reglab/housing_qa huggingface dataset:
MT Code § 20-9-440 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-440. Payment of debt service obligations -- termination of interest

  20-9-440. Payment of debt service obligations -- termination of interest. (1) The school district shall provide the county treasurer with a general obligation bond, oil and natural gas revenue bond, or impact aid revenue bond debt services schedule. The county treasurer shall maintain a separate debt service fund for each school district and, if bonds are to be issued as either impact aid revenue bonds or oil and natural gas revenue bonds, shall maintain a separate impact aid revenue bond debt service fund or oil and natural gas revenue bond debt service fund, as applicable, and an impact aid revenue bond debt service reserve account or oil and natural gas revenue bond debt service reserve account, if required. The school district shall credit all tax money, oil and natural gas revenue, or impact aid revenue collected for debt service to the appropriate fund and use the money credited to the fund for the payment of debt service obligations in accordance with the school financial administration provisions of this title.   (2) The county treasurer or, if a district has established an investment account and subsidiary checking account for the district's debt service fund under 20-9-235, the school district shall pay from the debt service fund all amounts of interest and principal on school district bonds as the interest or principal becomes due when the coupons or bonds are presented and surrendered for payment and shall pay all special improvement district assessments as they become due. If the bonds are held by the state of Montana, then all payments must be remitted to the state treasurer who shall cancel the coupons or bonds and return the coupons or bonds to the county treasurer with the state treasurer's receipt. If the bonds are not held by the state of Montana and the interest or principal is made payable at some designated bank or financial institution, the county treasurer shall remit the amount due for interest or principal to the bank or financial institution for payment against the surrender of the canceled coupons or bonds.   (3) Whenever any school district bond or installment on school district bonds becomes due and payable, interest ceases on that date unless sufficient funds are available to pay the bond when it is presented for payment or when payment of an installment is demanded. In either case, interest on the bond or installment continues until payment is made.   (4) Any installment on interest and principal on bonds held by the state that is not promptly paid when due draws interest at an annual rate of 6% from the date due until actual payment, irrespective of the rate of interest on the bonds.   History: En. 75-7129 by Sec. 330, Ch. 5, L. 1971; amd. Sec. 3, Ch. 432, L. 1975; R.C.M. 1947, 75-7129; amd. Sec. 14, Ch. 492, L. 2003; amd. Sec. 26, Ch. 400, L. 2013; amd. Sec. 2, Ch. 166, L. 2019.
MT Code § 20-9-441 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-441. Redemption of bonds -- investment of debt service fund money

  20-9-441. Redemption of bonds -- investment of debt service fund money. (1) Whenever there is a sufficient amount of money in any school district debt service fund available to pay and redeem one or more bonds of the school district held by the state of Montana, the county treasurer shall apply the money in payment of as many of the bonds as can be paid and redeemed. The county treasurer shall give notice not less than 30 days before the next interest due date to the board of investments that the bonds will be paid on the interest due date. Before the interest due date, the county treasurer shall remit to the state treasurer the amount of money that is necessary to pay the bonds that are being redeemed and the interest due on the bonds. When the state treasurer receives the payment, the treasurer shall cancel the bonds and any unpaid coupons of the bonds and return the canceled bonds and coupons to the county treasurer.   (2) Whenever there is a sufficient amount of money in any school district debt service fund available to pay and redeem one or more optional bonds of the school district not held by the state of Montana, not yet due but then redeemable or becoming redeemable on the next interest due date, the county treasurer shall apply the available money in payment of as many of the bonds as can be paid and redeemed. The county treasurer shall give notice to the holder of the bonds, if known, or to any bank or financial institution at which the bonds are payable, at least 30 days before the next interest due date, that the bonds will be paid and redeemed on that date. If the bonds are payable at some bank or financial institution, the county treasurer shall remit to the bank or financial institution, before the interest due date, an amount sufficient to pay and redeem the bonds. If the bonds are not presented for payment and redemption on the interest due date, the accrual of interest ceases on the interest due date.   (3) Whenever there is money available in any school district debt service fund sufficient to pay and redeem one or more outstanding bonds not yet due or redeemable and not held by the state of Montana, the trustees of the school district may direct the county treasurer to purchase the bonds of the district if this can be done at not more than par and accrued interest or at a reasonable premium that the trustees may feel justified in paying, but not exceeding 6%.   (4) Whenever the trustees cannot purchase outstanding bonds of the school district at a reasonable price, the available debt service fund money must be invested by the trustees under the provisions of 20-9-213(4). The investments must be sold in ample time before the debt service fund money is required for the payment of the bonds of the school district.   History: En. 75-7130 by Sec. 331, Ch. 5, L. 1971; R.C.M. 1947, 75-7130; amd. Sec. 10, Ch. 384, L. 1979; amd. Sec. 315, Ch. 56, L. 2009.
MT Code § 20-9-442 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-442. Entries of payments and notification of school district

  20-9-442. Entries of payments and notification of school district. The county treasurer shall make the necessary entries of all payments of interest and principal on the treasurer's bond registration record and shall promptly notify the clerk of the school district when the payments are made. The county treasurer also shall deliver the canceled coupons and bonds to the county clerk at the end of each month. The county clerk shall file the canceled coupons and bonds in the clerk's office.   History: En. 75-7131 by Sec. 332, Ch. 5, L. 1971; R.C.M. 1947, 75-7131; amd. Sec. 316, Ch. 56, L. 2009.
MT Code § 20-9-443 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-443. Disposition of remaining debt service fund

  20-9-443. Disposition of remaining debt service fund. (1) Except as provided in subsection (2), when all of the bonds, bond interest, and special improvement district obligations of a school district have been fully paid, all money remaining in the debt service fund for the school district and all money that may come into the debt service fund from the payment of the delinquent taxes must be transferred by the county treasurer to the building reserve levy fund, the technology acquisition and depreciation fund, or the general fund as designated by the school district if the subsequent use of the funds by the school district is limited to constructing, equipping, or enlarging school buildings or purchasing land needed for school purposes in the district.   (2) Any federal impact aid funding remaining in the debt service fund of a school district that has fully repaid the bonds and bond interest must revert to the district's impact aid fund established pursuant to 20-9-514.   History: En. 75-7132 by Sec. 333, Ch. 5, L. 1971; R.C.M. 1947, 75-7132; amd. Sec. 4, Ch. 480, L. 2001; amd. Sec. 3, Ch. 549, L. 2001; amd. Sec. 19, Ch. 462, L. 2005; amd. Sec. 25, Ch. 44, L. 2007.
MT Code § 20-9-444 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-444. Liability of officers for failure to provide fund for payment of bonds

  20-9-444. Liability of officers for failure to provide fund for payment of bonds. When the trustees of a school district are required by law to provide, by a levy of taxes or by certifying the amount of money required or otherwise, a sinking fund or fund required to pay at maturity any bonds issued or created after February 6, 1923, such trustees are jointly and severally liable to the school district which they represent if they fail to perform any duties so required by law, as specified in this section, in an amount equal to the sum which would have been added to such fund had they performed such duty. However, whenever any such board of trustees fails or neglects to perform any such duty, no minority member of the board who moved the board or voted in favor of performance of such duty may be held liable.   History: En. Sec. 1, Ch. 5, L. 1923; re-en. Sec. 463.1, R.C.M. 1935; R.C.M. 1947, 59-534; amd. Sec. 11, Ch. 384, L. 1979.
MT Code § 20-9-445 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-445. Liability for misuse of bond payment fund

  20-9-445. Liability for misuse of bond payment fund. Any person or persons who shall take, use, appropriate, or permit to be taken, used, or appropriated any portion of any such fund as herein specified for any purpose other than that permitted by law shall be jointly and severally liable to the county, city, school district, irrigation district, or other municipal or public corporation to which said fund shall belong for the portion of such fund so unlawfully taken, used, or appropriated.   History: En. Sec. 2, Ch. 5, L. 1923; re-en. Sec. 463.2, R.C.M. 1935; R.C.M. 1947, 59-535.
MT Code § 20-9-446 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-446. Duty of county attorney to prosecute

  20-9-446. Duty of county attorney to prosecute. It shall be the duty of the county attorney in each county to commence and prosecute all actions to enforce any liability created by 20-9-444 or 20-9-445. Such actions shall be tried as civil actions at law.   History: En. Sec. 3, Ch. 5, L. 1923; re-en. Sec. 463.3, R.C.M. 1935; R.C.M. 1947, 59-536.
MT Code § 20-9-447 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-447. through 20-9-450 reserved

  20-9-447 through 20-9-450 reserved.
MT Code § 20-9-451 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-451. Repealed

  20-9-451. Repealed. Sec. 22, Ch. 219, L. 1997.   History: En. 75-7133 by Sec. 334, Ch. 5, L. 1971; R.C.M. 1947, 75-7133.
MT Code § 20-9-452 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-452. Repealed

  20-9-452. Repealed. Sec. 22, Ch. 219, L. 1997.   History: En. 75-7134 by Sec. 335, Ch. 5, L. 1971; amd. Sec. 12, Ch. 83, L. 1971; R.C.M. 1947, 75-7134; amd. Sec. 1, Ch. 42, L. 1985.
MT Code § 20-9-453 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-453. Repealed

  20-9-453. Repealed. Sec. 22, Ch. 219, L. 1997.   History: En. 75-7135 by Sec. 336, Ch. 5, L. 1971; R.C.M. 1947, 75-7135.
MT Code § 20-9-454 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-454. Repealed

  20-9-454. Repealed. Sec. 22, Ch. 219, L. 1997.   History: En. 75-7136 by Sec. 337, Ch. 5, L. 1971; R.C.M. 1947, 75-7136.
MT Code § 20-9-455 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-455. Repealed

  20-9-455. Repealed. Sec. 22, Ch. 219, L. 1997.   History: En. 75-7137 by Sec. 338, Ch. 5, L. 1971; R.C.M. 1947, 75-7137.
MT Code § 20-9-456 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-456. Repealed

  20-9-456. Repealed. Sec. 22, Ch. 219, L. 1997.   History: En. 75-7138 by Sec. 339, Ch. 5, L. 1971; R.C.M. 1947, 75-7138.
MT Code § 20-9-457 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-457. through 20-9-460 reserved

  20-9-457 through 20-9-460 reserved.
MT Code § 20-9-461 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-461. Purpose

  20-9-461. Purpose. Section 20-9-464 and this section are intended to improve the marketability of bonds issued by school districts in order that the bonds may be sold upon the most favorable terms.   History: En. Sec. 4, Ch. 139, L. 1939; R.C.M. 1947, 82-413(part); amd. Sec. 9, Ch. 94, L. 2007.
MT Code § 20-9-462 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-462. Repealed

  20-9-462. Repealed. Sec. 14, Ch. 94, L. 2007.   History: En. Sec. 1, Ch. 139, L. 1939; R.C.M. 1947, 82-410(part).
MT Code § 20-9-463 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-463. Repealed

  20-9-463. Repealed. Sec. 14, Ch. 94, L. 2007.   History: En. Sec. 2, Ch. 139, L. 1939; R.C.M. 1947, 82-411(part).
MT Code § 20-9-464 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-464. Statute of limitations -- action to test validity

  20-9-464. Statute of limitations -- action to test validity. A bond of any issue may not be held invalid because of any defect or failure to comply with a statutory provision relating to the authorization, issuance, or sale of the bonds unless an action to contest the validity of the bonds is brought within 30 days after the date of the adoption of the resolution calling for the sale of bonds of the school district.   History: En. Sec. 3, Ch. 139, L. 1939; R.C.M. 1947, 82-412(part); amd. Sec. 20, Ch. 451, L. 2005; amd. Sec. 10, Ch. 94, L. 2007.
MT Code § 20-9-465 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-465. Action to restrain bond issue -- time for bringing

  20-9-465. Action to restrain bond issue -- time for bringing. (1) No action may be brought for the purpose of restraining the issuance and sale of bonds or other obligations by any school district 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 resolution authorizing the issuance thereof on account of any defect, irregularity, or informality in giving notice of or in holding the election; nor may any defense based upon any such defect, irregularity, or informality be interposed in any action unless brought within this period.   (2) This section applies but is not limited to any action and 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; amd. Sec. 15, Ch. 158, L. 1971; R.C.M. 1947, 93-2612(part); amd. Sec. 12, Ch. 384, L. 1979.
MT Code § 20-9-466 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-466. Repealed

  20-9-466. Repealed. Sec. 3, Ch. 14, L. 2007.   History: En. Sec. 1, Ch. 12, Sp. L. January 1992; amd. Sec. 39, Ch. 18, L. 1995; amd. Sec. 115, Ch. 42, L. 1997.
MT Code § 20-9-467 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-467. Repealed

  20-9-467. Repealed. Sec. 3, Ch. 14, L. 2007.   History: En. Sec. 2, Ch. 12, Sp. L. January 1992.
MT Code § 20-9-468 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-468. through 20-9-470 reserved

  20-9-468 through 20-9-470 reserved.
MT Code § 20-9-472 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-472. Security for impact aid revenue bonds -- agreement of state

  20-9-472. Security for impact aid revenue bonds -- agreement of state. (1) To secure the payment of principal and interest on impact aid revenue bonds, the trustees of a school district by resolution or indenture of trust may provide that impact aid revenue bonds are secured by a first lien on the federal impact aid basic support payments received and credited to the fund established in 20-9-514 and pledge to the holders of the impact aid revenue bonds all of the money in the impact aid revenue bond debt service fund.   (2) Upon receipt of the federal impact aid basic support payment, the county treasurer shall deposit in the impact aid revenue bond debt service fund the amount that is required to pay the principal of and interest on the impact aid revenue bonds coming due in the next 12-month period and to restore any deficiency in the impact aid revenue bond debt service reserve account. Excess federal impact aid basic support payment revenue must be deposited as provided in 20-9-514. The school district and county treasurer may designate a trustee for holders of the bonds to receive the school district's impact aid revenue for purposes of making the annual debt service payments on impact aid revenue bonds and may authorize the trustee to establish and maintain the impact aid revenue bond debt service fund and impact aid revenue bond debt service reserve account.   (3) Any pledge made pursuant to this section is valid and binding from the time the pledge is made, and the money pledged and received by the county treasurer on behalf of the school district to be placed in the impact aid revenue bond debt service fund account is immediately subject to the lien of the pledge without any future physical delivery or further act. A lien of any pledge is valid and binding against all parties that have claims of any kind against the school district, regardless of whether the parties have notice of the lien. The bond resolution or indenture of trust that creates the pledge, when adopted by the trustees of any district, is notice of the creation of the pledge, and those instruments are not required to be recorded in any other place to perfect the pledge.   (4) The state pledges to and agrees with the holders of impact aid revenue bonds that the state will not limit, alter, or impair the ability of a school district to qualify for impact aid revenue or in any way impair the rights and remedies of the bondholders until all bonds issued under this section, together with interest on the bonds, interest on any unpaid installments of principal or interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders, are fully met and discharged. The trustees of any district, as agents for the state, may include this pledge and undertaking in resolutions and indentures authorizing and securing the bonds.   History: En. Sec. 15, Ch. 492, L. 2003; amd. Sec. 26, Ch. 44, L. 2007.
MT Code § 20-9-473 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-473. Security for oil and natural gas revenue bonds

  20-9-473. Security for oil and natural gas revenue bonds. (1) To secure the payment of principal of and interest on oil and natural gas revenue bonds, the trustees of a school district, by resolution or indenture of trust, may provide that oil and natural gas revenue bonds are secured by a first lien on the oil and natural gas production revenue received pursuant to 20-9-310 and pledge to the holders of the oil and natural gas revenue bonds all of the oil and natural gas revenue deposited in the district's debt service fund.   (2) Upon receipt of oil and natural gas revenue, the county treasurer shall deposit in the district's debt service fund the amount that is required to pay the principal of and interest on the oil and natural gas revenue bonds due in the next 12-month period and to restore any deficiency in the oil and natural gas revenue debt service reserve account up to reserve requirements. Any remaining oil and natural gas revenue must be deposited as directed by the board of trustees as provided in 20-9-310. The school district and county treasurer may designate a trustee for holders of the bonds to receive the school district's oil and natural gas revenue for purposes of making the annual debt service payments on oil and natural gas revenue bonds and may authorize the trustee to establish and maintain the oil and natural gas revenue bond debt service fund and oil and natural gas revenue bond debt service reserve account.   (3) Any pledge made pursuant to this section is valid and binding from the time the pledge is made, and the money pledged and received by the county treasurer on behalf of the school district to be placed in the debt service fund is immediately subject to the lien of the pledge without any future physical delivery or further act. A lien of any pledge is valid and binding against all parties that have claims of any kind against the school district regardless of whether the parties have notice of the lien. The bond resolution or indenture of trust that creates the pledge, when adopted by the trustees of any district, is notice of the creation of the pledge, and those instruments are not required to be recorded in any other place to perfect the pledge.   (4) The state may not limit, alter, or impair the ability of a school district to qualify for oil and natural gas revenue or in any way impair the rights and remedies of the bondholders until all bonds issued under this section, together with interest on the bonds, interest on any unpaid installments of principal or interest, and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders, are fully met and discharged. The trustees of any district, as agents for the state, may include a pledge and undertaking in resolutions and indentures authorizing and securing the bonds as described in this subsection.   History: En. Sec. 27, Ch. 400, L. 2013.
MT Code § 20-9-474 (2021)
2021 Montana Code Annotated|Title 20. Education|Chapter 9. Finance|Part 4. School Bonds|20-9-474. Oil and natural gas revenue bond debt service reserve account

  20-9-474. Oil and natural gas revenue bond debt service reserve account. (1) If a school district issues oil and natural gas revenue bonds, the school district shall establish and maintain an oil and natural gas revenue bond debt service reserve account, to which there must be deposited or transferred an amount from bond proceeds or oil and natural gas production taxes received by a school district or other legally available funds sufficient to satisfy the reserve requirement.   (2) All money held in the oil and natural gas revenue bond debt service 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.   History: En. Sec. 28, Ch. 400, L. 2013.