reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 1. Industrial Development Projects › 90-5-112. Economic development levy

90-5-112. Economic development levy.
(1) Subject to 15-10-420, the governing body of a city, county, or town is authorized to levy a tax upon the taxable value of all taxable property in the city, county, or town for the purpose of economic development. The governing body may:
(a) submit the question of the mill levy to the qualified voters as provided in 15-10-425; or
(b) approve the mill levy by a vote of the governing body.
(2) Funds derived from this levy may be used for purchasing land for industrial parks, constructing buildings to house manufacturing and processing operations, conducting preliminary feasibility studies, promoting economic development opportunities in a particular area, and other activities generally associated with economic development. These funds may not be used to directly assist an industry's operations by loan or grant or to pay the salary or salary supplements of government employees.
(3) The governing body of the county, city, or town may use the funds derived from this levy to contract with local development companies and other associations or organizations capable of implementing the economic development function.
History: En. 11-4111 by Sec. 1, Ch. 311, L. 1975; amd. Sec. 32, Ch. 566, L. 1977; R.C.M. 1947, 11-4111; amd. Sec. 2, Ch. 5, Sp. L. June 1989; amd. Sec. 1, Ch. 457, L. 1991; amd. Sec. 1, Ch. 386, L. 1993; amd. Sec. 1, Ch. 279, L. 1995; amd. Sec. 163, Ch. 584, L. 1999; amd. Sec. 33, Ch. 495, L. 2001; amd. Sec. 243, Ch. 574, L. 2001.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 1. Industrial Development Projects › 90-5-113. Advice and information by department of commerce

90-5-113. Advice and information by department of commerce.
The department of commerce shall furnish advice and information in connection with a project when requested to do so by a county or municipality.
History: En. Sec. 10, Ch. 51, L. 1965; amd. Sec. 56, Ch. 348, L. 1974; amd. Sec. 21, Ch. 213, L. 1975; R.C.M. 1947, 11-4110; amd. Sec. 6, Ch. 274, L. 1981.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 1. Industrial Development Projects › 90-5-114. Preference of Montana labor

90-5-114. Preference of Montana labor.
(1) Any contract to construct a project financed pursuant to this part must require all contractors to give preference to the employment of bona fide Montana residents, as defined in 18-2-401, in the performance of the work on the projects if their qualifications are substantially equal to those of nonresidents. "Substantially equal qualifications" means the qualifications of two or more persons among whom the employer cannot make a reasonable determination that the qualifications held by one person are significantly better suited for the position than the qualifications held by the other persons.
(2) A contract let for a project costing more than $25,000 and financed from the proceeds of bonds issued under this part on or after July 1, 1993, must contain a provision that requires the contractor to pay the standard prevailing wage rate in effect and applicable to the district in which the work is being performed.
History: En. Sec. 3, Ch. 653, L. 1985; amd. Sec. 8, Ch. 561, L. 1987; amd. Sec. 4, Ch. 464, L. 1993.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 2. Western Interstate Nuclear Compact State Nuclear Policy › 90-5-202. Board member appointed by governor -- compensation

90-5-202. Board member appointed by governor -- compensation.
The governor shall appoint the board member. The member shall report directly to the governor. The member, with the approval of the governor, may designate an alternate to represent the state when the member is unable to do so. The member or the alternate may not receive compensation in addition to salary for services as a member of the board but must be reimbursed for travel expenses, as provided for in 2-18-501 through 2-18-503, incurred in the performance of duties.
History: En. Sec. 2, Ch. 258, L. 1973; amd. Sec. 21, Ch. 453, L. 1977; R.C.M. 1947, 82-4402; amd. Sec. 2872, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 2. Western Interstate Nuclear Compact State Nuclear Policy › 90-5-203. Bylaws and amendments filed with secretary of state

90-5-203. Bylaws and amendments filed with secretary of state.
Pursuant to Article II, paragraph (10), of the compact, the western interstate nuclear board shall file copies of the bylaws and amendments thereto with the secretary of state.
History: En. Sec. 3, Ch. 258, L. 1973; R.C.M. 1947, 82-4403.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 2. Western Interstate Nuclear Compact State Nuclear Policy › 90-5-211. Declaration of policy

90-5-211. Declaration of policy.
It is hereby declared that the people of Montana are opposed to:
(1) the placement of MX missiles in Montana; and
(2) any further testing, development, or deployment of nuclear weapons by any nation.
History: En. Sec. 1, I.M. No. 91, approved Nov. 2, 1982.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 3. Employee Ownership Opportunity Act › 90-5-302. Employee ownership development policy

90-5-302. Employee ownership development policy.
It is the policy of this state to encourage the formation of employee-owned enterprises in order to stabilize local economies, to anchor business activity by increasing and broadening community investments, to increase productivity, and to encourage new capital formation through employee ownership.
History: En. Sec. 2, Ch. 671, L. 1989.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 3. Employee Ownership Opportunity Act › 90-5-303. Definitions

90-5-303. Definitions.
As used in this part, the following definitions apply:
(1) "Employee ownership group" means a group that may include a corporation, labor organization, or other groups of persons voluntarily affiliated for the purpose of actively engaging in an effort to establish an employee-owned enterprise.
(2) "Employee-owned enterprise" means a business corporation that:
(a) requires that at least a majority of its employees:
(i) are vested with stock in the enterprise and all of whose vested employees are entitled to vote; and
(ii) own a majority of the shares which must be voted so that the vote of a majority of the employees control the vote of a majority of shares;
(b) requires that voting rights on corporate matters for shares held in trust for the employees pass through to those employees at least to the extent required by the voting requirements of section 409(e) of the Internal Revenue Code of 1986, as amended;
(c) provides vested employees the right to vote on corporate matters, including merger, consolidation, recapitalization, reclassification, liquidation, dissolution, or sale; and
(d) requires that at least a majority of the members of the board of directors is elected by the employees of the enterprise.
History: En. Sec. 3, Ch. 671, L. 1989.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 3. Employee Ownership Opportunity Act › 90-5-304. Extension of business assistance services to employee-owned enterprises

90-5-304. Extension of business assistance services to employee-owned enterprises.
A business assistance program operated by the state must include employee-owned enterprises within the scope of its business assistance activities. An employee-owned enterprise is eligible for assistance, service, or financing available through any business assistance program receiving state money.
History: En. Sec. 4, Ch. 671, L. 1989.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 5. Secondary Industry and Commercial Development › Part 3. Employee Ownership Opportunity Act › 90-5-305. Department to offer employee ownership development assistance and counseling

90-5-305. Department to offer employee ownership development assistance and counseling.
Upon request by an employee group or organization, the department of commerce shall provide technical assistance and counseling on the establishment and management of employee-owned enterprises.
History: En. Sec. 5, Ch. 671, L. 1989; amd. Sec. 1, Ch. 10, L. 1999.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-101. Short title

90-6-101. Short title.
This part shall be known and may be cited as the "Housing Act of 1975".
History: En. 35-501 by Sec. 1, Ch. 461, L. 1975; R.C.M. 1947, 35-501.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-102. Legislative declaration

90-6-102. Legislative declaration.
The legislature finds and declares that there is a shortage in Montana of decent, safe, and sanitary housing which is within the financial capabilities of lower income persons and families. In order to alleviate the high cost of housing for these persons, the legislature believes that it is essential that additional public moneys be made available through the issuance of revenue bonds to assist both private enterprise and governmental agencies in meeting critical housing needs.
History: En. 35-502 by Sec. 2, Ch. 461, L. 1975; R.C.M. 1947, 35-502.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-105. Meetings and acts of the board

90-6-105. Meetings and acts of the board.
(1) All meetings of the board are open to the public.
(2) All official acts of the board shall be in a regular or special meeting and by a majority of the board.
(3) All rules adopted by the board shall be in accordance with the Montana Administrative Procedure Act.
History: En. 35-525 by Sec. 26, Ch. 461, L. 1975; R.C.M. 1947, 35-525.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-106. Adoption of rules

90-6-106. Adoption of rules.
(1) The board shall adopt rules respecting the regulation of borrowers, the admission of occupants in housing developments, the construction of ancillary facilities, and requirements or restrictions necessary to implement this part.
(2) The board shall adopt rules for the:
(a) organization, approval, standards, and regulation of housing sponsors and eligible recipients;
(b) approval, standards, and regulation of lending institutions under this part;
(c) assessment, collection, and payment of all fees and charges in connection with making, purchasing, and servicing of its bonds and notes, mortgage lending, construction lending, temporary lending, and security purchase programs;
(d) assessment and collection of fees and charges in connection with its technical, consultative, and project assistance activities;
(e) determination and regulation of mortgagor and lending institution and their use of funds under this part, sponsor and mortgagor equity definitions and limitations, and housing development costs;
(f) percentage of housing units or housing developments assisted under this part that are reserved for lower income persons and families and which allows for an economic mixture of residents.
History: En. 35-505 by Sec. 6, Ch. 461, L. 1975; R.C.M. 1947, 35-505(2), (3).
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-107. Deposit and expenditure of funds

90-6-107. Deposit and expenditure of funds.
(1) There is a housing authority enterprise fund in the proprietary fund type as provided for in 17-2-102(2). All funds from the proceeds of bonds issued under this part, fees, and other money received by the board, money appropriated by the legislature for the use of the board in carrying out this part, and money made available from any other source for the use of the board must be deposited in the housing authority enterprise fund. All funds deposited in the housing authority enterprise fund, except funds appropriated by the legislature for use of the board in payment of expenses incurred in carrying out this part, are continuously appropriated to and may be expended by the board for the purposes authorized in this part.
(2) There is a capital reserve account in the housing authority enterprise fund provided for in subsection (1). The capital reserve account consists of the aggregate money retained by the board under existing agreements with bondholders as the minimum capital reserve requirement described in 90-6-119 for each bond issue sold by the board.
(3) Funds appropriated by the legislature for use of the board in payment of expenses incurred in carrying out this part must be deposited in the housing authority enterprise fund. Funds expended by the board under this subsection must be repaid by the board from the fees and charges collected under this part and from any other money available for repayment in accordance with this part.
History: En. 35-523 by Sec. 24, Ch. 461, L. 1975; R.C.M. 1947, 35-523; amd. Sec. 2, Ch. 249, L. 1983; amd. Sec. 6, Ch. 11, Sp. L. July 1992; amd. Sec. 37, Ch. 34, L. 2001; amd. Sec. 1, Ch. 426, L. 2007.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-108. Financing programs of the board

90-6-108. Financing programs of the board.
The board may:
(1) make loans to lending institutions under terms and conditions adopted by the board requiring the proceeds to be used by the lending institution for the making of mortgage loans for housing developments in the state for persons and families of lower income;
(2) invest in, purchase or make commitments to purchase, and take assignments from lending institutions of notes, mortgages, and other securities evidencing loans for the construction, rehabilitation, purchase, leasing, or refinancing of housing developments for persons and families of lower income in this state, under terms and conditions adopted by the board;
(3) make, undertake commitments to make, and participate in the making of mortgage loans, including federally insured mortgage loans, and make temporary loans and advances in anticipation of permanent mortgage loans to housing sponsors to finance the construction or rehabilitation of housing developments designed and planned for occupancy by persons and families of lower income in this state, under terms and conditions adopted by the board;
(4) make, undertake commitments to make, and participate in the making of loans to persons and families of lower income for housing development under terms and conditions adopted by the board, including without limitation persons and families of lower income who are eligible or potentially eligible for federally insured loans, federal mortgages, or other federal housing assistance, when the board determines that mortgage loans are not otherwise available, wholly or in part, from private lenders upon reasonably equivalent terms and conditions;
(5) require that loans made to or securities issued by lending institutions shall be additionally secured as to payment of principal and interest by a pledge of and a lien upon collateral security in amounts and consisting of obligations and securities as the board determines necessary to assure prompt payment of loans and interest. Collateral may be required to be lodged with a bank or trust company designated by the board as custodian, or the board may enter into an agreement with the lending institution requiring it to identify and maintain and service the collateral and the income therefrom solely in accordance with the agreement. A copy of each agreement and any revisions or supplements thereto shall be filed with the secretary of state, and no further filing or other action under the Uniform Commercial Code or any other law shall be required to perfect the security interest of the board in the collateral or in any additions or substitutions. The lien and trust is binding from the time it is made against all parties having claims of any kind in tort, contract, or otherwise against the lending institution.
History: En. 35-505 by Sec. 6, Ch. 461, L. 1975; R.C.M. 1947, 35-505(1), (4).
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-109. Procedure prior to financing of housing developments

90-6-109. Procedure prior to financing of housing developments.
(1) The board may finance housing developments under this part only when the board finds that:
(a) there exists a shortage of decent, safe, and sanitary housing at rentals or prices which persons and families of lower income can afford within the general housing market area to be served by the proposed housing development;
(b) private enterprise has not provided an adequate supply of decent, safe, and sanitary housing in the housing market area at rentals or prices which persons or families of lower income can afford or provided sufficient mortgage financing for housing developments for occupancy by persons or families of lower income;
(c) the housing sponsor undertaking the proposed housing development in this state will supply well planned, well designed housing, and such sponsors are financially responsible;
(d) the housing development to be assisted under this part will be of public use and will provide a public benefit, taking into account the existence of local government comprehensive plans, housing and land use plans and regulations, areawide plans, and other public desires;
(e) the housing development does not involve the construction of second homes (for purposes of this paragraph, "second home" means a home which would not qualify as the primary residence of the taxpayer for federal income tax purposes relating to capital gains on the sale or exchange of residential property); and
(f) as to direct loans it is necessary to qualify for federal funds.
(2) The findings required under subsection (1) must be made after a public hearing whenever the financing of housing relates to a development for rental units owned by a for-profit housing sponsor. The board shall conduct the hearing unless it directs the governing body of the local government in which the proposed housing development is to be located to conduct the hearing.
History: En. 35-506 by Sec. 7, Ch. 461, L. 1975; R.C.M. 1947, 35-506; amd. Sec. 2, Ch. 359, L. 1983.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-110. Supervision of housing sponsors

90-6-110. Supervision of housing sponsors.
(1) The board may supervise housing sponsors of housing developments financed under this part as follows:
(a) prescribe uniform systems of accounts and records for housing sponsors and require them to make reports and give answers to specific questions on forms and at times specified by the board;
(b) enter upon and inspect the housing development and examine all books and records of the housing sponsor with respect to capitalization, income, and other matters as specified by the board;
(c) supervise the operation and maintenance of any housing development and order repairs necessary to protect the public and the board's interest or the health, welfare, or safety of the occupants;
(d) determine standards for and control resident selection by a housing sponsor;
(e) require any housing sponsor to pay to the board fees as it prescribes in connection with the examination, inspection, supervision, auditing, or other regulation of the housing sponsor;
(f) order any housing sponsor to do or to refrain from doing things necessary to comply with the provisions of law, the rules of the board, and the terms of any contract or agreement to which the housing sponsor is a party;
(g) regulate the retirement of any capital investment or the redemption of stock where any such retirement or redemption when added to any dividend or other distribution shall exceed in any one fiscal year 10% or a lesser amount of the original face amount of any investment or equity of any housing sponsor, as determined by the board; and
(h) adopt rules specifying the categories of cost which shall be allowable in the construction or rehabilitation of a housing development.
(2) The board shall require any housing sponsor to certify the actual housing development costs prior to periodic payments or upon completion of the housing development, subject to audit and determination by the board. The board may accept, in lieu of any certification of housing development costs, other assurances of the housing development costs, in any form or manner whatsoever, as will enable the board to determine with reasonable accuracy the amount of housing development costs.
History: En. 35-507 by Sec. 8, Ch. 461, L. 1975; R.C.M. 1947, 35-507.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-111. Bonds and notes

90-6-111. Bonds and notes.
(1) The board may by resolution, from time to time, issue negotiable notes and bonds in a principal amount that the board determines necessary to provide sufficient funds for achieving any of its purposes, including the payment of interest on notes and bonds of the board, establishment of reserves to secure the notes and bonds, including the reserve funds created under 90-6-119, and all other expenditures of the board incident to and necessary or convenient to carry out this part.
(2) The board may by resolution, from time to time, issue notes to renew notes and bonds to pay notes, including interest, and, whenever it considers refunding expedient, refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and issue bonds partly to refund bonds outstanding and partly for any of its other purposes.
(3) Except as otherwise expressly provided by resolution of the board, every issue of its notes and bonds must be obligations of the board payable out of any revenue, assets, or money of the board, subject only to agreements with the holders of particular notes or bonds pledging particular revenue, assets, or money.
(4) The notes and bonds must be authorized by resolutions of the board, must bear a date, and must mature at times that the resolutions provide. A note may not mature more than 10 years and a bond may not mature more than 50 years from the date of its issue. The bonds may be issued as serial bonds payable in annual or semiannual installments or as term bonds or as a combination of both. The notes and bonds must bear interest at a rate or rates, be in denominations, be in a form, either coupon or registered, carry registration privileges, be executed in a manner, be payable in a medium of payment, at places within or without the state, and be subject to terms of redemption as provided in resolutions. The board shall designate whether interest payments on the bonds are taxable or tax exempt. The notes and bonds of the board may be sold at public or private sale at prices, which may be above or below par, determined by the board.
(5) The total amount of notes and bonds outstanding at any time, except notes or bonds as to which the board's obligation has been satisfied and discharged by refunding or for which reserve for payment or other means of payment have been otherwise provided, may not exceed $1.5 billion. The issue price of bonds sold at a discount, not the face amount of the bonds, counts against this statutory ceiling.
History: En. 35-508 by Sec. 9, Ch. 461, L. 1975; R.C.M. 1947, 35-508; amd. Sec. 1, Ch. 518, L. 1979; amd. Sec. 1, Ch. 522, L. 1979; amd. Sec. 1, Ch. 53, L. 1981; amd. Sec. 1, Ch. 64, L. 1981; amd. Sec. 3, Ch. 359, L. 1983; amd. Sec. 1, Ch. 403, L. 1985; amd. Sec. 1, Ch. 89, L. 2003.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-112. Provision of bond resolutions

90-6-112. Provision of bond resolutions.
A resolution authorizing any notes or bonds, or any issue thereof, may contain provisions, which shall be a part of the contract or contracts with the holders thereof, as to:
(1) pledging all or any part of the revenues or property of the board to secure the payment of the notes or bonds or of any issue thereof, subject to existing agreements with noteholders or bondholders;
(2) pledging all or any part of the assets of the board, including mortgages and obligations securing them, to secure the payment of the notes or bonds or of any issue thereof, subject to existing agreements with noteholders or bondholders;
(3) the use and disposition of the gross income from mortgages owned by the board and payment of principal of mortgages owned by the board;
(4) the setting aside of reserves of sinking funds in the hands of trustees, paying agents, and other depositories and the regulation and disposition thereof;
(5) limitations on the purpose to which the proceeds of sale of notes or bonds may be applied and the pledge of the proceeds to secure the payment of the notes or bonds or of any issue thereof;
(6) limitations on the issuance of additional notes or bonds, the terms upon which additional notes or bonds may be issued and secured, and the refunding of outstanding notes or bonds;
(7) the procedure, if any, by which the terms of any contract with noteholders or bondholders may be amended or abrogated, the amount of notes or bonds the holders of which must consent thereto, and the manner in which such consent may be given;
(8) a commitment to employ adequate and competent personnel at such reasonable compensation, salaries, fees, and charges as may be determined by the board in conjunction with the department of commerce and to maintain suitable facilities and services for the purpose of carrying out its programs;
(9) vesting in a trustee property, rights, powers, and duties in trust as the board determines;
(10) defining the acts or omissions to act which shall constitute a default in the obligations and duties of the board to the holders of the notes or bonds and providing for the rights and remedies of the holders of the notes or bonds in the event of such default, including as a matter of right the appointment of a receiver. Rights and remedies shall not be inconsistent with the laws of the state and the other provisions of this part; and
(11) any other matters of like or different character which in any way affect the security or protection of the holders of the notes or bonds.
History: En. 35-509 by Sec. 10, Ch. 461, L. 1975; R.C.M. 1947, 35-509; amd. Sec. 1, Ch. 143, L. 1979; amd. Sec. 11, Ch. 274, L. 1981.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-113. Validity of pledge

90-6-113. Validity of pledge.
Any pledge made by the board shall be valid and binding from the time the pledge is made. The revenues, moneys, or property pledged and thereafter received by the board shall immediately be subject to the lien of the pledge without any physical delivery thereof or further act. The lien of any pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the board, irrespective of whether such parties have notice thereof. Neither the resolution nor any other instrument by which a pledge is created need be recorded.
History: En. 35-510 by Sec. 11, Ch. 461, L. 1975; R.C.M. 1947, 35-510.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-114. Personal liability

90-6-114. Personal liability.
The board members and employees of the department are not personally liable or accountable by reason of the issuance of or on any bond or note issued by the board.
History: En. 35-511 by Sec. 12, Ch. 461, L. 1975; R.C.M. 1947, 35-511.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-115. Purchase of notes and bonds -- cancellation

90-6-115. Purchase of notes and bonds -- cancellation.
The board, subject to existing agreements with noteholders or bondholders, may, out of any funds available for that reason, purchase notes or bonds of the board, which shall thereupon be canceled, at a price not exceeding:
(1) the current redemption price plus accrued interest to the next interest payment thereon, if the notes or bonds are then redeemable; or
(2) the redemption price applicable on the first date after the purchase upon which the notes or bonds become subject to redemption plus accrued interest to that date, if the notes or bonds are not then redeemable.
History: En. 35-512 by Sec. 13, Ch. 461, L. 1975; R.C.M. 1947, 35-512.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-116. Trust indenture

90-6-116. Trust indenture.
(1) In the discretion of the board, the bonds 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 within or without the state. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders which 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 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 operating expenditures of the board.
History: En. 35-513 by Sec. 14, Ch. 461, L. 1975; R.C.M. 1947, 35-513; amd. Sec. 4, Ch. 51, L. 1979.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-117. Negotiability of bonds

90-6-117. Negotiability of bonds.
Notes and bonds issued by the board are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of notes and bonds.
History: En. 35-514 by Sec. 15, Ch. 461, L. 1975; R.C.M. 1947, 35-514.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-118. Signatures of board members

90-6-118. Signatures of board members.
In case 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, the same as if the members had remained in office until delivery.
History: En. 35-515 by Sec. 16, Ch. 461, L. 1975; R.C.M. 1947, 35-515.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-120. Maintenance of capital reserve account

90-6-120. Maintenance of capital reserve account.
(1) In order to ensure the maintenance of the capital reserve account, the presiding officer of the board shall on or before September 1 in the year preceding the convening of the legislature deliver to the governor a certificate stating the sum, if any, required to restore the capital reserve account to the minimum capital reserve requirement. The governor shall include in the executive budget submitted to the legislature the sum required to restore the capital reserve account to the sum of minimum capital reserve requirements. All sums appropriated by the legislature must be deposited in the capital reserve account.
(2) All amounts appropriated to the board by the legislature under this section constitute advances to the board and, subject to the rights of the holders of any bonds or notes of the board, must be repaid to the state's general fund, without interest from available operating revenues of the board in excess of amounts required for the payment of bonds, notes, or other obligations of the board, for maintenance of the capital reserve account, and for operating expenses.
History: En. 35-517 by Sec. 18, Ch. 461, L. 1975; R.C.M. 1947, 35-517; amd. Sec. 2873, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-121. Refunding obligations -- issuance

90-6-121. Refunding obligations -- issuance.
The board may provide for the issuance of refunding obligations for refunding any obligations then outstanding which have been issued under this part, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption of the obligations. The issuance of obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of the board are governed by the appropriate provisions of this part which relate to the issuance of obligations.
History: En. 35-518 by Sec. 19, Ch. 461, L. 1975; R.C.M. 1947, 35-518.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-122. Refunding obligations -- sale

90-6-122. Refunding obligations -- sale.
Refunding obligations issued as provided in 90-6-121 may be sold or exchanged for outstanding obligations issued under this part. The proceeds may be applied to the purchase, redemption, or payment of outstanding obligations. Pending the application of the proceeds of refunding obligations, with other available funds, to the payment of principal, accrued interest, and any redemption premium on the obligations being refunded and, if permitted in the resolution authorizing the issuance of the refunding obligations or in the trust agreement securing them, to the payment of interest on refunding obligations and expenses in connection with refunding, the proceeds may be invested as provided in Title 17, chapter 6.
History: En. 35-519 by Sec. 20, Ch. 461, L. 1975; R.C.M. 1947, 35-519.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-123. Credit of state not pledged

90-6-123. Credit of state not pledged.
Obligations issued under the provisions of this part do not constitute a debt or liability or obligation or a pledge of the faith and credit of the state but are payable solely from the revenues or assets of the board. An obligation issued under this part shall 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. 35-520 by Sec. 21, Ch. 461, L. 1975; R.C.M. 1947, 35-520.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-124. Annual audit

90-6-124. Annual audit.
(1) There shall be an audit of the board's books and records at least once each fiscal year.
(2) The legislative auditor may conduct an audit at the request of the legislative audit committee.
History: En. 35-521 by Sec. 22, Ch. 461, L. 1975; R.C.M. 1947, 35-521.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-125. Tax exemption of bonds

90-6-125. Tax exemption of bonds.
Bonds, notes, or other obligations issued by the board under this part or by local housing authorities under Title 7, chapter 15, parts 21, 44, and 45, 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. 35-522 by Sec. 23, Ch. 461, L. 1975; R.C.M. 1947, 35-522; amd. Sec. 34, Ch. 9, Sp. L. May 2000.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-126. Pledge of the state

90-6-126. Pledge of the state.
In accordance with the constitutions of the United States and the state of Montana, the state pledges that it will not in any way impair the obligations of any agreement between the board and the holders of notes and bonds issued by the board, including but not limited to an agreement to administer a loan program financed by the issuance of bonds and to employ a staff sufficient and competent for this purpose.
History: En. 35-524 by Sec. 25, Ch. 461, L. 1975; R.C.M. 1947, 35-524; amd. Sec. 2, Ch. 143, L. 1979.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-127. Allocation of state limit

90-6-127. Allocation of state limit.
(1) All of the aggregate amount of qualified mortgage bonds that may be issued during any calendar year in accordance with section 146 of the Internal Revenue Code, 26 U.S.C. 146, as amended, is allocated to the board of housing.
(2) The board of housing may adopt standards for determining and may designate areas of chronic economic distress within the meaning of section 143(j)(3) of the Internal Revenue Code, 26 U.S.C. 143(j)(3), as amended.
History: En. Sec. 1, Ch. 54, L. 1981; amd. Sec. 311, Ch. 42, L. 1997; amd. Sec. 133, Ch. 114, L. 2003.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-131. Legislative declaration

90-6-131. Legislative declaration.
(1) The legislature finds that escalating land costs, current economic conditions, federal housing policies, and declining resources at the federal, state, and local levels adversely affect the ability of low-income and moderate-income persons to obtain safe, decent, accessible, and affordable housing.
(2) The legislature further finds that the state will lose substantial sums allocated to it by the federal government for affordable housing for low-income and moderate-income households unless matching funds are provided.
(3) The legislature declares that it is in the public interest to establish a continuously renewable financial resource known as the housing Montana fund to assist low- and moderate-income citizens in meeting their basic housing needs. Long-term affordability is the goal.
History: En. Sec. 1, Ch. 312, L. 1999; amd. Sec. 1, Ch. 455, L. 2003; amd. Sec. 2, Ch. 426, L. 2007.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-132. Definitions

90-6-132. Definitions.
As used in 90-6-131 through 90-6-137, the following definitions apply:
(1) "Board" means the board of housing created in 2-15-1814.
(2) "Coal tax trust fund" means the trust fund created pursuant to Article IX, section 5, of the Montana constitution.
(3) "Fund" means the housing Montana fund created in 90-6-133.
(4) "Housing development" has the meaning provided in 90-6-103.
(5) "Low-income" means households whose incomes do not exceed 80% of the median income in the area, as determined by the United States department of housing and urban development, with adjustments for smaller or larger families.
(6) "Moderate-income" means households whose incomes are between 81% and 95% of the median income for the area, as determined by the United States department of housing and urban development, with adjustments for smaller and larger families.
History: En. Sec. 2, Ch. 312, L. 1999; amd. Sec. 3, Ch. 426, L. 2007; amd. Sec. 3, Ch. 460, L. 2019.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-133. Housing Montana fund -- administration

90-6-133. Housing Montana fund -- administration.
(1) (a) There is a housing Montana fund in the housing authority enterprise fund provided for in 90-6-107. The money in the fund is allocated to the board for the purpose of providing loans to eligible applicants.
(b) Money in the housing Montana fund must be disbursed as loans. Twenty percent of the money in the fund must be disbursed to rural areas based on population.
(2) Money deposited in the fund, including money transferred to the account pursuant to section 2, Chapter 502, Laws of 2001, must be used for the program authorized in 90-6-134 and may not be used to pay the expenses of any other program or service administered by the board.
(3) The board may determine the rate of interest to be charged for any loan made under the provisions of 90-6-131 through 90-6-136.
(4) The board may accept contributions, gifts, and grants for deposit into the fund. The money must be used in accordance with the provisions of 90-6-134.
(5) The costs incurred by the board in administering the fund may be paid from the fund.
(6) Interest and principal on loans from the fund must be repaid to the fund.
(7) Interest income generated by investment of the principal of the fund is retained in the fund.
History: En. Sec. 3, Ch. 312, L. 1999; amd. Sec. 1, Ch. 502, L. 2001; amd. Sec. 2, Ch. 455, L. 2003; amd. Sec. 4, Ch. 426, L. 2007; amd. Sec. 1, Ch. 577, L. 2023.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-134. Housing Montana fund -- loan capital restricted to interest on principal -- eligible applicants

90-6-134. Housing Montana fund -- loan capital restricted to interest on principal -- eligible applicants.
(1) The money in the housing Montana fund must be used to provide financial assistance in the form of direct loans by the board to eligible applicants.
(2) After the initial principal is loaned to eligible applicants, the amount of loans made in a fiscal year is contingent on the repayment of loan principal and on the amount of interest income generated by the principal of the fund.
(3) Money from the fund must be used to provide:
(a) matching funds for public or private money available from other sources for the development of low-income and moderate-income housing;
(b) bridge financing necessary to make a low-income housing development or a moderate-income housing development financially feasible;
(c) acquisition of existing housing for the purpose of preservation of or conversion to low-income or moderate-income housing;
(d) preconstruction technical assistance to eligible recipients in rural areas and small cities and towns; or
(e) acquisition of land for housing developments, land banking and land trusts, and short-term site-based housing vouchers for needy individuals.
(4) (a) Technical assistance under subsection (3)(d) may include but is not limited to:
(i) financial planning and packaging for housing developments and projects;
(ii) project design, architectural planning, and siting;
(iii) compliance with planning and permitting requirements; or
(iv) maximizing local government contributions to project development in the form of land donations, infrastructure improvements, zoning variances, or creative local planning.
(b) The board may contract with a nonprofit organization to provide this technical assistance.
(5) Money from the fund may not be used to replace existing or available sources of funding for eligible activities.
(6) Organizations eligible for loans from the fund are state government or state agencies or programs, local governments, tribal governments, local housing authorities, nonprofit community- or neighborhood-based organizations, regional or statewide nonprofit housing assistance organizations, or for-profit housing developers.
History: En. Sec. 4, Ch. 312, L. 1999; amd. Sec. 3, Ch. 455, L. 2003; amd. Sec. 5, Ch. 426, L. 2007.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-135. Coordination with other programs

90-6-135. Coordination with other programs.
The board shall ensure that all housing assistance activities supported through the loan program are coordinated with other housing assistance programs administered by the board, the federal government, state agencies, tribal governments, local public housing authorities, and local governments.
History: En. Sec. 5, Ch. 312, L. 1999.
2023 Montana Code Annotated › Title 90. Planning, Research, and Development › Chapter 6. Community Impact -- Planning and Abatement › Part 1. Financing of Housing › 90-6-136. Administrative rules

90-6-136. Administrative rules.
The board shall adopt rules to implement 90-6-131 through 90-6-137. The rules must address:
(1) the development of eligibility criteria for applicants;
(2) the development of an application process for requesting financial assistance;
(3) the establishment of a procedure for disbursing financial assistance;
(4) the establishment of the terms and conditions of a loan, including the method and schedule of repayment and the applicable rate of interest;
(5) the development of a process for awarding technical assistance contracts; and
(6) other matters necessary for the administration of 90-6-131 through 90-6-137.
History: En. Sec. 6, Ch. 312, L. 1999; amd. Sec. 4, Ch. 460, L. 2019.