reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 24. County Loans › 7-7-2402. Election required to borrow money -- exceptions

7-7-2402. Election required to borrow money -- exceptions.
(1) Except as provided in subsection (4), the board of county commissioners may not borrow money for any of the purposes mentioned in this title or for any single purpose in an amount exceeding the limits set in subsection (2) without:
(a) first submitting the question of a loan to a vote of the electors of the county; and
(b) obtaining the approval of a majority of the electors of the county.
(2) Based upon the taxable valuation of a county and not exceeding the limits on county indebtedness established in 7-7-2101, a county may borrow the following amounts without a vote of the electorate:
(a) up to $1 million if the county's taxable value is less than $50 million;
(b) up to $1.5 million if the county's taxable value is between $50 million and $100 million; and
(c) up to $2 million if the county's taxable valuation is greater than $100 million.
(3) If a majority of the votes cast are in favor of the loan, then the board of county commissioners may enter into the loan, issuing bonds or otherwise as is in the best interests of the county.
(4) It is not necessary to submit to the electors the question of borrowing money:
(a) to refund outstanding bonds; or
(b) for the purpose of enabling any county to liquidate its indebtedness to another county incident to the creation of a new county or the change of any county boundary lines.
History: (1), (3)En. Sec. 4270, Pol. C. 1895; re-en. Sec. 2933, Rev. C. 1907; amd. Sec. 1, Ch. 92, L. 1919; re-en. Sec. 4717, R.C.M. 1921; re-en. Sec. 4717, R.C.M. 1935; Sec. 16-2301, R.C.M. 1947; (2)En. Sec. 4274, Pol. C. 1895; re-en. Sec. 2937, Rev. C. 1907; re-en. Sec. 4721, R.C.M. 1921; re-en. Sec. 4721, R.C.M. 1935; Sec. 16-2305, R.C.M. 1947; R.C.M. 1947, 16-2301, 16-2305; amd. Sec. 10, Ch. 16, L. 1991; amd. Sec. 2, Ch. 227, L. 1997; amd. Sec. 1, Ch. 236, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 24. County Loans › 7-7-2403. Determination of amount of loan

7-7-2403. Determination of amount of loan.
Whenever it is necessary to submit to a vote of the electors of the county the question of making a loan, the board must first determine the amount necessary to be raised.
History: En. Sec. 4271, Pol. C. 1895; re-en. Sec. 2934, Rev. C. 1907; re-en. Sec. 4718, R.C.M. 1921; re-en. Sec. 4718, R.C.M. 1935; R.C.M. 1947, 16-2302.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 24. County Loans › 7-7-2404. Notice of election

7-7-2404. Notice of election.
Notice of the election must clearly state the amount to be raised and the object of the loan and must be given in accordance with 13-1-108.
History: En. Sec. 4272, Pol. C. 1895; re-en. Sec. 2935, Rev. C. 1907; re-en. Sec. 4719, R.C.M. 1921; re-en. Sec. 4719, R.C.M. 1935; R.C.M. 1947, 16-2303(part); amd. Sec. 103, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 24. County Loans › 7-7-2405. Form of ballots

7-7-2405. Form of ballots.
The words "For the loan" and "Against the loan" must appear on the election ballot.
History: En. Sec. 4273, Pol. C. 1895; re-en. Sec. 2936, Rev. C. 1907; re-en. Sec. 4720, R.C.M. 1921; re-en. Sec. 4720, R.C.M. 1935; R.C.M. 1947, 16-2304; amd. Sec. 505, Ch. 61, L. 2007; amd. Sec. 104, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 24. County Loans › 7-7-2406. Conduct of election and canvass of results

7-7-2406. Conduct of election and canvass of results.
The election must be held in accordance with Title 13, chapter 1, part 4.
History: En. Sec. 4272, Pol. C. 1895; re-en. Sec. 2935, Rev. C. 1907; re-en. Sec. 4719, R.C.M. 1921; re-en. Sec. 4719, R.C.M. 1935; R.C.M. 1947, 16-2303(part); amd. Sec. 105, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 24. County Loans › 7-7-2407. Restriction on use of loan proceeds

7-7-2407. Restriction on use of loan proceeds.
All money borrowed by or on behalf of any county must be used only for the purpose specified by law.
History: En. Sec. 4195, Pol. C. 1895; re-en. Sec. 2875, Rev. C. 1907; re-en. Sec. 4446, R.C.M. 1921; Cal. Pol. C. Sec. 4005; re-en. Sec. 4446, R.C.M. 1935; R.C.M. 1947, 16-806; amd. Sec. 18, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 25. County Revenue Bonds › 7-7-2501. Authority to issue revenue bonds -- refunding revenue bonds

7-7-2501. Authority to issue revenue bonds -- refunding revenue bonds.
(1) A county may issue county revenue bonds in the same manner and with the same effect as provided in chapter 7, part 44, of this title for issuance of municipal revenue bonds. County revenue bonds may be issued to finance any project or activity enumerated in chapter 16, part 21, of this title or in Title 75, chapter 10, part 1. Revenue from the project for which the bonds are issued is the only revenue upon which a lien under the provisions of 7-7-4431 may apply. A lien may not attach to other revenue or other property within the county.
(2) A county may refund revenue bonds issued under the authority provided in subsection (1) by the method provided in either part 45 or part 46 of chapter 7.
(3) In construing, for purposes of this section, the provisions of parts 44, 45, or 46 of chapter 7, "municipal" is considered to refer to the county and "governing body" is considered to refer to the board of county commissioners whenever the board of county commissioners is acting pursuant to subsection (1).
(4) If applicable, the county 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. 1, Ch. 472, L. 1983; amd. Sec. 4, Ch. 770, L. 1991; amd. Sec. 51, Ch. 423, L. 1995; amd. Sec. 3, Ch. 489, L. 2009.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 41. General Provisions Related to Municipalities › 7-7-4101. Purposes for which indebtedness may be incurred

7-7-4101. Purposes for which indebtedness may be incurred.
The city or town council has power to contract an indebtedness on behalf of a city or town, upon the credit of the city or town, by borrowing money, issuing bonds, issuing notes, entering into leases, entering into lease-purchase agreements, or entering into installment purchase contracts for the following purposes:
(1) acquiring land for and designing and erecting public buildings;
(2) acquiring land for and designing and constructing sewers, sewage treatment and disposal plants, waterworks, reservoirs, reservoir sites, and lighting plants;
(3) supplying the city or town with water by contract and the construction or purchase of canals or ditches and water rights for supplying the city or town with water;
(4) designing and constructing bridges, docks, wharves, breakwaters, piers, jetties, and moles;
(5) acquiring, opening, or widening any street and improving the street by constructing, reconstructing, and repairing pavement, gutters, curbs, and vehicle parking strips and to pay all or any portion of the cost relating to the project;
(6) purchasing or leasing fire apparatus, street and other equipment, and personal property, including without limitation, vehicles, telephone systems, and photocopy and office equipment, including computer hardware and software;
(7) building, purchasing, designing, constructing, and maintaining devices intended to protect the safety of the public from open ditches carrying irrigation or other water;
(8) funding outstanding warrants and maturing bonds; and
(9) repaying tax protests lost by the city, town, or other municipal corporation.
History: En. Subd. 64, Sec. 5039, R.C.M. 1921; amd. Sec. 1, Ch. 115, L. 1925; amd. Sec. 1, Ch. 20, L. 1927; re-en. Sec. 5039.63, R.C.M. 1935; amd. Sec. 1, Ch. 35, L. 1947; amd. Sec. 1, Ch. 152, L. 1953; amd. Sec. 1, Ch. 34, L. 1955; amd. Sec. 1, Ch. 38, L. 1959; amd. Sec. 1, Ch. 158, L. 1963; amd. Sec. 1, Ch. 100, L. 1973; R.C.M. 1947, 11-966(part); amd. Sec. 6, Ch. 213, L. 1989; amd. Sec. 3, Ch. 139, L. 1999.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 41. General Provisions Related to Municipalities › 7-7-4102. Investment of certain bond proceeds

7-7-4102. Investment of certain bond proceeds.
(1) Whenever the city or town has under its control any money realized from the sale of bonds, for which there is no immediate demand and which in the judgment of the city or town council it would be advantageous to invest in any time or savings deposits, United States certificates of indebtedness, United States treasury notes, or United States treasury bonds having a maturity date of 1 year or less, the city or town council is authorized in their discretion to direct the city treasurer or town clerk to make such investments.
(2) Interest earned from such investments, including interest on the sale of bonds accrued in the period between the date of issue and the time of purchase, shall be credited to the bond sinking fund of the city or town.
History: En. Sec. 1, Ch. 31, L. 1961; amd. Sec. 1, Ch. 10, L. 1963; amd. Sec. 2, Ch. 268, L. 1969; R.C.M. 1947, 11-1310(2).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 41. General Provisions Related to Municipalities › 7-7-4103. General qualifications to vote on questions of municipal indebtedness

7-7-4103. General qualifications to vote on questions of municipal indebtedness.
(1) Registered electors of the city, town, or other municipal corporation may vote upon any proposal to create or increase any indebtedness of the city, town, or other municipal corporation required by law to be submitted to a vote of the electors.
(2) An elector, otherwise qualified, may not be denied the right to vote because the polling place for a general election for the precinct in which the elector resides and is entitled to vote lies within another city, town, or other municipal corporation.
History: En. Sec. 1, Ch. 98, L. 1923; amd. Sec. 1, Ch. 47, L. 1929; re-en. Sec. 5199.1, R.C.M. 1935; amd. Sec. 1, Ch. 126, L. 1959; R.C.M. 1947, 84-4711(part); amd. Sec. 2, Ch. 212, L. 1979; amd. Sec. 506, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4201. Limitation on amount of bonded indebtedness

7-7-4201. Limitation on amount of bonded indebtedness.
(1) Except as provided in 7-7-4202, a city or town may not issue bonds or incur other indebtedness for any purpose in an amount that with all outstanding and unpaid indebtedness exceeds 2.5% of the total assessed value of taxable property, determined as provided in 15-8-111, within the city or town, as ascertained by the last assessment for state and county taxes.
(2) The issuing of bonds for the purpose of funding or refunding outstanding warrants or bonds is not the incurring of a new or additional indebtedness but is merely the changing of the evidence of outstanding indebtedness.
(3) The limitation in subsection (1) does not apply to bonds issued for the repayment of tax protests lost by the city or town.
History: En. Sec. 3, Ch. 160, L. 1931; re-en. Sec. 5278.3, R.C.M. 1935; amd. Sec. 1, Ch. 116, L. 1951; amd. Sec. 2, Ch. 34, L. 1955; amd. Sec. 1, Ch. 33, L. 1973; amd. Sec. 30, Ch. 566, L. 1977; R.C.M. 1947, 11-2303; amd. Sec. 2, Ch. 617, L. 1979; amd. Sec. 47, Ch. 614, L. 1981; amd. Sec. 11, Ch. 213, L. 1989; amd. Sec. 13, Ch. 570, L. 1995; amd. Sec. 25, Ch. 426, L. 1999; amd. Sec. 20, Ch. 556, L. 1999; amd. Sec. 10, Ch. 29, L. 2001; amd. Sec. 3, Ch. 187, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4202. Special provisions relating to water and sewer systems

7-7-4202. Special provisions relating to water and sewer systems.
(1) A city or town may incur an additional indebtedness by borrowing money or issuing bonds beyond the amount authorized in 7-7-4201 for the purpose of constructing a sewer system, procuring a water supply, or constructing or acquiring a water system for a city or town that owns and controls the water supply and water system and devotes the revenue from the water supply and water system to the payment of the debt.
(2) The additional total indebtedness that may be incurred by borrowing money or issuing bonds for the construction of a sewer system, for the procurement of a water supply, or for both of the purposes, including all indebtedness that is contracted and that is unpaid or outstanding, may not in the aggregate exceed 55% over and above the debt limitation referred to in 7-7-4201.
History: Ap. p. Sec. 3, Ch. 160, L. 1931; re-en. Sec. 5278.3, R.C.M. 1935; amd. Sec. 1, Ch. 116, L. 1951; amd. Sec. 2, Ch. 34, L. 1955; amd. Sec. 1, Ch. 33, L. 1973; amd. Sec. 30, Ch. 566, L. 1977; Sec. 11-2303, R.C.M. 1947; Ap. p. Subd. 64, Sec. 5039, R.C.M. 1921; amd. Sec. 1, Ch. 115, L. 1925; amd. Sec. 1, Ch. 20, L. 1927; re-en. Sec. 5039.63, R.C.M. 1935; amd. Sec. 1, Ch. 35, L. 1947; amd. Sec. 1, Ch. 152, L. 1953; amd. Sec. 1, Ch. 34, L. 1955; amd. Sec. 1, Ch. 38, L. 1959; amd. Sec. 1, Ch. 158, L. 1963; amd. Sec. 1, Ch. 100, L. 1973; Sec. 11-966, R.C.M. 1947; R.C.M. 1947, 11-966(part), 11-2303(part); amd. Sec. 3, Ch. 617, L. 1979; amd. Sec. 48, Ch. 614, L. 1981; amd. Sec. 14, Ch. 570, L. 1995; amd. Sec. 26, Ch. 426, L. 1999; amd. Sec. 21, Ch. 556, L. 1999; amd. Sec. 11, Ch. 29, L. 2001.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4203. What constitutes a single purpose

7-7-4203. What constitutes a single purpose.
The following shall be deemed a single purpose:
(1) acquiring land for a site for a public building or for any other public use and constructing, erecting, or acquiring by purchase any building thereon and furnishing and equipping the same;
(2) acquiring of rights-of-way for street or other purposes, making improvements thereon, or constructing sewers or water pipelines;
(3) procuring of a water supply and constructing or acquiring of a water system and improving the same if necessary.
History: En. Sec. 2, Ch. 160, L. 1931; re-en. Sec. 5278.2, R.C.M. 1935; R.C.M. 1947, 11-2302.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4204. Nature of general obligation bonds

7-7-4204. Nature of general obligation bonds.
All bonds issued under the provisions of this part shall be legal and valid obligations of the city or town issuing the same, and the full faith and credit of such city or town are hereby irrevocably pledged for the prompt payment of both principal and interest thereof as the same become due.
History: En. Sec. 20, Ch. 160, L. 1931; re-en. Sec. 5278.20, R.C.M. 1935; R.C.M. 1947, 11-2320.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4205. Term of general obligation bonds

7-7-4205. Term of general obligation bonds.
(1) Bonds for any purpose may not be issued for a longer term than 20 years.
(2) For purposes of this section, the term of a bond issue commences on July 1 of the fiscal year in which the city first levies taxes to pay principal and interest on the bonds.
History: En. Sec. 4, Ch. 160, L. 1931; amd. Sec. 1, Ch. 34, L. 1933; re-en. Sec. 5278.4, R.C.M. 1935; amd. Sec. 2, Ch. 62, L. 1945; amd. Sec. 4, Ch. 234, L. 1971; amd. Sec. 1, Ch. 284, L. 1973; R.C.M. 1947, 11-2304(part); amd. Sec. 3, Ch. 256, L. 1989.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4206. Redemption of bonds

7-7-4206. Redemption of bonds.
Other than refunding bonds, all bonds issued for a longer term than 5 years must be redeemable at the option of the city or town on any interest payment date after one-half of the term for which they were issued has expired, and the redemption option must be recited in the bonds.
History: En. Sec. 4, Ch. 160, L. 1931; amd. Sec. 1, Ch. 34, L. 1933; re-en. Sec. 5278.4, R.C.M. 1935; amd. Sec. 2, Ch. 62, L. 1945; amd. Sec. 4, Ch. 234, L. 1971; amd. Sec. 1, Ch. 284, L. 1973; R.C.M. 1947, 11-2304(part); amd. Sec. 7, Ch. 451, L. 2005.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4207. Repealed

7-7-4207. Repealed.
Sec. 2, Ch. 11, L. 1983.
History: En. Sec. 4, Ch. 160, L. 1931; amd. Sec. 1, Ch. 34, L. 1933; re-en. Sec. 5278.4, R.C.M. 1935; amd. Sec. 2, Ch. 62, L. 1945; amd. Sec. 4, Ch. 234, L. 1971; amd. Sec. 1, Ch. 284, L. 1973; R.C.M. 1947, 11-2304(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4208. Types of general obligation bonds

7-7-4208. Types of general obligation bonds.
(1) Except as provided in subsection (2), bonds issued by any city or town must be either amortization bonds or serial bonds.
(2) Citizen bonds may be amortization bonds, serial bonds, term bonds, capital appreciation bonds, or zero-coupon bonds, without preference for amortization bonds.
History: En. Sec. 5, Ch. 160, L. 1931; re-en. Sec. 5278.5, R.C.M. 1935; amd. Sec. 2, Ch. 152, L. 1953; R.C.M. 1947, 11-2305(part); amd. Sec. 6, Ch. 511, L. 1989; amd. Sec. 5, Ch. 459, L. 1997.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4209. Amortization bonds

7-7-4209. Amortization bonds.
The term "amortization bonds", as used in this part, means that form of bond on which a part of the principal is required to be paid each time that interest becomes due and payable. The part payment of principal increases with each following installment in the same amount that the interest payment decreases, so that the combined amount payable on both principal and interest is the same on each interest payment date. However, the payment on the initial payment date may be less or greater than the amount of other payments on the bond, reflecting the payment of interest only or the payment of interest for a period different from that between other interest payment dates. The final payment may vary in amount from the other payments to the extent resulting from rounding amounts in the other payments.
History: En. Sec. 5, Ch. 160, L. 1931; re-en. Sec. 5278.5, R.C.M. 1935; amd. Sec. 2, Ch. 152, L. 1953; R.C.M. 1947, 11-2305(part); amd. Sec. 19, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4210. Serial bonds

7-7-4210. Serial bonds.
The term "serial bonds", as used in this part, means a bond issue payable in annual installments of principal commencing not more than 2 years from the date of issue, any one installment consisting of one or more bonds, with the principal amount of bonds maturing or subject to mandatory sinking fund redemption in each installment, commencing with the installment payable in the fourth year after the date of issue, not exceeding three times the principal amount of the bonds payable in the immediately preceding installment.
History: En. Sec. 5, Ch. 160, L. 1931; re-en. Sec. 5278.5, R.C.M. 1935; amd. Sec. 2, Ch. 152, L. 1953; R.C.M. 1947, 11-2305(part); amd. Sec. 4, Ch. 631, L. 1983; amd. Sec. 4, Ch. 256, L. 1989; amd. Sec. 8, Ch. 451, L. 2005.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4211. Citizen bonds authorized

7-7-4211. Citizen bonds authorized.
(1) A city or town authorized to sell general obligation bonds under this chapter may issue and sell any portion of the bond in denominations of less than $5,000 by:
(a) competitive public sale, directly to members of the public, at preestablished interest rates; or
(b) private sale.
(2) Citizen bonds may be issued for any purpose for which a city or town may issue general obligation bonds.
(3) Bonds issued under 7-7-4211 through 7-7-4213 may be known as "citizen bonds".
(4) An officer, employee, contracted financial consultant, or contracted advisor employed or retained by a city or town selling citizen bonds may not purchase those bonds.
History: En. Sec. 1, Ch. 511, L. 1989; amd. Sec. 7, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4212. Citizen bonds -- procedural requirements prior to issuance

7-7-4212. Citizen bonds -- procedural requirements prior to issuance.
Prior to issuing citizen bonds, a city or town shall make available to interested investors:
(1) a preliminary official statement, a draft-form legal opinion from a recognized bond counsel, and a comparison to taxable yields at various income levels; and
(2) application forms for the purchase of citizen bonds, which must specify at a minimum:
(a) the time, date, and place that applications will be received, the manner in which applications will be processed, and the conditions under which the sale may be canceled if the issue is not fully subscribed during the application period;
(b) the issue date, maturity dates, and the dates on which interest will be earned and paid;
(c) the denominations of the bonds and the maximum amount of bonds that any one buyer may purchase;
(d) the approximate yield on the bonds if held to maturity and the manner in which interest rates have been calculated; and
(e) the provision made for the transfer of ownership of outstanding bonds.
History: En. Sec. 2, Ch. 511, L. 1989; amd. Sec. 3, Ch. 94, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4213. Citizen bonds -- procedure when issue not fully subscribed

7-7-4213. Citizen bonds -- procedure when issue not fully subscribed.
If an entire issue of unsubscribed bonds is not fully subscribed during the period of time that the city or town has set for the sale of the bonds, the citizen bonds may be sold in the manner permitted for other municipal general obligation bonds.
History: En. Sec. 3, Ch. 511, L. 1989.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4214. Zero-coupon and capital appreciation bonds

7-7-4214. Zero-coupon and capital appreciation bonds.
The terms "zero-coupon bonds" and "capital appreciation bonds", as used in Title 7, chapter 7, part 42, mean those forms of bonds that make no periodic interest payments but rather are sold at a discount from their face value.
History: En. Sec. 4, Ch. 511, L. 1989.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4221. Election on question of incurring indebtedness -- exception

7-7-4221. Election on question of incurring indebtedness -- exception.
(1) Except as provided in subsection (2) and 15-1-402, whenever the governing body of any municipality considers it necessary to issue bonds pledging the general credit of the municipality for any purpose authorized by law, the question of issuing the bonds shall first be submitted to the registered electors of the city or town.
(2) It is not necessary to submit to the electors the question of issuing refunding bonds to refund bonds issued and outstanding or the question of issuing revenue bonds not pledging the general credit of the municipality under any laws of this state.
History: En. Sec. 1, Ch. 160, L. 1931; amd. Sec. 1, Ch. 100, L. 1933; re-en. Sec. 5278.1, R.C.M. 1935; amd. Sec. 1, Ch. 12, L. 1937; amd. Sec. 1, Ch. 108, L. 1937; amd. Sec. 1, Ch. 15, L. 1943; amd. Sec. 1, Ch. 62, L. 1945; amd. Sec. 1, Ch. 413, L. 1973; R.C.M. 1947, 11-2301; amd. Sec. 5, Ch. 212, L. 1979; amd. Sec. 315, Ch. 571, L. 1979; amd. Sec. 7, Ch. 213, L. 1989.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4222. Election required for bond issue relating to water and sewer systems

7-7-4222. Election required for bond issue relating to water and sewer systems.
Bonds backed by the full faith and credit of the city or town and issued for the construction, purchase, or securing of a water plant, water system, water supply, sewage treatment and disposal plant, or sewer system may not be issued until the proposition has been submitted to a vote and the majority vote cast in favor thereof.
History: En. Subd. 64, Sec. 5039, R.C.M. 1921; amd. Sec. 1, Ch. 115, L. 1925; amd. Sec. 1, Ch. 20, L. 1927; re-en. Sec. 5039.63, R.C.M. 1935; amd. Sec. 1, Ch. 35, L. 1947; amd. Sec. 1, Ch. 152, L. 1953; amd. Sec. 1, Ch. 34, L. 1955; amd. Sec. 1, Ch. 38, L. 1959; amd. Sec. 1, Ch. 158, L. 1963; amd. Sec. 1, Ch. 100, L. 1973; R.C.M. 1947, 11-966(part); amd. Sec. 1, Ch. 73, L. 1993.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4223. Procedure to call election on question of bonded indebtedness

7-7-4223. Procedure to call election on question of bonded indebtedness.
An election on the question of issuing bonds may be called by the city or town council or commission on its passage of the necessary resolution, as hereinafter provided, or after there has been presented to the council or commission a petition asking that such election be held and question submitted.
History: En. Sec. 6, Ch. 160, L. 1931; re-en. Sec. 5278.6, R.C.M. 1935; amd. Sec. 2, Ch. 108, L. 1937; amd. Sec. 2, Ch. 15, L. 1943; amd. Sec. 9, Ch. 158, L. 1971; amd. Sec. 2, Ch. 413, L. 1973; R.C.M. 1947, 11-2306(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4224. Petition to request election

7-7-4224. Petition to request election.
(1) A petition asking that an election be held on the question of issuing bonds must be signed by not less than 20% of the qualified electors of the city or town. The petition must give the street and house number, if any, and the voting precinct of each person signing the petition.
(2) Each petition for the calling of an election to vote upon the question of issuing bonds must plainly and clearly state the purpose or purposes for which it is proposed to issue bonds and must contain an estimate of the amount necessary to be issued for the purpose or purposes. There may be a separate petition for each purpose, or two or more purposes may be combined in one petition if each purpose, with an estimate of the amount of bonds to be issued, is separately stated in the petition.
(3) The petition may consist of one sheet or of several sheets, identical in form and fastened together after being circulated and signed so as to form a single complete petition before being delivered to the city or town clerk as provided in this part.
(4) Only persons who are qualified to sign petitions are qualified to circulate the petitions, and there must be attached to the completed petition the affidavit of some person who circulated or assisted in circulating the petition that the person believes the signatures on the petition are genuine and that the signers knew the contents of the petition before signing the petition.
History: En. Sec. 6, Ch. 160, L. 1931; re-en. Sec. 5278.6, R.C.M. 1935; amd. Sec. 2, Ch. 108, L. 1937; amd. Sec. 2, Ch. 15, L. 1943; amd. Sec. 9, Ch. 158, L. 1971; amd. Sec. 2, Ch. 413, L. 1973; R.C.M. 1947, 11-2306(part); amd. Sec. 507, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4225. Presentation of petition to city or town clerk -- clerk's certificate

7-7-4225. Presentation of petition to city or town clerk -- clerk's certificate.
(1) The completed petition for an election on the bonds must be filed with the city or town clerk. The clerk shall, within 15 days, carefully examine the petition and the county records showing the qualifications of the petitioners and attach to the petition a certificate, under official signature.
(2) The certificate must set forth:
(a) the total number of persons who are registered electors;
(b) which and how many of the persons whose names are subscribed to the petition have all of the qualifications required of signers to the petition;
(c) whether the qualified signers constitute more or less than 20% of the registered electors of the city or town.
History: En. Sec. 6, Ch. 160, L. 1931; re-en. Sec. 5278.6, R.C.M. 1935; amd. Sec. 2, Ch. 108, L. 1937; amd. Sec. 2, Ch. 15, L. 1943; amd. Sec. 9, Ch. 158, L. 1971; amd. Sec. 2, Ch. 413, L. 1973; R.C.M. 1947, 11-2306(part); amd. Sec. 508, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4226. Resolution to submit question of issuing bonds to voters

7-7-4226. Resolution to submit question of issuing bonds to voters.
(1) When the governing body of any municipality considers it necessary to issue bonds pledging the general credit of the municipality pursuant to a statute of this state, the governing body shall pass and adopt a resolution.
(2) The resolution must:
(a) recite the purpose or purposes for which it is proposed to issue the bonds;
(b) fix the amount of bonds to be issued for each purpose;
(c) determine the number of years through which the bonds are to be paid, not exceeding the limits fixed in 7-7-4205; and
(d) unless the bonds are revenue bonds not pledging the general credit of the municipality, make provisions that are necessary for submitting the question to the registered electors of the city or town at an election conducted in accordance with Title 13, chapter 1, part 4.
(3) Whenever the bond issuance is proposed by petition, the governing body shall, before submitting the measure to the electors, pass a resolution containing the information required in this section and setting forth the essential facts in regard to the filing and presentation of the petition.
History: En. 11-2307.1 by Sec. 3, Ch. 413, L. 1973; R.C.M. 1947, 11-2307.1; amd. Sec. 6, Ch. 212, L. 1979; amd. Sec. 316, Ch. 571, L. 1979; amd. Sec. 33, Ch. 387, L. 1995; amd. Sec. 5, Ch. 234, L. 1997; amd. Sec. 106, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4227. Notice of election

7-7-4227. Notice of election.
(1) Notice of the election must be provided in accordance with 13-1-108.
(2) (a) The notice must state:
(i) the date when the election will be held;
(ii) the amount of bonds proposed to be issued;
(iii) the purpose of the bonds;
(iv) the term of years through which the bonds will be paid; and
(v) other information regarding the election and the proposed bonds that the board may consider proper.
(b) If the bonds that are proposed to be issued are for two or more purposes, each purpose and the amount for each purpose must be separately stated.
History: En. Sec. 8, Ch. 160, L. 1931; re-en. Sec. 5278.8, R.C.M. 1935; R.C.M. 1947, 11-2308(part); amd. Sec. 317, Ch. 571, L. 1979; amd. Sec. 1, Ch. 407, L. 1989; amd. Sec. 34, Ch. 387, L. 1995; amd. Sec. 6, Ch. 234, L. 1997; amd. Sec. 107, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4228. Repealed

7-7-4228. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 8, Ch. 160, L. 1931; re-en. Sec. 5278.8, R.C.M. 1935; R.C.M. 1947, 11-2308(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4229. Repealed

7-7-4229. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 8, Ch. 160, L. 1931; re-en. Sec. 5278.8, R.C.M. 1935; R.C.M. 1947, 11-2308(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4230. Repealed

7-7-4230. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 9, Ch. 160, L. 1931; re-en. Sec. 5278.9, R.C.M. 1935; R.C.M. 1947, 11-2309(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4231. Repealed

7-7-4231. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 10, Ch. 160, L. 1931; re-en. Sec. 5278.10, R.C.M. 1935; amd. Sec. 1, Ch. 182, L. 1939; amd. Sec. 17, Ch. 64, L. 1959; amd. Sec. 10, Ch. 158, L. 1971; R.C.M. 1947, 11-2310(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4232. Repealed

7-7-4232. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 10, Ch. 160, L. 1931; re-en. Sec. 5278.10, R.C.M. 1935; amd. Sec. 1, Ch. 182, L. 1939; amd. Sec. 17, Ch. 64, L. 1959; amd. Sec. 10, Ch. 158, L. 1071; R.C.M. 1947, 11-2310(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4233. Repealed

7-7-4233. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 9, Ch. 160, L. 1931; re-en. Sec. 5278.9, R.C.M. 1935; R.C.M. 1947, 11-2309(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4234. Repealed

7-7-4234. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 12, Ch. 160, L. 1931; re-en. Sec. 5278.12, R.C.M. 1935; R.C.M. 1947, 11-2312(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4235. Percentage of electors required to authorize issuing of bonds

7-7-4235. Percentage of electors required to authorize issuing of bonds.
Whenever the question of issuing bonds for any purpose is submitted to the registered electors of a city or town, the determination of the approval or rejection of the bond proposition is made by a majority of the votes cast on the issue.
History: En. Sec. 11, Ch. 160, L. 1931; re-en. Sec. 5278.11, R.C.M. 1935; R.C.M. 1947, 11-2311; amd. Sec. 318, Ch. 571, L. 1979; amd. Sec. 3, Ch. 336, L. 1989; amd. Sec. 35, Ch. 387, L. 1995; amd. Sec. 7, Ch. 234, L. 1997; amd. Sec. 1, Ch. 190, L. 1999; amd. Sec. 108, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4236. Resolution to sell bonds pursuant to public sale

7-7-4236. Resolution to sell bonds pursuant to public sale.
(1) If issuing of bonds has been approved as provided in 7-7-4235 and the city or town council conducts a public sale, the city or town council shall pass a resolution calling for the sale of the bonds.
(2) The resolution calling for the sale of the bonds must state:
(a) the purpose for which the bonds are to be issued;
(b) the amount of the bonds to be issued;
(c) the minimum purchase price of the bonds;
(d) the date that the bonds will bear;
(e) the period of time through which the bonds are payable;
(f) the optional redemption provisions, if any;
(g) that a bond may be redeemed in full, at the option of the city or town, on any interest payment date after expiration of one-half of the term for which the bond was issued; and
(h) a form of notice of the sale of the bonds.
(3) The resolution must, except in a bond issue of citizen bonds, fix the denomination of serial bonds in case it is found advantageous to issue bonds in that form. The council may in its discretion provide that the bonds may be issued and sold in two or more series or installments.
(4) The city or town council may fix the minimum price for the bonds in an amount not less than 97% of the face value if the city or town council determines that the sale is in the best interests of the city or town.
History: En. Sec. 12, Ch. 160, L. 1931; re-en. Sec. 5278.12, R.C.M. 1935; R.C.M. 1947, 11-2312(part); amd. Sec. 7, Ch. 212, L. 1979; amd. Sec. 4, Ch. 336, L. 1989; amd. Sec. 7, Ch. 511, L. 1989; amd. Sec. 20, Ch. 423, L. 1995; amd. Sec. 8, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4251. Form of notice of sale of bonds

7-7-4251. Form of notice of sale of bonds.
(1) If a city or town conducts a public sale, the notice of sale must state the purpose or purposes for which the bonds are to be issued and the amount proposed to be issued for each purpose and must be substantially in the following form:
NOTICE OF SALE OF (CITY OR TOWN) BONDS
Notice is hereby given by the council of the (city or town) of...., Montana, that the council will, on the.... day of...., ...., at the hour of......m., at its council chamber in the (city or town) of...., Montana, sell to the highest and best bidder for cash general obligation bonds of the (city or town) in the total amount of.... dollars, ($....) for the purpose of.....
The bonds will be issued and sold in the aggregate principal amount of.... dollars ($....) each and will become due and payable according to the maturity schedule set forth below (set forth maturity schedule adopted by the city or town council).
The bonds must bear an original issue date of...., ...., must pay interest commencing on the.... day of.... (month), .., and are payable semiannually on the.... day of.... and on the.... day of.... in each year thereafter and will be redeemable (here insert the optional provisions, if any, recited in the bonds).
The bonds will be sold for not less than $...., with accrued interest on the principal amount of the bonds to date of delivery, and all bidders shall state the lowest rate or rates of interest at which they will purchase the bonds at the purchase price specified for the bonds. (An interest rate may not exceed....% a year.) The council reserves the right to reject any bids and to sell the bonds at private sale.
All bids must be accompanied by (insert appropriate bid security as permitted by 18-1-203) in the sum of.... dollars ($....), payable to the order of the (city or town) clerk, which will be forfeited by the successful bidder in the event that the bidder fails or refuses to complete the purchase of the bonds in accordance with the terms of the bid.
All bids must be addressed to the council of the (city or town) of.... and delivered to the clerk of the (city or town).
..............................
Mayor of the (city or town) of
......................., Montana
ATTEST:....................(City or Town) Clerk
(2) The form of notice required under this section may be modified to accommodate changes necessary to issue citizen bonds pursuant to 7-7-4211 through 7-7-4213.
History: En. Sec. 13, Ch. 160, L. 1931; re-en. Sec. 5278.13, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2313; amd. Sec. 2, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983; amd. Sec. 5, Ch. 631, L. 1983; amd. Sec. 8, Ch. 511, L. 1989; amd. Sec. 6, Ch. 459, L. 1997; amd. Sec. 9, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4252. Publication of notice of sale

7-7-4252. Publication of notice of sale.
If a city or town conducts a public sale, the city or town council or commission shall cause a notice to be published as provided in 17-5-106 in a newspaper of general circulation printed and published in the city or town if there is a newspaper of general circulation and, if not, then in a newspaper of general circulation printed and published in the county in which the city or town is located. The council or commission may in its discretion cause the notice to be published in another newspaper or newspapers published either within or outside of the state that in the opinion of the council or commission will be most likely to give notice of the sale to prospective bidders.
History: En. Sec. 14, Ch. 160, L. 1931; re-en. Sec. 5278.14, R.C.M. 1935; amd. Sec. 1, Ch. 38, L. 1955; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2314(part); amd. Sec. 3, Ch. 173, L. 1987; amd. Sec. 10, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4253. Repealed

7-7-4253. Repealed.
Sec. 5, Ch. 6, L. 1993.
History: En. Sec. 14, Ch. 160, L. 1931; re-en. Sec. 5278.14, R.C.M. 1935; amd. Sec. 1, Ch. 38, L. 1955; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2314(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4254. Procedure for sale of bonds

7-7-4254. Procedure for sale of bonds.
(1) Any bonds issued under the authority of this part may be sold at public or private sale, as determined by the city or town council or commission pursuant to 17-5-107. If the city or town council or commission conducts a public sale, it shall meet at the time and place fixed in the notice to consider bids for the bonds.
(2) The bonds may not be sold at less than the minimum bid specified for their sale with accrued interest to date of delivery, and each bidder shall specify the rate of interest and the purchase price at which the bidder will purchase the bonds. The council shall accept the bid that it judges most advantageous to the city or town. The council may reject any bids and sell the bonds at private sale if the council considers it in the best interests of the city or town.
(3) Consultant fees and attorney fees may be paid to any person or corporation for assisting in the proceedings, in the preparation of the bonds, or in negotiating the sale of the bonds.
History: En. Sec. 15, Ch. 160, L. 1931; re-en. Sec. 5278.15, R.C.M. 1935; amd. Sec. 8, Ch. 234, L. 1971; R.C.M. 1947, 11-2315; amd. Sec. 8, Ch. 212, L. 1979; amd. Sec. 6, Ch. 631, L. 1983; amd. Sec. 21, Ch. 423, L. 1995; amd. Sec. 11, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4255. Form and execution of bonds

7-7-4255. Form and execution of bonds.
(1) At the time of the sale of the bonds or at a meeting held after the sale, the city or town council shall adopt a resolution providing for the issuance of the bonds, prescribing the form of the bonds, whether amortization or serial bonds, providing the manner of execution of the bonds, and if applicable, specifying 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.
(2) Each bond and each coupon attached to a bond must be signed by or bear the facsimile signatures of the mayor and the treasurer of the city or town and must be attested by the city or town clerk, provided that one signature of a city or town official or the bond registrar must be a manual signature. Each bond may have the city or town seal or its facsimile imprinted on the bond.
History: En. Sec. 16, Ch. 160, L. 1931; re-en. Sec. 5278.16, R.C.M. 1935; amd. Sec. 6, Ch. 260, L. 1959; R.C.M. 1947, 11-2316; amd. Sec. 22, Ch. 423, L. 1995; amd. Sec. 4, Ch. 489, L. 2009.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4256. Printing of bonds

7-7-4256. Printing of bonds.
(1) Except as provided in subsection (2), the city or town clerk, under the direction of the council, shall cause the bonds, with coupons attached, to be printed or lithographed at the expense of the city or town at lowest commercial rates.
(2) A purchaser of the bonds may furnish the bonds to the city or town, in the form prescribed by the council, for execution, if furnished at the purchaser's own expense and without cost or expense to the city or town.
History: En. Sec. 17, Ch. 160, L. 1931; re-en. Sec. 5278.17, R.C.M. 1935; R.C.M. 1947, 11-2317; amd. Sec. 509, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4257. Registration of bonds

7-7-4257. Registration of bonds.
(1) When executed by the officers of the city or town, the bonds must be registered by the city treasurer or town clerk before being delivered to the purchaser.
(2) The registration must show:
(a) the date of issue, the maturities of the bonds subject to early redemption, the redemption dates, and the dates when the principal and interest on the bonds will become due; and
(b) the amount of all payments of both principal and interest required on each bond, with the dates when the payments must be made.
History: En. Sec. 18, Ch. 160, L. 1931; re-en. Sec. 5278.18, R.C.M. 1935; R.C.M. 1947, 11-2318(part); amd. Sec. 23, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4258. Copy of bond to be kept by city treasurer

7-7-4258. Copy of bond to be kept by city treasurer.
The city or town clerk shall also deliver to the city treasurer an unsigned and canceled printed copy of one of the bonds, as issued and registered, to be preserved in the treasurer's office.
History: En. Sec. 18, Ch. 160, L. 1931; re-en. Sec. 5278.18, R.C.M. 1935; R.C.M. 1947, 11-2318(part); amd. Sec. 510, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4259. Delivery of bonds

7-7-4259. Delivery of bonds.
The city treasurer or town clerk shall deliver the bonds to the purchaser upon receiving full payment for the bonds.
History: En. Sec. 19, Ch. 160, L. 1931; re-en. Sec. 5278.19, R.C.M. 1935; amd. Sec. 2, Ch. 326, L. 1974; R.C.M. 1947, 11-2319(part); amd. Sec. 6, Ch. 581, L. 1987; amd. Sec. 24, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4260. Disposition of sale proceeds

7-7-4260. Disposition of sale proceeds.
All money arising from the sale of the bonds shall be paid to the city treasurer or town clerk and shall be immediately available for the purpose for which the bonds were issued and for no other purpose.
History: En. Sec. 19, Ch. 160, L. 1931; re-en. Sec. 5278.19, R.C.M. 1935; amd. Sec. 2, Ch. 326, L. 1974; R.C.M. 1947, 11-2319(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 42. Municipal General Obligation Bonds › 7-7-4261. Maintenance of accounts for bond issues

7-7-4261. Maintenance of accounts for bond issues.
(1) The city treasurer or town clerk shall keep in the treasurer's or clerk's books a special and separate sinking fund account for each issue or series of outstanding bonds, including citizen bonds as provided in 7-7-4211 through 7-7-4214, issued by the city or town. Each fund must at all times show the exact condition of the fund.
(2) All taxes collected for interest and principal on city or town bonds must be placed to the credit of the sinking fund for which the taxes were levied.
(3) The sinking fund must be administered as provided in 7-7-123, 7-7-124, and 7-7-4270.
History: En. Sec. 24, Ch. 160, L. 1931; re-en. Sec. 5278.24, R.C.M. 1935; R.C.M. 1947, 11-2324(part); amd. Sec. 5, Ch. 256, L. 1979; amd. Sec. 9, Ch. 511, L. 1989; amd. Sec. 511, Ch. 61, L. 2007.