reglab/housing_qa huggingface dataset:
MT Code § 17-5-1624 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1624. Trust indenture

  17-5-1624. Trust indenture. (1) In the discretion of the board, the bonds or notes of the board 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 inside or outside the state. A trust indenture may contain provisions for protecting and enforcing bondholders' rights and remedies that 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 or notes 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 general overhead cost of the board.   History: En. Sec. 15, Ch. 620, L. 1983.
MT Code § 17-5-1625 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1625. Presumption of validity

  17-5-1625. Presumption of validity. After issuance, all bonds or notes of the board are conclusively presumed to be fully authorized by and issued under all the laws of this state and any person or governmental unit is estopped from questioning their proper authorization, sale, issuance, execution, or delivery by the board.   History: En. Sec. 16, Ch. 620, L. 1983.
MT Code § 17-5-1626 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1626. Signatures of board members

  17-5-1626. Signatures of board members. If 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 as if the members had remained in office until delivery.   History: En. Sec. 17, Ch. 620, L. 1983.
MT Code § 17-5-1627 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1627. Negotiability of bonds or notes

  17-5-1627. Negotiability of bonds or notes. Notwithstanding any other provisions of law, a bond or note issued under this part is fully negotiable for all purposes of the Uniform Commercial Code, Title 30, chapters 1 through 9A, and a holder or owner of a bond or note or of a coupon appurtenant to it, by accepting the bond, note, or coupon, is conclusively presumed to have agreed that the bond, note, or coupon is fully negotiable for all purposes of the Uniform Commercial Code.   History: En. Sec. 18, Ch. 620, L. 1983.
MT Code § 17-5-1628 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1628. Bonds or notes as legal investments

  17-5-1628. Bonds or notes as legal investments. Notwithstanding the restrictions of any other law, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest debt service funds, money, or other funds belonging to them or within their control in bonds or notes issued under this part.   History: En. Sec. 19, Ch. 620, L. 1983; amd. Sec. 48, Ch. 281, L. 1983.
MT Code § 17-5-1629 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1629. Tax exemption of bonds

  17-5-1629. Tax exemption of bonds. Bonds, notes, or other obligations issued by the board under this part, 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. Sec. 20, Ch. 620, L. 1983; amd. Sec. 12, Ch. 9, Sp. L. May 2000.
MT Code § 17-5-1630 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1630. Reserve fund

  17-5-1630. Reserve fund. (1) The board shall establish and maintain a municipal finance consolidation act reserve fund, to which there shall be deposited or transferred:   (a) all money appropriated by the legislature for the purposes of the fund in accordance with the provisions of subsection (4);   (b) all proceeds of bonds required to be deposited in the fund by terms of a contract between the board and its bondholders or a resolution of the board with respect to the proceeds of bonds;   (c) the proceeds of any bond issue of the state that is authorized for such purpose;   (d) all other money appropriated by the legislature to the reserve fund; and   (e) any other money or funds of the board that it decides to deposit in the fund.   (2) All money held in the reserve fund shall be used solely for the payment of the principal of or interest on the bonds or notes secured in whole or in part by the fund or the debt service fund payments with respect to the bonds or notes, the purchase or redemption of the bonds or notes, the payment of interest on the bonds or notes, or the payment of any redemption premium required to be paid when the bonds or notes are redeemed prior to maturity. Money in the reserve fund may not be withdrawn at any time in an amount that reduces the fund to an amount less than the sum of minimum reserve requirements established in the resolutions or indentures of the board for the fund except, with respect to bonds or notes secured in whole or in part by the fund, for the purpose of making payment when due of principal, interest, redemption premiums, and debt service fund payments for the payment of which other money pledged is not available.   (3) Money in the reserve fund in excess of the required reserve may be withdrawn at any time by the board and transferred to another fund or account of the board established for purposes of this part, but not to any other fund or account.   (4) Nothing in this section creates a debt or liability of the state.   (5) Notwithstanding any provision of Title 17, chapter 6, the board may lend money for deposit to the reserve fund in an amount equal to any deficiency in the required debt service reserve. The loans shall be made on such reasonable terms and conditions as the board considers proper, including without limitation terms and conditions providing that the loans need not be repaid until the obligations of the board secured and to be secured by the reserve fund are no longer outstanding.   History: En. Sec. 21, Ch. 620, L. 1983; amd. Sec. 48, Ch. 281, L. 1983; amd. Sec. 11, Ch. 581, L. 1987.
MT Code § 17-5-1631 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1631. Additional funds and accounts

  17-5-1631. Additional funds and accounts. The board 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 part or to comply with the provisions of any of its agreements or resolutions.   History: En. Sec. 22, Ch. 620, L. 1983.
MT Code § 17-5-1632 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1632. through 17-5-1640 reserved

  17-5-1632 through 17-5-1640 reserved.
MT Code § 17-5-1641 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1641. Investment

  17-5-1641. Investment. (1) Unless otherwise required by a resolution or agreement of the board, the board may invest funds coming under its control pursuant to this part in the same manner as permitted for investment of funds belonging to the state or held by the state treasurer.   (2) Funds from several or all accounts may be combined for investment, and any interest earned shall be prorated and credited to the various contributing accounts on the basis of the amounts thereof invested, calculated according to an average periodic balance or other generally accepted accounting principle. Such proration must be calculated at least once a year or upon a specific request made to the board.   (3) All securities purchased by the board as an investment remain in the custody of the state treasurer until the same are sold, exchanged, retired, or mature and are paid.   History: En. Sec. 23, Ch. 620, L. 1983.
MT Code § 17-5-1642 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1642. Credit of state not pledged

  17-5-1642. Credit of state not pledged. Obligations issued under the provisions of this part do not constitute a liability or obligation or a pledge of the faith and credit of the state but are payable solely from revenues or funds of the board generated or received for purposes of this part. An obligation issued under this part must 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. Sec. 24, Ch. 620, L. 1983.
MT Code § 17-5-1643 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1643. Sale or exchange of securities

  17-5-1643. Sale or exchange of securities. (1) Notwithstanding any law applicable to or constituting any limitation on the maximum rate of interest per year payable on bonds or notes or to annual interest cost to maturity of money borrowed or received upon issuance of bonds or notes, an eligible government unit is authorized to contract to pay interest on or an interest cost per year for money borrowed from the board and evidenced by the eligible government unit securities purchased by the board without regard to any statutory limitations as to rate of interest per year payable or as to annual interest cost to maturity of money borrowed by the eligible government unit. An eligible government unit is authorized to contract with the board with respect to the loan or purchase, and the contract must contain the terms and conditions of the loan or purchase. An eligible government unit is authorized to pay fees and charges required to be paid to the board for its services.   (2) Notwithstanding any law applicable to or constituting any limitation on the sale of bonds or notes except the limitation on amount of bonded indebtedness, an eligible government unit may sell bonds or notes to the board by private negotiated sale, without limitation as to denomination. The bonds or notes may be fully registered or registerable as to principal only or in bearer form or may bear interest at the rate or rates, all in accordance with this section. The bonds or notes may be evidenced in the manner and may contain other provisions not inconsistent with this part and may be sold to the board without advertisement at the price or prices as may be determined, all as provided in the proceedings of the governing body of the eligible government unit pursuant to which the bonds or notes are authorized to be issued. The governing body of the eligible government unit may provide for the exchange of coupon bonds for fully registered bonds and of fully registered bonds for coupon bonds and for the exchange of any such bonds after issuance for bonds of larger or smaller denominations, all in the manner provided in the proceedings authorizing their issuance. The bonds in changed form or denominations must be exchanged for the surrendered bonds in the same aggregate principal amounts and in a manner that no overlapping interest is paid and the bonds in changed form or denominations bear interest at the same rate or rates and mature on the same date or dates as the bonds for which they are exchanged. If any exchange is made under this subsection, the bonds surrendered by the holders at the time of the exchange must be canceled. The exchange may be made only at the request of the holders of the bonds to be surrendered. The eligible government unit may require all expenses incurred in connection with the exchange to be paid by the holders.   History: En. Sec. 25, Ch. 620, L. 1983; amd. Sec. 8, Ch. 208, L. 1995.
MT Code § 17-5-1644 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1644. Care and custody of bonds purchased by the board

  17-5-1644. Care and custody of bonds purchased by the board. The board may:   (1) enter into agreements or contracts with a bank, trust company, or financial institution, inside or outside the state, as may be necessary, desirable, or convenient, in the opinion of the board, for rendering services in connection with:   (a) the care, custody, or safekeeping of bonds or other investments held or owned by the board pursuant to this part;   (b) the payment or collection of amounts payable as to principal or interest; and   (c) the delivery to the board of bonds or other investments purchased by it or sold by it pursuant to this part;   (2) pay the cost of those services; and   (3) in connection with any of the services to be rendered by a bank, trust company, or financial institution as to the custody and safekeeping of its bonds or investments, require security in the form of collateral bonds, surety agreements, or security agreements in a form and amount as, in the opinion of the board, is necessary or desirable.   History: En. Sec. 26, Ch. 620, L. 1983; amd. Sec. 9, Ch. 208, L. 1995.
MT Code § 17-5-1645 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1645. Insurance or guaranty

  17-5-1645. Insurance or guaranty. The board may obtain, from a department or agency of the United States or a nongovernmental insurer, insurance or guaranty for the payment or repayment of interest or principal, or both, or any part of interest or principal on bonds or notes issued by the board or on bonds, bond anticipation notes, or notes of eligible government units purchased or held by the board.   History: En. Sec. 27, Ch. 620, L. 1983; amd. Sec. 10, Ch. 208, L. 1995.
MT Code § 17-5-1646 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1646. Default in payment

  17-5-1646. Default in payment. If the board or eligible government unit defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for 30 days or if the board or eligible government unit fails or refuses to comply with this part or defaults in an agreement made with the holders of an issue of notes or bonds, the holders of 25% of the aggregate principal amount of the outstanding notes or bonds of that issue have the right, upon proper application to a court of competent jurisdiction, to have a trustee appointed to represent the holders of those notes or bonds for the purposes provided in this part.   History: En. Sec. 28, Ch. 620, L. 1983; amd. Sec. 11, Ch. 208, L. 1995.
MT Code § 17-5-1647 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1647. Powers and duties of trustee on default

  17-5-1647. Powers and duties of trustee on default. (1) A trustee appointed under 17-5-1646 may:   (a) by civil action enforce all rights of the noteholders or bondholders, including the right to require the board or eligible government unit to collect rates, charges, and other fees and to collect interest and amortization payments on bonds and notes held by them adequate to carry out a pledge of or an agreement as to the rates, charges, and other fees and of the interest and amortization payments and the right to require the board or eligible government unit to carry out any other agreements with the holders of the notes or bonds and to perform their duties under this part;   (b) bring a civil action upon the notes or bonds;   (c) by civil action require the board or eligible government unit to account as if it were the trustee of an express trust for the holders of the notes or bonds;   (d) by civil action enjoin anything that may be unlawful or in violation of the rights of the holders of the notes or bonds;   (e) declare all the notes or bonds due and payable and, if all defaults are made good, then, with the consent of the holders of 25% of the principal amount of the outstanding notes or bonds, annul the declaration and its consequences.   (2) The trustee, in addition to the powers stated in subsection (1), has all the powers necessary for the exercise of functions specifically set out or incident to the general representation of bondholders or noteholders in the enforcement and protection of their rights.   (3) Before declaring the principal of notes or bonds due and payable, the trustee shall give 30 days' notice in writing to the governor, the attorney general, and the board or eligible government unit defaulting.   History: En. Sec. 29, Ch. 620, L. 1983; amd. Sec. 12, Ch. 208, L. 1995.
MT Code § 17-5-1648 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1648. Exemption from execution and sale

  17-5-1648. Exemption from execution and sale. All property of the board, other than its revenues or funds received pursuant to this part, is exempt from levy and sale by virtue of an execution, and no execution or other judicial process may issue against such property. A judgment against the board constitutes a charge or lien upon such property.   History: En. Sec. 30, Ch. 620, L. 1983.
MT Code § 17-5-1649 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1649. Annual audit

  17-5-1649. Annual audit. The board's books and records must be audited at least once each fiscal year by or at the direction of the legislative auditor. The actual costs of the audit shall be paid from the board's funds.   History: En. Sec. 31, Ch. 620, L. 1983; amd. Sec. 2, Ch. 308, L. 1985; amd. Sec. 3, Ch. 94, L. 1987.
MT Code § 17-5-1650 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1650. Annual report

  17-5-1650. Annual report. (1) By December 31 of each year, the board shall publish a financial report for distribution to the governor, the legislature, and the public. Except as provided in subsection (2), distribution to the legislature is accomplished by providing a copy to a legislator on request.  (2) Subject to 5-11-222(6), a report demonstrating the requirements of subsections (1) and (3) must be provided to the legislature in accordance with 5-11-210.   (3) The report must include:   (a) a statement of the board's current financial position with respect to its activities under this part;   (b) a summary of its activities pursuant to this part during the previous year including:   (i) a listing of the eligible governmental securities purchased by the board;   (ii) a listing of the bonds and notes sold by the board; and   (iii) a summary of the performance of any other investments of the board's funds received under this part;   (c) an estimate of the levels of activities for the next year; and   (d) a comparison of the activities during the previous year with the estimates of those activities that were made in the previous annual report.   History: En. Sec. 32, Ch. 620, L. 1983; amd. Sec. 4, Ch. 94, L. 1987; amd. Sec. 23, Ch. 112, L. 1991; amd. Sec. 20, Ch. 349, L. 1993; amd. Sec. 13, Ch. 208, L. 1995; amd. Sec. 56, Ch. 545, L. 1995; amd. Sec. 39, Ch. 261, L. 2021.
MT Code § 17-5-1651 (2021)
2021 Montana Code Annotated|Title 17. State Finance|Chapter 5. Public Bond Issues|Part 16. Municipal Finance Consolidation Act|17-5-1651. Limitations on board's power

  17-5-1651. Limitations on board's power. Under this part, the board may not:   (1) make loans of money to any person, firm, or corporation other than an eligible government unit or purchase securities issued by any person, firm, or corporation other than an eligible government unit as provided in this part;   (2) emit bills of credit, accept deposits of money for time or demand deposit, engage in any form or manner in the conduct of any private or commercial banking business, or act as a savings bank or savings and loan association;   (3) be or constitute a bank or trust company within the jurisdiction or under the control of the state banking board, the department of administration, or the comptroller of the currency of the United States department of the treasury;   (4) be or constitute a bank, banker, or dealer in securities within the meaning of or subject to the provisions of any securities, securities exchange, or securities dealers law of the United States or of this state or of any other state.   History: En. Sec. 33, Ch. 620, L. 1983; amd. Sec. 14, Ch. 208, L. 1995; amd. Sec. 44, Ch. 483, L. 2001.