reglab/housing_qa huggingface dataset:
MT Code § 90-7-226 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 2. Authority Administration, Powers, and Limitations|90-7-226. Procedure prior to financing prerelease center projects

  90-7-226. Procedure prior to financing prerelease center projects. In addition to meeting the other requirements contained in this chapter or in state or federal law, the following requirements must be met before financing is finalized and provided for a prerelease center:   (1) A contract must be approved by the authority and executed by the department of corrections and the institution.   (2) The department of corrections, the institution, and any other third parties involved in the financing are required to execute, covenant, deliver, and assign as necessary all documents, representations, assignments, collateral, and any other conditions that the authority or its agents, underwriters, or attorneys may reasonably determine to be necessary to adequately protect the authority, the department of corrections, and the state from default, financial loss, or other harm and to provide an opportunity to lower borrowing costs.   (3) The prerelease center project must be determined to be in the public interest and to be consistent with the legislative policies governing the provision of the services.   (4) The applicant shall submit a statement indicating that contracts to construct the prerelease center project will require all contractors to comply with Title 18, chapter 2, part 4.   (5) Adequate provision must be made in the loan agreement, lease, or other credit arrangement regarding a prerelease center project to provide for the payment of debt service on the bonds issued to finance the project, to create and maintain reserves for payment of the debt service, and to meet all costs and expenses of issuing and servicing the bonds.   History: En. Sec. 15, Ch. 477, L. 1997.
MT Code § 90-7-227 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 2. Authority Administration, Powers, and Limitations|90-7-227. Public hearing

  90-7-227. Public hearing. The department of corrections, when seeking funding under this chapter, shall hold a public hearing to determine whether or not the proposed project is in the public interest. The decision regarding public interest is determined by the department of corrections, not the authority. Notice of the public hearing must be published in a newspaper of general circulation in the community where the prerelease center would be located. Notice must be given at least once a week for 2 weeks prior to the date of the public hearing. The notice must include the time and place of the hearing, the general nature of the prerelease center project, the name of the borrower or user of the project, the estimated cost of the project, and the maximum amount of financing assistance to be provided under this chapter. A determination by the department of corrections that a prerelease center project is in the public interest does not require that it be financed under this chapter.   History: En. Sec. 16, Ch. 477, L. 1997.
MT Code § 90-7-228 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 2. Authority Administration, Powers, and Limitations|90-7-228. Additional reserves, funds, and accounts

  90-7-228. Additional reserves, funds, and accounts. The authority may in its discretion establish additional reserves or other funds or accounts necessary, desirable, or convenient to further the accomplishment of the purposes of this chapter or to comply with the provisions of its resolution or agreements.   History: En. Sec. 17, Ch. 477, L. 1997.
MT Code § 90-7-229 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 2. Authority Administration, Powers, and Limitations|90-7-229. Procedure prior to financing certain projects

  90-7-229. Procedure prior to financing certain projects. (1) In addition to meeting the other requirements contained in this chapter or in state or federal law, the requirements of subsections (2) through (4) must be met before financing is provided for a project described in 90-7-104(1)(l).   (2) The authority shall find that the financing is in the public interest. In order to determine whether or not the financing is in the public interest, a public hearing must be conducted in the following manner:   (a) the city or county in which the project will be located must be notified, and the city and county shall, within 14 days after receipt of the notice, notify the board if it elects to conduct the hearing; or   (b) if a request for a local hearing is not received by the authority within 14 days after the notification in subsection (2)(a), the authority may hold the hearing at a time and place it determines.   (3) Notice of the hearing must be published at least once a week for 2 weeks prior to the date set for the hearing by publication in a newspaper of general circulation in the city or county where the hearing will be held and the project will be located. The notice must include the time and place of the hearing, a general description of the nature and location of the project, the name of the lessee, borrower, or user of the project, and the maximum principal amount of the financing to be provided by the authority.   (4) If the hearing required by subsection (2) is conducted by a local government, the governing body of the local government shall notify the authority of its determination of whether the financing is in the public interest within 14 days after the completion of the public hearing.   History: En. Sec. 52, Ch. 489, L. 2009.
MT Code § 90-7-230 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 2. Authority Administration, Powers, and Limitations|90-7-230. Taxation of projects

  90-7-230. Taxation of projects. (1) Regardless of whether the title to a project is held by the authority or a trustee acting for the authority, if the project is being financed by the authority on behalf of a for-profit corporation or other organization, the project is subject to taxation to the same extent, in the same manner, and under the same procedures as privately owned property in similar circumstances if the project is leased to or held by private interests on both the assessment date and the date the county commissioners set the mill levies in any year. The project is not subject to taxation in any year during which it is not leased to or held by private interests on both the assessment date and the date the county commissioners set the mill levy.   (2) When personal property owned by the authority or a trustee acting for the authority is taxed under this section and the personal property taxes on the personal property are delinquent, levy by warrant for distraint for collection of the delinquent taxes may be made only on the personal property against which the taxes were levied.   History: En. Sec. 51, Ch. 489, L. 2009.
MT Code § 90-7-301 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-301. Notes

  90-7-301. Notes. The authority is authorized from time to time to issue its negotiable notes for any corporate purpose, including the payment of all or any part of the cost of any eligible facility, and to renew from time to time any notes by the issuance of new notes, whether the notes to be renewed have or have not matured. The authority may issue notes partly to renew notes or to discharge other obligations then outstanding and partly for any other purpose. The notes may be authorized, sold, executed, and delivered in the same manner as bonds. Any resolution authorizing notes of the authority or any issue of notes may contain any provisions that the authority is authorized to include in any resolution authorizing bonds of the authority. The authority may include in its notes any terms, covenants, or conditions that it is authorized to include in any bonds. All notes must be payable from the proceeds of bonds, renewal notes, the revenue of the authority, or other available money not otherwise pledged, subject only to any contractual rights of the holders of any of its notes or other obligations then outstanding.   History: En. Sec. 12, Ch. 703, L. 1983; amd. Sec. 14, Ch. 137, L. 2001.
MT Code § 90-7-302 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-302. Bonds and notes of authority

  90-7-302. Bonds and notes of authority. (1) The authority may in each biennium borrow money and issue bonds and notes in an aggregate principal amount not to exceed $500 million, exclusive of bonds or notes issued to refund outstanding bonds or notes.   (2) Bonds must be authorized. The authority may specify that the bonds must be dated and must mature, except that a bond may not mature more than 40 years from the date of its issue. Bonds must bear interest at a rate or rates, be in denominations, be in the proper registered or bearer form, be executed in a manner, be payable in a medium of payment and at a place or places, and be subject to terms of redemption that the authority may provide.   (3) All bonds, regardless of form or character, are negotiable instruments for all purposes of the Uniform Commercial Code, subject to requirements as to registration.   (4) All bonds may be sold at public or private sale in the manner, for the price or prices, and at the time or times that the authority may determine.   (5) Before the issuance of any bonds, the authority shall make provisions, by lease or other agreement, regarding the eligible facility or facilities being financed by the issue of the bonds, for rentals or other considerations sufficient, in the judgment of the authority, to:   (a) pay the principal of and interest on the bonds as they become due;   (b) create and maintain the reserves for payment of the principal and interest;   (c) meet all obligations in connection with the lease or other agreement; and   (d) meet all costs necessary to service the bonds unless the lease or agreement provides that the obligations are to be met or costs are to be paid by a party other than the authority.   (6) The authority, before issuing any bonds, shall certify that an applicant has submitted a statement that indicates that any contract let for a public project costing more than $25,000 and financed from the proceeds of bonds issued under this part will contain a provision requiring the contractor to pay the standard prevailing wage rate in effect and applicable to the district in which the work is being performed unless the contractor performing the work has entered into a collective bargaining agreement covering the work to be performed.   (7) The authority may combine, for the purposes of a single offering, bonds financing more than one eligible facility under this chapter.   History: En. Sec. 13, Ch. 703, L. 1983; amd. Sec. 1, Ch. 319, L. 1985; amd. Sec. 5, Ch. 464, L. 1993; amd. Sec. 7, Ch. 479, L. 1997; amd. Sec. 15, Ch. 137, L. 2001; amd. Sec. 1, Ch. 278, L. 2007.
MT Code § 90-7-303 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-303. Procedure for issuance of bonds

  90-7-303. Procedure for issuance of bonds. (1) The authority may not finance any eligible facility unless, prior to the issuance of any bonds or notes, the members find that the facility is an eligible facility and will be operated by an institution for the purpose of providing services contemplated by this chapter.   (2) The authority may not allow the proceeds of any bonds or notes to be expended for any eligible facility that is a health care facility unless the facility has been reviewed and approved by the appropriate regional and state health planning boards and has received any approval required by Title 50, chapter 5, part 3.   (3) The authority may not allow the proceeds of any bonds or notes to be expended for any eligible facility unless the institution provides evidence that the eligible facility is financially feasible and that the institution reasonably expects that it will generate sufficient revenue to pay principal and interest payments when they become due.   History: En. Sec. 16, Ch. 703, L. 1983; amd. Sec. 1, Ch. 326, L. 1985; amd. Sec. 10, Ch. 477, L. 1997; amd. Sec. 16, Ch. 137, L. 2001.
MT Code § 90-7-304 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-304. Security of bondholders

  90-7-304. Security of bondholders. (1) The payment of the principal of and interest on any bonds issued under this chapter must be secured by a pledge of the revenue out of which the bonds are made payable.   (2) The principal of and interest on any bonds issued under the authority of this part may be secured by:   (a) a mortgage covering all or any part of the property of the participating institution;   (b) a pledge of the lease or loan agreement relating to the eligible facility; or   (c) another security device that is considered most advantageous by the authority.   (3) The proceedings under which the bonds are authorized to be issued under the provisions of this chapter and any mortgage given to secure the bonds, including a mortgage given by the borrower or lessee, may contain any agreements and provisions customarily contained in instruments securing bonds, as the authority considers advisable. The provisions may not be in conflict with the provisions of this chapter, including without limitation provisions relating to:   (a) fixing and collection of rents or payments under any lease or loan agreement concerning the eligible facility covered by the proceedings or mortgage;   (b) terms to be incorporated in the lease or loan agreement;   (c) maintenance and insurance of the eligible facility;   (d) creation and maintenance of special funds from the revenue of the eligible facility; and   (e) rights and remedies available in the event of a default to the bondholders or to the trustee under a mortgage.   (4) The proceedings authorizing any bonds under the provisions of this chapter and any mortgage, including a mortgage given by the lessee or borrower, securing bonds may provide that in the event of a default in the payment of the principal of or the interest on the bonds or in the performance of any agreement contained in the proceedings or mortgage, the payment and performance may be enforced by mandamus or by the appointment of a receiver in equity with power to charge and collect rents and to apply the revenue from the project in accordance with the proceedings or the provisions of the mortgage.   (5) Any mortgage made by the authority, lessee, or borrower to secure these bonds may provide that, in the event of a default in the payment of the bonds or the violation of any agreement contained in the mortgage, the mortgage may be foreclosed and the project sold under proceedings in equity or in any other manner permitted by law. The mortgage may also provide that any trustee under the mortgage or the holder of any of the bonds secured by the mortgage may become the purchaser at any foreclosure sale if the trustee is the highest bidder. A breach of an agreement may not impose any pecuniary liability upon the authority.   History: En. Sec. 14, Ch. 703, L. 1983; amd. Sec. 11, Ch. 477, L. 1997; amd. Sec. 17, Ch. 137, L. 2001.
MT Code § 90-7-305 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-305. Trust agreement to secure bonds

  90-7-305. Trust agreement to secure bonds. In the discretion of the authority, any bonds issued under this chapter may be secured by a trust agreement between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company in Montana or outside of Montana, if it is determined by the authority to be in the best interest of financing the bonds. The trust agreement or the resolution providing for the issuance of the bonds may pledge or assign the revenue to be received or the proceeds of any contract or contracts pledged and may convey or mortgage the project or any portion of the project. The trust agreement or resolution providing for the issuance of the bonds may contain provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including particularly any provisions that have been specifically authorized to be included in a resolution of the authority authorizing bonds. A bank or trust company incorporated under the laws of this state that may act as depository of the proceeds of bonds or of revenue or other money may furnish indemnifying bonds or pledge securities that may be required by the authority. A trust agreement may set forth the rights and remedies of the bondholders and of the trustee or trustees and may restrict the individual right of action by bondholders. In addition, a trust agreement or resolution may contain other provisions that the authority may consider reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the trust agreement or resolution may be treated as a part of the cost of the operation of an eligible facility.   History: En. Sec. 17, Ch. 703, L. 1983; amd. Sec. 12, Ch. 477, L. 1997; amd. Sec. 8, Ch. 479, L. 1997.
MT Code § 90-7-306 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-306. Trust funds

  90-7-306. Trust funds. All money received pursuant to this chapter, whether as proceeds from the sale of bonds, notes, or other obligations or as revenue or receipts, are trust funds to be held and applied solely as provided in this chapter. Any officer with whom or any bank or trust company with which such money is deposited shall act as trustee of the money and shall hold and apply it for the purposes of this chapter, subject to such regulations as this chapter and the resolution authorizing the bonds, notes, or other obligations of any issue or the trust agreement securing the obligations may provide.   History: En. Sec. 22, Ch. 703, L. 1983.
MT Code § 90-7-307 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-307. Conveyance of title

  90-7-307. Conveyance of title. When the principal and interest on bonds issued by the authority to finance the cost of eligible facilities or to refinance outstanding indebtedness of one or more participating institutions, including any refunding bonds issued to refund and refinance bonds, have been fully paid and retired or when adequate provision has been made to fully pay and retire the bonds and all other conditions of the resolution, lease, trust indenture, and mortgage or deed of trust or any other form of security arrangement, if any, authorizing and securing the bonds have been satisfied and the lien of the mortgage or deed of trust or any other form of security arrangement has been released in accordance with the provisions of the security arrangement, the authority shall promptly convey its interest in the facilities and any other facilities mortgaged or subject to deed of trust or any other form of security arrangement to secure the bonds to the participating institution or institutions.   History: En. Sec. 21, Ch. 703, L. 1983; amd. Sec. 13, Ch. 477, L. 1997.
MT Code § 90-7-308 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-308. through 90-7-310 reserved

  90-7-308 through 90-7-310 reserved.
MT Code § 90-7-311 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-311. Pledge of state not to impair -- to administer

  90-7-311. Pledge of state not to impair -- to administer. 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 authority and the holders of notes and bonds issued by the authority, including but not limited to an agreement to administer a loan program financed by the issuance of bonds, and to employ a staff sufficient and competent for this purpose.   History: En. Sec. 24, Ch. 703, L. 1983.
MT Code § 90-7-312 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-312. Pledge of revenue, money, or property -- validity

  90-7-312. Pledge of revenue, money, or property -- validity. Any pledge made by the authority is valid and binding from the time the pledge is made. The revenue, money, or property pledged and received by the authority is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding against all parties having claims of any kind, whether in tort, contract, or otherwise, against the authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created is required to be recorded.   History: En. Sec. 25, Ch. 703, L. 1983.
MT Code § 90-7-313 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-313. through 90-7-316 reserved

  90-7-313 through 90-7-316 reserved.
MT Code § 90-7-317 (2021)
2021 Montana Code Annotated|Title 90. Planning, Research, and Development|Chapter 7. Facility Finance Authority|Part 3. Notes and Bonds|90-7-317. Capital reserve account

  90-7-317. Capital reserve account. (1) There is a capital reserve account in the enterprise fund provided for in 90-7-202(17).   (2) The authority shall deposit into the capital reserve account:   (a) funds from state appropriations received for deposit into the account, as provided in 90-7-319, for bonds issued to finance capital projects for community health facilities that contract with the state to provide health care services, bonds issued to finance the facilities described in 90-7-220 and 90-7-221, or bonds used to finance prerelease centers that contract with the state; and   (b) proceeds from the sale of bonds or notes to the extent provided in the resolutions or indentures of the authority authorizing their issuance.   (3) The authority may also deposit into the capital reserve account:   (a) revenue from fees and charges imposed by the authority;   (b) income from the investment of funds belonging to the authority; and   (c) any other funds that may be available to the authority for the purpose of the account from any other source, including loans authorized under 90-7-320.   History: En. Sec. 2, Ch. 673, L. 1991; amd. Sec. 2, Ch. 513, L. 1993; amd. Sec. 5, Ch. 557, L. 1995; amd. Sec. 14, Ch. 477, L. 1997; amd. Sec. 9, Ch. 479, L. 1997.