-518.
MT Code § 90-6-122 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-122. Refunding obligations -- sale

  90-6-122. Refunding obligations -- sale. Refunding obligations issued as provided in 90-6-121 may be sold or exchanged for outstanding obligations issued under this part. The proceeds 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 may be invested as provided in Title 17, chapter 6.   History: En. 35-519 by Sec. 20, Ch. 461, L. 1975; R.C.M. 1947, 35-519.
MT Code § 90-6-123 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-123. Credit of state not pledged

  90-6-123. Credit of state not pledged. Obligations issued under the provisions of this part do not constitute a debt or liability or obligation or a 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 shall contain on the face thereof a statement to the effect that the state of Montana is not liable on the obligation and 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 of or the interest on the obligation.   History: En. 35-520 by Sec. 21, Ch. 461, L. 1975; R.C.M. 1947, 35-520.
MT Code § 90-6-124 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-124. Annual audit

  90-6-124. Annual audit. (1) There shall be an audit of the board's books and records at least once each fiscal year.   (2) The legislative auditor may conduct an audit at the request of the legislative audit committee.   History: En. 35-521 by Sec. 22, Ch. 461, L. 1975; R.C.M. 1947, 35-521.
MT Code § 90-6-125 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-125. Tax exemption of bonds

  90-6-125. Tax exemption of bonds. Bonds, notes, or other obligations issued by the board under this part or by local housing authorities under Title 7, chapter 15, parts 21, 44, and 45, their transfer, and their 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. 35-522 by Sec. 23, Ch. 461, L. 1975; R.C.M. 1947, 35-522; amd. Sec. 34, Ch. 9, Sp. L. May 2000.
MT Code § 90-6-126 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-126. Pledge of the state

  90-6-126. 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. 35-524 by Sec. 25, Ch. 461, L. 1975; R.C.M. 1947, 35-524; amd. Sec. 2, Ch. 143, L. 1979.
MT Code § 90-6-127 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-127. Allocation of state limit

  90-6-127. Allocation of state limit. (1) All of the aggregate amount of qualified mortgage bonds that may be issued during any calendar year in accordance with section 146 of the Internal Revenue Code, 26 U.S.C. 146, as amended, is allocated to the board of housing.   (2) The board of housing may adopt standards for determining and may designate areas of chronic economic distress within the meaning of section 143(j)(3) of the Internal Revenue Code, 26 U.S.C. 143(j)(3), as amended.   History: En. Sec. 1, Ch. 54, L. 1981; amd. Sec. 311, Ch. 42, L. 1997; amd. Sec. 133, Ch. 114, L. 2003.
MT Code § 90-6-128 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-128. through 90-6-130 reserved

  90-6-128 through 90-6-130 reserved.
MT Code § 90-6-131 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-131. Legislative declaration

  90-6-131. Legislative declaration. (1) The legislature finds that escalating land costs, current economic conditions, federal housing policies, and declining resources at the federal, state, and local levels adversely affect the ability of low-income and moderate-income persons to obtain safe, decent, accessible, and affordable housing.   (2) The legislature further finds that the state will lose substantial sums allocated to it by the federal government for affordable housing for low-income and moderate-income households unless matching funds are provided.   (3) The legislature declares that it is in the public interest to establish a continuously renewable financial resource known as the housing Montana fund to assist low- and moderate-income citizens in meeting their basic housing needs. Long-term affordability is the goal.   History: En. Sec. 1, Ch. 312, L. 1999; amd. Sec. 1, Ch. 455, L. 2003; amd. Sec. 2, Ch. 426, L. 2007.
MT Code § 90-6-132 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-132. Definitions

  90-6-132. Definitions. As used in 90-6-131 through 90-6-137, the following definitions apply:   (1) "Board" means the board of housing created in 2-15-1814.   (2) "Coal tax trust fund" means the trust fund created pursuant to Article IX, section 5, of the Montana constitution.   (3) "Fund" means the housing Montana fund created in 90-6-133.   (4) "Housing development" has the meaning provided in 90-6-103.   (5) "Low-income" means households whose incomes do not exceed 80% of the median income in the area, as determined by the United States department of housing and urban development, with adjustments for smaller or larger families.   (6) "Moderate-income" means households whose incomes are between 81% and 95% of the median income for the area, as determined by the United States department of housing and urban development, with adjustments for smaller and larger families.   History: En. Sec. 2, Ch. 312, L. 1999; amd. Sec. 3, Ch. 426, L. 2007; amd. Sec. 3, Ch. 460, L. 2019.
MT Code § 90-6-133 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-133. Housing Montana fund -- administration

  90-6-133. Housing Montana fund -- administration. (1) (a) There is a housing Montana fund in the housing authority enterprise fund provided for in 90-6-107. The money in the fund is allocated to the board for the purpose of providing loans to eligible applicants.   (b) Money in the housing Montana fund must be disbursed as loans. Twenty percent of the money in the fund must be disbursed to rural areas based on population, and 50% must be disbursed to assist people living on incomes of not more than 50% of the local median family income.   (2) (a) Except as provided in subsection (2)(b), money deposited in the fund must be used for the program authorized in 90-6-134 and may not be used to pay the expenses of any other program or service administered by the board.   (b) Money transferred to the account pursuant to section 2, Chapter 502, Laws of 2001, may be used only for the purposes authorized by the temporary assistance for needy families block grant pursuant to Title IV of the Social Security Act, 42 U.S.C. 601, et seq.   (3) The board may determine the rate of interest to be charged for any loan made under the provisions of 90-6-131 through 90-6-136.   (4) The board may accept contributions, gifts, and grants for deposit into the fund. The money must be used in accordance with the provisions of 90-6-134.   (5) The costs incurred by the board in administering the fund may be paid from the fund.   (6) Interest and principal on loans from the fund must be repaid to the fund.   (7) Interest income generated by investment of the principal of the fund is retained in the fund.   History: En. Sec. 3, Ch. 312, L. 1999; amd. Sec. 1, Ch. 502, L. 2001; amd. Sec. 2, Ch. 455, L. 2003; amd. Sec. 4, Ch. 426, L. 2007.
MT Code § 90-6-134 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-134. Housing Montana fund -- loan capital restricted to interest on principal -- eligible applicants

  90-6-134. Housing Montana fund -- loan capital restricted to interest on principal -- eligible applicants. (1) The money in the housing Montana fund must be used to provide financial assistance in the form of direct loans by the board to eligible applicants.   (2) After the initial principal is loaned to eligible applicants, the amount of loans made in a fiscal year is contingent on the repayment of loan principal and on the amount of interest income generated by the principal of the fund.   (3) Money from the fund must be used to provide:   (a) matching funds for public or private money available from other sources for the development of low-income and moderate-income housing;   (b) bridge financing necessary to make a low-income housing development or a moderate-income housing development financially feasible;   (c) acquisition of existing housing for the purpose of preservation of or conversion to low-income or moderate-income housing;   (d) preconstruction technical assistance to eligible recipients in rural areas and small cities and towns; or   (e) acquisition of land for housing developments, land banking and land trusts, and short-term site-based housing vouchers for needy individuals.   (4) (a) Technical assistance under subsection (3)(d) may include but is not limited to:   (i) financial planning and packaging for housing developments and projects;   (ii) project design, architectural planning, and siting;   (iii) compliance with planning and permitting requirements; or   (iv) maximizing local government contributions to project development in the form of land donations, infrastructure improvements, zoning variances, or creative local planning.   (b) The board may contract with a nonprofit organization to provide this technical assistance.   (5) Money from the fund may not be used to replace existing or available sources of funding for eligible activities.   (6) Organizations eligible for loans from the fund are state government or state agencies or programs, local governments, tribal governments, local housing authorities, nonprofit community- or neighborhood-based organizations, regional or statewide nonprofit housing assistance organizations, or for-profit housing developers.   History: En. Sec. 4, Ch. 312, L. 1999; amd. Sec. 3, Ch. 455, L. 2003; amd. Sec. 5, Ch. 426, L. 2007.
MT Code § 90-6-135 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-135. Coordination with other programs

  90-6-135. Coordination with other programs. The board shall ensure that all housing assistance activities supported through the loan program are coordinated with other housing assistance programs administered by the board, the federal government, state agencies, tribal governments, local public housing authorities, and local governments.   History: En. Sec. 5, Ch. 312, L. 1999.
MT Code § 90-6-136 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 6. Community Impact -- Planning and Abatement|Part 1. Financing of Housing|90-6-136. Administrative rules

  90-6-136. Administrative rules. The board shall adopt rules to implement 90-6-131 through 90-6-137. The rules must address:   (1) the development of eligibility criteria for applicants;   (2) the development of an application process for requesting financial assistance;   (3) the establishment of a procedure for disbursing financial assistance;   (4) the establishment of the terms and conditions of a loan, including the method and schedule of repayment and the applicable rate of interest;   (5) the development of a process for awarding technical assistance contracts; and   (6) other matters necessary for the administration of 90-6-131 through 90-6-137.   History: En. Sec. 6, Ch. 312, L. 1999; amd. Sec. 4, Ch. 460, L. 2019.