reglab/housing_qa huggingface dataset:
MT Code § 7-7-4421 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4421. Authority to issue revenue bonds

  7-7-4421. Authority to issue revenue bonds. (1) In addition to the powers that it may now have, any municipality has power under this part to:   (a) issue its bonds to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any undertaking;   (b) pledge to the punctual payment of the bonds issued under part 45 or this part and interest on the bonds an amount of the revenue of the undertaking, including improvements, betterments, or extensions thereafter constructed or acquired, or of any part of the undertaking sufficient to pay the bonds and interest as they become due, with an amount consisting of all or any part or portion of the revenue, and create and maintain reasonable reserves for the bonds.   (2) If applicable, the municipality shall specify whether the bonds are tax credit bonds as provided in 17-5-117, recovery zone economic development bonds or recovery zone facility bonds as provided in 7-7-140, or qualified energy conservation bonds as provided in 7-7-141.   History: En. Sec. 3, Ch. 126, L. 1939; amd. Sec. 1, Ch. 52, L. 1949; amd. Sec. 1, Ch. 145, L. 1951; R.C.M. 1947, 11-2403(part); amd. Sec. 5, Ch. 489, L. 2009.
MT Code § 7-7-4422 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4422. Determination of cost

  7-7-4422. Determination of cost. The governing body of a municipality, in determining cost for purposes of 7-7-4421, may include:   (1) all costs and estimated costs of the issuance of revenue bonds, including a permissible underwriter's discount, if any;   (2) all engineering, inspection, fiscal, and legal expenses; and   (3) interest estimated to accrue during the construction period and for 6 months after construction on money borrowed or on money that it is estimated will be borrowed pursuant to this part.   History: En. Sec. 3, Ch. 126, L. 1939; amd. Sec. 1, Ch. 52, L. 1949; amd. Sec. 1, Ch. 145, L. 1951; R.C.M. 1947, 11-2403(part); amd. Sec. 31, Ch. 423, L. 1995.
MT Code § 7-7-4423 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4423. Nature of revenue bonds

  7-7-4423. Nature of revenue bonds. (1) No holder or holders of any bonds issued under this part shall ever have the right to compel any exercise of taxing power of the municipality to pay said bonds or the interest thereon.   (2) Each bond issued under this part shall recite in substance that:   (a) said bond, including interest thereon, is payable from the revenue pledged to the payment thereof; and   (b) said bond does not constitute a debt of the municipality within the meaning of any constitutional or statutory limitation or provision.   History: En. Sec. 8, Ch. 126, L. 1939; R.C.M. 1947, 11-2408.
MT Code § 7-7-4424 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4424. Undertakings to be self-supporting

  7-7-4424. Undertakings to be self-supporting. (1) (a) Except as provided in subsections (1)(b) and (1)(c), the governing body of a municipality issuing bonds pursuant to this part shall prescribe and collect reasonable rates, fees, or charges for the services, facilities, and commodities of the undertaking and shall revise the rates, fees, or charges from time to time whenever necessary so that the undertaking is and remains self-supporting.   (b) The property taxes specifically authorized to be levied for the general purpose served by an undertaking or resort taxes approved, levied, and appropriated to an undertaking in compliance with 7-6-1501 through 7-6-1509 constitute revenue of the undertaking and may not result in an undertaking being considered not self-supporting.   (c) Revenue from assessments and fees enacted by local ordinance constitutes revenue of the undertaking and may not result in an undertaking being considered not self-supporting.   (2) The rates, fees, or charges prescribed, along with any appropriated property or resort tax collections, must produce revenue at least sufficient to:   (a) pay when due all bonds and interest on the bonds for the payment of which the revenue has been pledged, charged, or otherwise encumbered, including reserves for the bonds; and   (b) provide for all expenses of operation and maintenance of the undertaking, including reserves.   History: En. Sec. 9, Ch. 126, L. 1939; R.C.M. 1947, 11-2409; amd. Sec. 32, Ch. 423, L. 1995; amd. Sec. 2, Ch. 248, L. 2009.
MT Code § 7-7-4425 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4425. Use of revenue from undertaking

  7-7-4425. Use of revenue from undertaking. (1) Any municipality issuing bonds pursuant to this part for the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any undertaking shall have the right to appropriate, apply, or extend the revenue of such undertaking for the following purposes:   (a) to pay when due all bonds and interest thereon for the payment of which such revenue is or shall have been pledged, charged, or otherwise encumbered, including reserves therefor;   (b) to provide for all expenses of operation and maintenance of such undertaking, including reserves therefor;   (c) to pay and discharge notes, bonds, or other obligations and interest thereon not issued under this part, for the payment of which the revenue of such undertaking is or shall have been pledged, charged, or encumbered;   (d) to pay and discharge notes, bonds, or other obligations and interest thereon which do not constitute a lien, charge, or encumbrance on the revenue of such undertaking and which shall have been issued for the purpose of financing the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of such undertaking; and   (e) to provide a reserve for betterments to such undertaking.   (2) Unless and until adequate provision has been made for the foregoing purposes, no municipality shall have the right to transfer the revenue of such undertaking to its general fund.   History: En. Sec. 10, Ch. 126, L. 1939; R.C.M. 1947, 11-2410.
MT Code § 7-7-4426 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4426. Authorization for undertaking and issuance of bonds

  7-7-4426. Authorization for undertaking and issuance of bonds. (1) The acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any undertaking may be authorized under this part.   (2) Bonds may be authorized to be issued under this part by resolution or resolutions of the governing body of the municipality:   (a) without an election; or   (b) when authorized by a majority of the qualified electors voting upon the question at an election conducted in accordance with Title 13, chapter 1, part 4.   History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part); amd. Sec. 36, Ch. 387, L. 1995; amd. Sec. 8, Ch. 234, L. 1997; amd. Sec. 109, Ch. 49, L. 2015.
MT Code § 7-7-4427 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4427. Repealed

  7-7-4427. Repealed. Sec. 262, Ch. 49, L. 2015.   History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part); amd. Sec. 40, Ch. 575, L. 1981; amd. Sec. 37, Ch. 387, L. 1995; amd. Sec. 9, Ch. 234, L. 1997.
MT Code § 7-7-4428 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4428. Covenants in resolution authorizing issuance of bonds

  7-7-4428. Covenants in resolution authorizing issuance of bonds. Any resolution or resolutions authorizing the issuance of bonds under this part may contain covenants as to:   (1) the purpose or purposes to which the proceeds of sale of the bonds may be applied and the disposition of the proceeds;   (2) the use and disposition of the revenue of the undertaking for which the bonds are to be issued, including the creation and maintenance of reserves and including the pledge or appropriation of all or a portion of the property and resort tax revenue referred to in 7-7-4424;   (3) the transfer, from the general fund of the municipality to the account or accounts of the undertaking, of an amount equal to the cost of furnishing the municipality or any of its departments, boards, or agencies with the services, facilities, or commodities of the undertaking;   (4) the issuance of other or additional bonds payable from the revenue of the undertaking;   (5) the operation and maintenance of the undertaking;   (6) the insurance to be carried on the undertaking and the use and disposition of insurance money;   (7) books of account and the inspection and audit of the books; and   (8) the terms and conditions upon which the holders or trustees of the bonds or any proportion of the bonds are entitled to the appointment of a receiver by the district court having jurisdiction. The receiver may:   (a) enter and take possession of the undertaking;   (b) operate and maintain the undertaking;   (c) prescribe rates, fees, or charges, subject to the approval of the public service commission; and   (d) collect, receive, and apply all revenue thereafter arising from the undertaking in the same manner as the municipality itself might do.   History: En. Sec. 5, Ch. 126, L. 1939; R.C.M. 1947, 11-2405(part); amd. Sec. 33, Ch. 423, L. 1995.
MT Code § 7-7-4429 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4429. Remedies

  7-7-4429. Remedies. The provisions of this part and any such resolution or resolutions shall be enforceable by any bondholder in any court of competent jurisdiction by mandamus or other appropriate suit, action, or proceeding.   History: En. Sec. 5, Ch. 126, L. 1939; R.C.M. 1947, 11-2405(part).
MT Code § 7-7-4430 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4430. Presumptions of validity of bonds

  7-7-4430. Presumptions of validity of bonds. (1) Said bonds bearing the signatures of officers in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor, any or all the persons whose signatures appear thereon shall have ceased to be officers of the municipality issuing the same.   (2) The validity of said bonds shall not be dependent on or affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of the undertaking for which said bonds are issued.   (3) The resolution authorizing said bonds may provide that the bonds shall contain a recital that they are issued pursuant to this part, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.   History: En. Sec. 6, Ch. 126, L. 1939; R.C.M. 1947, 11-2406.
MT Code § 7-7-4431 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4431. Liens arising from bonds

  7-7-4431. Liens arising from bonds. The resolution or resolutions shall specify and define the revenues or portion thereof which are appropriated and pledged for the security and payment of the bond principal and interest and the relative security of liens on the revenues in favor of bonds of one or more series or issues, whether issued concurrently or at different times.   History: En. Sec. 7, Ch. 126, L. 1939; amd. Sec. 2, Ch. 52, L. 1949; R.C.M. 1947, 11-2407.
MT Code § 7-7-4432 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4432. Details relating to revenue bonds

  7-7-4432. Details relating to revenue bonds. (1) Bonds authorized to be issued under this part:   (a) must bear interest at a rate or rates not exceeding the limitation of 17-5-102;   (b) may be issued in one or more series;   (c) may bear a date or dates;   (d) may mature at a time or times not exceeding 40 years from their respective dates of issue;   (e) may be payable in a place or places;   (f) may carry registration privileges;   (g) may be subject to terms of redemption;   (h) may be executed;   (i) may contain terms, covenants, and conditions; and   (j) may be in coupon or registered form, as provided by the initial resolution or subsequent resolutions.   (2) The governing body may fix the minimum price for the bonds in an amount less than the principal amount of the bonds but not less than 97% of the principal amount if it determines that a sale at that price is in the best interests of the undertaking.   History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part); amd. Sec. 4, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983; amd. Sec. 34, Ch. 423, L. 1995.
MT Code § 7-7-4433 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4433. Sale of bonds

  7-7-4433. Sale of bonds. (1) Bonds authorized to be issued under this part may be sold at a public or private sale as determined by the governing body pursuant to 17-5-107 at a price not less than that prescribed by the governing body, plus interest to the date of delivery of the bonds.   (2) Unless sold at a private sale, the bonds must be sold at public sale after notice of the sale.   History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part); amd. Sec. 7, Ch. 705, L. 1983; amd. Sec. 35, Ch. 423, L. 1995; amd. Sec. 12, Ch. 253, L. 2011.
MT Code § 7-7-4434 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4434. Notice of sale of bonds

  7-7-4434. Notice of sale of bonds. The notice of sale of bonds required by 7-7-4433(2) for bonds sold publicly must be published once at least 5 days prior to the sale in a newspaper of general circulation in the state, and the governing body may publish the notice or summary of the notice in a financial newspaper published in the city of New York, Chicago, or San Francisco.   History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part); amd. Sec. 36, Ch. 423, L. 1995; amd. Sec. 13, Ch. 253, L. 2011.
MT Code § 7-7-4435 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 44. Municipal Revenue Bonds|7-7-4435. Interim receipts or certificates

  7-7-4435. Interim receipts or certificates. Pending the preparation of the definitive bonds, interim receipts or certificates, in such form and with such provisions as the governing body may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this part. Said bonds and interim receipts or certificates shall be fully negotiable, as provided by the Uniform Commercial Code--Investment Securities.   History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part).
MT Code § 7-7-4501 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 45. Municipal Refunding Revenue Bonds Option 1|7-7-4501. Authority to issue refunding revenue bonds

  7-7-4501. Authority to issue refunding revenue bonds. (1) In addition to the powers that it may have, any municipality has the power under this part to refund bonds issued for any of the purposes listed in 7-7-4421(1)(a), whether issued under authority of part 45 or of any other applicable law.   (2) Refunding revenue bonds issued as authorized in this section are governed by all of the provisions of part 44, except 7-7-4433 and 7-7-4434, as fully as bonds issued for the initial financing of any undertaking and by the further provisions of this part.   (3) Bonds may be issued to refund interest as well as principal actually due and payable if the revenue pledged is not sufficient, but not to refund any bonds or interest due that may be paid from revenue then on hand.   History: (1)En. Sec. 3, Ch. 126, L. 1939; amd. Sec. 1, Ch. 52, L. 1949; amd. Sec. 1, Ch. 145, L. 1951; Sec. 11-2403, R.C.M. 1947; (2), (3)En. 11-2414 by Sec. 1, Ch. 50, L. 1936; Sec. 11-2414, R.C.M. 1947; R.C.M. 1947, 11-2403(part), 11-2414(part); amd. Sec. 5, Ch. 647, L. 1983; amd. Sec. 6, Ch. 489, L. 2009.
MT Code § 7-7-4502 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 45. Municipal Refunding Revenue Bonds Option 1|7-7-4502. Interest rates on refunding revenue bonds

  7-7-4502. Interest rates on refunding revenue bonds. (1) Except as provided in subsection (2), refunding bonds may not be issued unless their average annual interest rate, computed to their stated maturity dates and excluding any premium from the computation, is at least 3/8 of 1% less than the average annual interest rate on the bonds being refunded, computed to their respective stated maturity dates. In determining whether the refunding bonds satisfy the savings requirements provided for in this section:   (a) if the bonds proposed to be refunded bear interest at a variable rate, the average annual interest rate on the bonds being refunded must be calculated by reference to the interest rate on the bonds currently in effect and over the immediately preceding 5 complete fiscal years of the issuer; or   (b) if the variable rate bonds being refunded have not been outstanding for the period of time referred to in subsection (1)(a), the average annual interest rate on the bonds being refunded must be calculated by reference to the interest rate on the bonds being refunded currently in effect and over the total number of complete fiscal years of the issuer since the date of issuance of the bonds.   (2) Refunding bonds may bear interest at a rate lower or higher than the bonds being refunded if:   (a) they are issued to refund matured principal or interest for the payment of which revenue on hand is not sufficient;   (b) the refunding bonds are combined with an issue of new bonds for reconstruction, improvement, betterment, or extension and the lien of the new bonds upon the revenue of the undertaking must be junior and subordinate to the lien of the outstanding bonds being refunded, under the terms of the ordinances or resolutions authorizing the outstanding bonds as applied to circumstances existing on the date of refunding;   (c) the issuance of the refunding bonds, including the total costs of refunding the bonds, results in a reduction of total debt service cost to the municipality; or   (d) the governing body determines that the issuance of variable rate refunding bonds is reasonably expected to result in less interest payable on the refunding bonds than the interest payable on the refunded bonds.   History: En. 11-2414 by Sec. 1, Ch. 50, L. 1936; R.C.M. 1947, 11-2414(3); amd. Sec. 3, Ch. 54, L. 1989; amd. Sec. 5, Ch. 277, L. 2003; amd. Sec. 10, Ch. 451, L. 2005.
MT Code § 7-7-4503 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 45. Municipal Refunding Revenue Bonds Option 1|7-7-4503. Exchange or sale of refunding revenue bonds

  7-7-4503. Exchange or sale of refunding revenue bonds. (1) Refunding revenue bonds may, with the consent of the holders of the bonds to be refunded thereby, be exchanged at par plus accrued interest for all or part of such bonds or may be sold at a private negotiated sale or at a public sale conducted pursuant to the provisions of 7-7-4433 and 7-7-4434 at a price not less than par plus accrued interest.   (2) Nothing herein shall require the holder of any outstanding bond to accept payment thereof or the delivery of a refunding bond in exchange therefor except in accordance with the terms of such outstanding bond.   History: En. 11-2414 by Sec. 1, Ch. 50, L. 1936; R.C.M. 1947, 11-2414(part); amd. Sec. 4, Ch. 647, L. 1983.
MT Code § 7-7-4504 (2021)
2021 Montana Code Annotated|Title 7. Local Government|Chapter 7. Debt Management|Part 45. Municipal Refunding Revenue Bonds Option 1|7-7-4504. Deposit of proceeds of refunding revenue bonds in escrow

  7-7-4504. Deposit of proceeds of refunding revenue bonds in escrow. (1) In any case where refunding bonds are issued and sold 6 months or more before the earliest date on which all bonds refunded thereby mature or are prepayable in accordance with their terms, the proceeds of the refunding bonds, including any premium and accrued interest, shall be deposited in escrow with a suitable bank or trust company. The bank or trust company shall:   (a) have its principal place of business within or without the state;   (b) be a member of the federal reserve system; and   (c) have a combined capital and surplus not less than $1 million.   (2) The proceeds deposited in escrow shall be invested in such amount and in securities maturing on such dates and bearing interest at such rates as shall be required to provide funds sufficient to pay, when due, the interest to accrue on each bond refunded to its maturity or, if it is prepayable, to the earliest prior date upon which such bond may be called for redemption and to pay and redeem the principal amount of each such bond at maturity or, if prepayable, at its earliest redemption date and any premium required for redemption on such date. The resolution or ordinance authorizing the refunding bonds shall irrevocably appropriate for these purposes the escrow fund and all income therefrom and shall provide for the call of all prepayable bonds in accordance with their terms. The securities to be purchased with the escrow fund shall be limited to general obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following United States government agencies: banks for cooperatives, federal home loan banks, federal intermediate credit banks, federal land banks, and the federal national mortgage association. Such securities shall be purchased simultaneously with the delivery of the refunding bonds.   History: En. 11-2414 by Sec. 1, Ch. 50, L. 1936; R.C.M. 1947, 11-2414(4).