reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-403. Repealed

17-5-403. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 2, Ch. 276, L. 1965; amd. Sec. 2, Ch. 318, L. 1967; amd. Sec. 1, Ch. 146, L. 1969; amd. Sec. 1, Ch. 222, L. 1971; amd. Sec. 2, Ch. 510, L. 1973; R.C.M. 1947, 79-2202(part); amd. Sec. 2, Ch. 298, L. 1983; amd. Sec. 20, Ch. 422, L. 1997.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-404. Repealed

17-5-404. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 1, Ch. 276, L. 1965; amd. Sec. 1, Ch. 510, L. 1973; R.C.M. 1947, 79-2201(part); amd. Sec. 3, Ch. 298, L. 1983; amd. Sec. 2, Ch. 372, L. 1985; amd. Sec. 17, Ch. 703, L. 1985; amd. Sec. 21, Ch. 422, L. 1997.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-405. Debt service account

17-5-405. Debt service account.
(1) Money in the debt service account must be used:
(a) first, to pay interest and principal when due on long-range building program bonds;
(b) second, to accumulate a reserve in the amount required in subsection (1)(c), for the further security of the payments; and
(c) third, to maintain the reserve in an amount at least equal, after each interest and principal payment, to the maximum amount of interest and principal that will become due on all bonds that are outstanding in any subsequent fiscal year.
(2) Money at any time received in the debt service account in excess of the principal, interest, and reserve requirements stated in subsection (1) must be transferred by the treasurer to the general fund. If the balance at any time on hand in the debt service account is not sufficient for compliance with subsection (1), the treasurer shall credit to the debt service account an amount sufficient to restore the balance from the general fund.
History: En. Sec. 3, Ch. 276, L. 1965; amd. Sec. 3, Ch. 318, L. 1967; amd. Sec. 2, Ch. 222, L. 1971; amd. Sec. 3, Ch. 510, L. 1973; R.C.M. 1947, 79-2203(1) thru (3); amd. Sec. 4, Ch. 298, L. 1983; amd. Sec. 22, Ch. 422, L. 1997.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-406. Use of debt service account

17-5-406. Use of debt service account.
The debt service account shall be segregated by the treasurer from all other money in that or any other fund in the treasury and used only to pay long-range building program bonds and interest thereon when due so long as any such bonds or interest remain unpaid.
History: En. Sec. 1, Ch. 276, L. 1965; amd. Sec. 1, Ch. 510, L. 1973; R.C.M. 1947, 79-2201(part); amd. Sec. 5, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-407. Repealed

17-5-407. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 3, Ch. 276, L. 1965; amd. Sec. 3, Ch. 318, L. 1967; amd. Sec. 2, Ch. 222, L. 1971; amd. Sec. 3, Ch. 510, L. 1973; R.C.M. 1947, 79-2203(4); amd. Sec. 6, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-408. Repealed

17-5-408. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 3, Ch. 276, L. 1965; amd. Sec. 3, Ch. 318, L. 1967; amd. Sec. 2, Ch. 222, L. 1971; amd. Sec. 3, Ch. 510, L. 1973; R.C.M. 1947, 79-2203(5), (6); amd. Sec. 14, Ch. 634, L. 1979; amd. Sec. 4, Ch. 267, L. 1981; amd. Sec. 7, Ch. 298, L. 1983; amd. Sec. 3, Ch. 608, L. 1983; amd. Sec. 2, Ch. 450, L. 1985; amd. Sec. 3, Ch. 704, L. 1985; amd. Sec. 2, Ch. 666, L. 1987; amd. Sec. 4, Ch. 681, L. 1989; amd. Sec. 91, Ch. 11, Sp. L. June 1989; amd. Sec. 3, Ch. 548, L. 1993; amd. Sec. 23, Ch. 422, L. 1997.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-409. Repealed

17-5-409. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 4, Ch. 276, L. 1965; amd. Sec. 4, Ch. 510, L. 1973; R.C.M. 1947, 79-2204.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-410. Repealed

17-5-410. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 5, Ch. 276, L. 1965; amd. Sec. 4, Ch. 318, L. 1967; amd. Sec. 2, Ch. 146, L. 1969; amd. Sec. 3, Ch. 222, L. 1971; amd. Sec. 5, Ch. 510, L. 1973; R.C.M. 1947, 79-2205; amd. Sec. 1, Ch. 644, L. 1979; amd. Sec. 1, Ch. 604, L. 1981.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-411. Repealed

17-5-411. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 2, Ch. 604, L. 1981; amd. Sec. 8, Ch. 298, L. 1983; amd. Sec. 64, Ch. 613, L. 1989.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-412. Repealed

17-5-412. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 3, Ch. 604, L. 1981; amd. Sec. 1, Ch. 349, L. 1981; amd. Sec. 9, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-414. Repealed

17-5-414. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 1, Ch. 643, L. 1983; amd. Sec. 5, Ch. 643, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-415. Repealed

17-5-415. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 2, Ch. 643, L. 1983; amd. Sec. 48, Ch. 281, L. 1983; amd. Sec. 5, Ch. 643, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-416. Repealed

17-5-416. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 3, Ch. 643, L. 1983; amd. Sec. 5, Ch. 643, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-421. Repealed

17-5-421. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 1, Ch. 507, L. 1977; R.C.M. 1947, 78-1401(part); amd. Sec. 10, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-422. Terminated

17-5-422. Terminated.
Sec. 1, Ch. 33, Sp. L. June 1986.
History: En. Secs. 1, 2, Ch. 600, L. 1981; amd. Sec. 11, Ch. 298, L. 1983; amd. Sec. 1, Ch. 33, Sp. L. June 1986.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-423. Repealed

17-5-423. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 8, HB 861, L. 1985; amd. Sec. 5, Ch. 224, L. 1989.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-425. Repealed

17-5-425. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 10, HB 861, L. 1985; amd. Sec. 5, Ch. 224, L. 1989.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-430. Repealed

17-5-430. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 10, Ch. 624, L. 1993; amd. Sec. 58, Ch. 546, L. 1995.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 4. Long-Range Building Program Bonds › 17-5-432. Repealed

17-5-432. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 12, Ch. 624, L. 1993; amd. Sec. 59, Ch. 546, L. 1995.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 5. General Obligation Highway Bonds (Repealed) › 17-5-501. Repealed

17-5-501. Repealed.
Sec. 19, Ch. 10, L. 2009.
History: En. Sec. 1, Ch. 477, L. 1975; amd. Sec. 3, Ch. 512, L. 1991.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 5. General Obligation Highway Bonds (Repealed) › 17-5-502. Repealed

17-5-502. Repealed.
Sec. 19, Ch. 10, L. 2009.
History: En. Sec. 2, Ch. 477, L. 1975; amd. Sec. 3, Ch. 512, L. 1991.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 5. General Obligation Highway Bonds (Repealed) › 17-5-503. Repealed

17-5-503. Repealed.
Sec. 19, Ch. 10, L. 2009.
History: En. Sec. 3, Ch. 477, L. 1975; amd. Sec. 12, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 5. General Obligation Highway Bonds (Repealed) › 17-5-504. Repealed

17-5-504. Repealed.
Sec. 19, Ch. 10, L. 2009.
History: En. Sec. 4, Ch. 477, L. 1975.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 5. General Obligation Highway Bonds (Repealed) › 17-5-505. Repealed

17-5-505. Repealed.
Sec. 19, Ch. 10, L. 2009.
History: En. Sec. 5, Ch. 477, L. 1975.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 5. General Obligation Highway Bonds (Repealed) › 17-5-506. Repealed

17-5-506. Repealed.
Sec. 19, Ch. 10, L. 2009.
History: En. Sec. 6, Ch. 477, L. 1975; amd. Sec. 13, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 5. General Obligation Highway Bonds (Repealed) › 17-5-507. Repealed

17-5-507. Repealed.
Sec. 19, Ch. 10, L. 2009.
History: En. Sec. 7, Ch. 477, L. 1975; amd. Sec. 14, Ch. 298, L. 1983; amd. Sec. 24, Ch. 130, L. 2005; amd. Sec. 19, Ch. 44, L. 2007.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-601. Repealed

17-5-601. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 1, Ch. 418, L. 1971; R.C.M. 1947, 78-1011.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-602. Repealed

17-5-602. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 2, Ch. 418, L. 1971; R.C.M. 1947, 78-1012.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-603. Repealed

17-5-603. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 3, Ch. 418, L. 1971; R.C.M. 1947, 78-1013.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-604. Repealed

17-5-604. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 4, Ch. 418, L. 1971; R.C.M. 1947, 78-1014.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-605. Repealed

17-5-605. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 5, Ch. 418, L. 1971; R.C.M. 1947, 78-1015.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-606. Repealed

17-5-606. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 6, Ch. 418, L. 1971; R.C.M. 1947, 78-1016.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-607. Repealed

17-5-607. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 7, Ch. 418, L. 1971; R.C.M. 1947, 78-1017.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-608. Repealed

17-5-608. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 8, Ch. 418, L. 1971; amd. Sec. 1, Ch. 61, L. 1977; R.C.M. 1947, 78-1018; amd. Sec. 15, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-609. Repealed

17-5-609. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 9, Ch. 418, L. 1971; amd. Sec. 2, Ch. 61, L. 1977; R.C.M. 1947, 78-1019; amd. Sec. 1, Ch. 418, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-610. Repealed

17-5-610. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 10, Ch. 418, L. 1971; R.C.M. 1947, 78-1020.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-611. Repealed

17-5-611. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 1, Ch. 419, L. 1971; R.C.M. 1947, 78-1021.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-612. Repealed

17-5-612. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 2, Ch. 419, L. 1971; R.C.M. 1947, 78-1022.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-613. Repealed

17-5-613. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 3, Ch. 419, L. 1971; R.C.M. 1947, 78-1023.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-614. Repealed

17-5-614. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 4, Ch. 419, L. 1971; R.C.M. 1947, 78-1024.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-615. Repealed

17-5-615. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 5, Ch. 419, L. 1971; R.C.M. 1947, 78-1025.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-616. Repealed

17-5-616. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 6, Ch. 419, L. 1971; R.C.M. 1947, 78-1026.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-617. Repealed

17-5-617. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 7, Ch. 419, L. 1971; R.C.M. 1947, 78-1027.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-618. Repealed

17-5-618. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 8, Ch. 419, L. 1971; amd. Sec. 3, Ch. 61, L. 1977; R.C.M. 1947, 78-1028; amd. Sec. 16, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-619. Repealed

17-5-619. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 9, Ch. 419, L. 1971; amd. Sec. 4, Ch. 61, L. 1977; R.C.M. 1947, 78-1029; amd. Sec. 2, Ch. 418, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 6. Employment Security Building Bonds (Repealed) › 17-5-620. Repealed

17-5-620. Repealed.
Sec. 7, Ch. 374, L. 2005.
History: En. Sec. 10, Ch. 419, L. 1971; R.C.M. 1947, 78-1030.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-701. State of Montana coal severance tax bonds

17-5-701. State of Montana coal severance tax bonds.
This part provides for the issuance of state of Montana coal severance tax bonds (also referred to as coal severance tax bonds in this part) to:
(1) finance renewable resource projects in the state designed to provide, during and after extensive coal mining, a healthy economy, the alleviation of social and economic impacts created by coal development, and a clean and healthful environment for present and future generations; and
(2) finance loans to local governments for infrastructure projects under Title 90, chapter 6, part 7.
History: En. Sec. 24, Ch. 505, L. 1981; amd. Sec. 3, Ch. 3, Sp. L. January 1992; amd. Sec. 5, Ch. 478, L. 1993.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-702. Purpose and intent

17-5-702. Purpose and intent.
(1) The purpose of the coal severance tax trust fund bond provisions of this part is to establish the authority to issue and sell coal severance tax bonds that have been approved by an act of the legislature for financing specific renewable resource projects in the state authorized by the legislature and to guarantee redemption of the bonds by revenue derived from the receipts from the coal severance tax imposed by Title 15, chapter 35, part 1, and other money that the legislature may from time to time determine.
(2) The legislature intends that projects to be financed by coal severance tax bonds include renewable resource projects as part of the program established in Title 85, chapter 1, part 6. The legislature further intends that the income from renewable resource projects in excess of the amount required for debt service and operation and maintenance of those projects and activities be deposited in the natural resources projects state special revenue account established in 15-38-302.
History: En. Sec. 25, Ch. 505, L. 1981; amd. Sec. 17, Ch. 298, L. 1983; amd. Sec. 6, Ch. 478, L. 1993; amd. Sec. 6, Ch. 432, L. 2007.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-704. Investment of funds

17-5-704. Investment of funds.
Money in the coal severance tax bond fund, the coal severance tax permanent fund, and the coal severance tax income fund must be invested in accordance with the investment standards for coal severance tax funds. Income and earnings, excluding unrealized gains and losses, from all funds must be deposited in the state general fund.
History: En. Sec. 27, Ch. 505, L. 1981; amd. Sec. 1, Ch. 149, L. 1983; amd. Sec. 19, Ch. 298, L. 1983; amd. Sec. 2, Ch. 662, L. 1987; amd. Sec. 23, Ch. 83, L. 1989; amd. Sec. 3, Ch. 634, L. 1989; amd. Sec. 92, Ch. 11, Sp. L. June 1989; amd. Sec. 4, Ch. 787, L. 1991; amd. Sec. 4, Ch. 12, Sp. L. January 1992; amd. Sec. 3, Ch. 442, L. 1995; amd. Sec. 22, Ch. 509, L. 1995; amd. Sec. 4, Ch. 61, L. 2001; amd. Sec. 2, Ch. 14, L. 2007.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-705. Pledge of coal severance tax bond fund

17-5-705. Pledge of coal severance tax bond fund.
The money in the coal severance tax bond fund is pledged to the payment of the principal and interest on all state of Montana coal severance tax bonds. All bonds issued after July 1, 1981, wherein the money in the coal severance tax bond fund is pledged for their retirement shall be called "state of Montana coal severance tax bonds".
History: En. Sec. 28, Ch. 505, L. 1981; amd. Sec. 20, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-706. Authority to issue coal severance tax bonds

17-5-706. Authority to issue coal severance tax bonds.
The board of examiners, upon approval of the legislature as hereinafter provided, shall issue and sell coal severance tax bonds to finance approved renewable resource projects when authorized to do so by any law that sets out the amount and purpose of the issue. Each project must be separately approved as to amount by a two-thirds vote of each house of the legislature.
History: En. Sec. 29, Ch. 505, L. 1981; amd. Sec. 7, Ch. 478, L. 1993.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-707. Board of examiners to issue bonds

17-5-707. Board of examiners to issue bonds.
The board of examiners may issue and sell coal severance tax bonds, and no other agency of the state is so authorized. Any action taken by the board of examiners under this part must be approved by a majority vote of its members.
History: En. Sec. 30, Ch. 505, L. 1981.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-708. Special fund revenues

17-5-708. Special fund revenues.
(1) If a law authorizing a coal severance tax bond issue for a specific purpose and in a specific amount contemplates the pledge and receipt of revenues, assets, or money other than or in addition to the money in the coal severance tax bond fund, then the money derived from such pledged revenues, assets, and money must be paid into a special bond fund for the benefit of such bonds, which must be part of a debt service fund of the state treasury fund structure.
(2) Money must be withdrawn from the coal severance tax bond fund and paid to the special bond fund as necessary to provide for payment of principal and interest on the coal severance tax bonds secured by a pledge of the special bond fund.
History: En. Sec. 31, Ch. 505, L. 1981; amd. Sec. 21, Ch. 298, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-709. Continued tax deposit limit on additional bonds

17-5-709. Continued tax deposit limit on additional bonds.
(1) The legislature shall provide for the continued assessment, levy, collection, and deposit into the coal severance tax bond fund of the coal severance tax that, together with other revenue, assets, and money that may be deposited to one or more special bond funds pledged for the benefit of coal severance tax bonds, will be sufficient to produce an amount that is at least the amount necessary to pay, when due, the annual debt service charges on all outstanding coal severance tax bonds.
(2) The board of examiners may issue no coal severance tax bonds unless the aggregate amount of coal severance tax bonds outstanding, including the proposed issue and any other coal severance tax bonds authorized but not yet issued, can be serviced with no more than two-thirds of the annual deposits into the coal severance tax bond fund, as determined by the average of the deposits during the preceding 3 fiscal years, together with the average of the aggregate amount of revenue, assets, or money deposited in one or more special bond funds used to pay debt service on outstanding coal severance tax bonds during the preceding 3 fiscal years.
(3) The provisions of this section may not be modified so as to reduce the security for any coal severance tax bonds while the bonds are outstanding.
History: En. Sec. 32, Ch. 505, L. 1981; amd. Sec. 22, Ch. 298, L. 1983; amd. Sec. 5, Ch. 563, L. 1999; amd. Sec. 28, Ch. 7, L. 2001.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-710. Form -- principal and interest -- fiscal agent -- deposit of proceeds

17-5-710. Form -- principal and interest -- fiscal agent -- deposit of proceeds.
(1) Subject to the limitations contained in this part, each series of coal severance tax bonds must be issued by the board of examiners at public or private sale. The bonds may be issued in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for conversion or exchange, bearing interest at a rate or rates, maturing at times not exceeding 40 years from date of issue, subject to redemption at earlier times and prices and on notice, and payable at the office of the fiscal agency of the state as the board of examiners determines.
(2) In all other respects the board of examiners is authorized to prescribe the form and terms of the bonds and shall do whatever is lawful and necessary for their issuance and payment.
(3) Coal severance tax bonds and any interest coupons appurtenant to the bonds must be signed by the members of the board of examiners, and the bonds must be issued under the great seal of the state of Montana. The bonds and coupons may be executed with facsimile signatures and seal in the manner and subject to the limitations prescribed by law. The state treasurer shall keep a record of all bonds issued and sold.
(4) The board of examiners may employ a fiscal agent to assist in the performance of its duties.
(5) All proceeds of a state of Montana coal severance tax bonds issue must be deposited in a capital projects fund or a state special revenue account established for that bond issue, except that:
(a) bond proceeds used to pay interest on the bonds and accrued interest received must be deposited in a debt service fund established for that bond issue;
(b) any premiums received may be deposited in a debt service fund established for that bond issue; and
(c) bond proceeds used to pay the cost of issuance may be deposited in a separate account within the state special revenue account.
History: En. Sec. 33, Ch. 505, L. 1981; amd. Sec. 23, Ch. 298, L. 1983; amd. Sec. 1, Ch. 74, L. 2015.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-711. Trust indenture

17-5-711. Trust indenture.
In the discretion of the board of examiners, a series of bonds or notes issued under this part may be secured by a trust indenture by and between the board of examiners and a trustee, which may be any trust company or bank having the powers of a trust company within or outside of the state. Each trust indenture or an executed counterpart thereof shall be filed in the office of the secretary of state of Montana. The filing of a trust indenture or an executed counterpart thereof in the office of the county clerk of the county in which the property covered by the trust indenture is located is constructive notice of its contents to all persons from the time of the filing, and the recording of the trust indenture or its contents is not necessary.
History: En. Sec. 34, Ch. 505, L. 1981; amd. Sec. 3, Ch. 512, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-712. Provisions for protecting bondholders

17-5-712. Provisions for protecting bondholders.
Either the legislative act providing for the issuance of coal severance tax bonds or the trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders as are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the state, the board of examiners, and the departments, boards, or agencies of state government in relation to the acquisition, construction, improvement, maintenance, operation, repair, and insurance of the projects financed with the proceeds of coal severance tax bonds and the custody, safeguarding, and application of all money. The trust indenture may set forth the rights and remedies of the bondholders as is customary in trust indentures, deeds of trusts, and mortgages securing bonds or debentures of corporations. No enumeration of particular powers granted by this section impairs any general grant of power contained in this part.
History: En. Sec. 35, Ch. 505, L. 1981.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-713. Personal liability -- suit to compel performance

17-5-713. Personal liability -- suit to compel performance.
(1) The members of the board of examiners and officers and employees of the departments, boards, or agencies of state government are not personally liable or accountable by reason of the issuance of or on any coal severance tax bond or bond anticipation note issued by the board of examiners.
(2) Any holder of coal severance tax bonds or any person or officer being a party in interest, subject to any applicable coal severance tax agreements or trust indentures, may sue to enforce and compel the performance of the coal severance tax bond provisions as set out in this part.
History: En. Sec. 36, Ch. 505, L. 1981; amd. Sec. 4, Ch. 512, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-714. Negotiability of bonds

17-5-714. Negotiability of bonds.
Bonds or notes issued under this part are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of bonds.
History: En. Sec. 37, Ch. 505, L. 1981; amd. Sec. 5, Ch. 512, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-715. Signatures of board members

17-5-715. Signatures of board members.
If any member of the board of examiners whose signature appears on bonds, notes, or coupons issued under this part ceases to be a member before the delivery of the bonds or notes, the member's signature is valid and sufficient for all purposes, the same as if the member had remained in office until delivery.
History: En. Sec. 38, Ch. 505, L. 1981; amd. Sec. 6, Ch. 512, L. 1985; amd. Sec. 214, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-716. Refunding obligations

17-5-716. Refunding obligations.
(1) The state board of examiners may provide for the issuance of refunding obligations for refunding any obligations then outstanding that 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 refunding obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of the state are governed by the appropriate provisions of this part that relate to the issuance of obligations.
(2) Refunding obligations issued as provided in subsection (1) 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. Sec. 39, Ch. 505, L. 1981.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-717. Pledge of the state

17-5-717. 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 state and the holders of notes and bonds issued by the state.
History: En. Sec. 40, Ch. 505, L. 1981.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-718. Tax exemption of bonds -- legal investments

17-5-718. Tax exemption of bonds -- legal investments.
(1) All bonds or notes issued under this part, their transfer, and their income, including any profits made on their sale, are exempt from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes.
(2) Bonds or notes issued under this part are legal investments for any person or board charged with investment of public funds and are acceptable as security for any deposit of public money.
History: En. Sec. 41, Ch. 505, L. 1981; amd. Sec. 7, Ch. 512, L. 1985; amd. Sec. 9, Ch. 9, Sp. L. May 2000.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-719. Limitation on amount of coal severance tax bonds issued

17-5-719. Limitation on amount of coal severance tax bonds issued.
No more than $250 million worth of coal severance tax bonds may be issued for renewable resource development projects and activities.
History: En. Sec. 42, Ch. 505, L. 1981.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-720. Authorization to issue revenue bonds

17-5-720. Authorization to issue revenue bonds.
(1) In addition to the authority contained in 17-5-716, the board of examiners may issue revenue bonds of the state to refund in whole or in part bonds issued to finance renewable resource development projects approved by the legislature pursuant to Title 17, chapter 5, part 7, and Title 85, chapter 1, part 6. The principal and interest on refunding bonds issued pursuant to this section are payable solely from the project or projects for which the refunded bonds were issued.
(2) The revenue bonds may be issued in an amount sufficient to refund all or a portion of the outstanding bonds, to pay costs incident to the issuance and sale of the refunding bonds, and to fund the establishment of necessary reserves. The refunding bonds must be designated as "State of Montana Water Development Revenue Bonds". All the power and authority granted to the board of examiners and provisions with respect to the issuance of bonds under Title 17, chapter 5, part 7, except for the provision pledging the coal severance tax to the payment of the bonds, apply to the issuance of the revenue bonds. In authorizing the issuance of the revenue bonds, the board of examiners shall determine that the refunding of the outstanding bonds and the issuance of the revenue bonds are in the best interest of the state.
(3) Revenue bonds may not be issued under this section to refund bonds issued to fund a loan to a political subdivision or local government body unless the political subdivision or local government body whose loan repayments would be pledged to the payment of the refunding bonds has consented to the refunding.
(4) Revenue bonds issued pursuant to this section without the pledge of the coal severance tax to the payment of the bonds are not coal severance tax bonds or a state debt.
History: En. Sec. 8, Ch. 775, L. 1991.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 7. Coal Severance Tax Bonds -- Water Development › 17-5-721. Authorization to issue revenue bonds

17-5-721. Authorization to issue revenue bonds.
(1) In addition to the authority contained in 17-5-716, the board of examiners may issue revenue bonds of the state to refund, in whole or in part, bonds issued to finance renewable resource projects approved by the legislature pursuant to Title 17, chapter 5, part 7, and Title 85, chapter 1, part 6. The principal and interest on refunding bonds issued pursuant to this section are payable solely from the project or projects for which the refunded bonds were issued.
(2) The revenue bonds may be issued in an amount sufficient to refund all or a portion of the outstanding bonds, to pay costs incident to the issuance and sale of the refunding bonds, and to fund the establishment of necessary reserves. The refunding bonds must be designated as "State of Montana Water Development Revenue Bonds". All the power and authority granted to the board of examiners and provisions with respect to the issuance of bonds under Title 17, chapter 5, part 7, except for the provision pledging the coal severance tax to the payment of the bonds, apply to the issuance of the revenue bonds. In authorizing the issuance of the revenue bonds, the board of examiners shall determine that the refunding of the outstanding bonds and the issuance of the revenue bonds are in the best interests of the state.
(3) Revenue bonds may not be issued under this section to refund bonds issued to fund a loan to a political subdivision or local government body unless the political subdivision or local government body whose loan repayments would be pledged to the payment of the refunding bonds has consented to the refunding.
(4) Revenue bonds issued pursuant to this section without the pledge of the coal severance tax to the payment of the bonds are not coal severance tax bonds or a state debt.
History: En. Sec. 9, Ch. 497, L. 1993.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 8. General Obligation Bonds and Notes › 17-5-801. Definitions

17-5-801. Definitions.
As used in this part, unless the context requires otherwise, the following definitions apply:
(1) "Board" means the board of examiners provided for in 2-15-1007.
(2) "Bond act" means an act approved by the vote of two-thirds of the members of each house of the legislature or by a majority of the electors voting thereon, authorizing the issuance of bonds for the purpose set forth therein and adopting this part by reference.
(3) "Bonds" means general obligation bonds, notes, or other evidences of indebtedness issued in accordance with the provisions of this part.
(4) "Capital projects account" means a separate general obligation bond and note account created within the capital projects fund type established in 17-2-102.
(5) "Costs" includes those expenses related to acquiring land; planning, design, and construction of capital projects and of buildings as defined in 18-2-101; or any other administrative expenses of the department, including legal fees, incurred in the performance of its duties under Title 18, chapter 2.
(6) "Debt service account" means a separate general obligation bond and note account created within the debt service fund type established in 17-2-102.
(7) "Department" means the department of administration created in 2-15-1001.
(8) "Treasurer" means the ex officio state treasurer, referred to in 2-15-1002.
History: En. Sec. 1, Ch. 184, L. 1983; amd. Sec. 3, Ch. 372, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 8. General Obligation Bonds and Notes › 17-5-803. Form -- principal and interest -- fiscal agent -- bond registrar and transfer agent -- deposit of proceeds

17-5-803. Form -- principal and interest -- fiscal agent -- bond registrar and transfer agent -- deposit of proceeds.
(1) Subject to the limitations contained in this part and in the bond act and in the furtherance of each bond act, bonds may be issued by the board upon request of the department. The bonds may be issued in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for conversion or exchange, and, for the issuance of temporary bonds, bearing interest at a rate or rates, maturing at times not exceeding 30 years from date of issue, subject to redemption at earlier times and prices and on notice, and payable at the office of the fiscal agency of the state as the board determines.
(2) In all other respects, the board is authorized to prescribe the form and terms of the bonds and do whatever is lawful and necessary for their issuance and payment. Action taken by the board under this part must be by a majority vote of its members. The state treasurer shall keep a record of all bonds issued and sold.
(3) The board is authorized to employ a fiscal agent and a bond registrar and transfer agent to assist in the performance of its duties under this part.
(4) The board, in its discretion, is authorized to pay all costs of issuance of bonds, including without limitation rating agency fees, printing costs, legal fees, bank or trust company fees, costs to employ persons or firms to assist in the sale of the bonds, line of credit fees and charges, and all other amounts related to the costs of issuing the bonds from amounts available for these purposes in the general fund or from the proceeds of the bonds.
(5) Unless otherwise provided in statute authorizing a bond, all proceeds of bonds and notes issued under this part to pay the costs of a project must be deposited in the capital projects account or in a separate general obligation bond or note account created in the state special revenue fund established in 17-2-102, except that:
(a) bond proceeds used to pay interest on the bonds and accrued interest received must be deposited in the debt service account;
(b) any premiums received may be deposited in the debt service account; and
(c) bond proceeds used to pay the costs of issuance may be deposited in a separate account within the state special revenue account.
(6) If applicable, the board shall specify whether the bonds are tax credit bonds as provided in 17-5-117.
History: En. Sec. 3, Ch. 184, L. 1983; amd. Sec. 4, Ch. 374, L. 2005; amd. Sec. 9, Ch. 342, L. 2009; amd. Sec. 4, Ch. 485, L. 2009; amd. Sec. 15, Ch. 489, L. 2009; amd. Sec. 2, Ch. 74, L. 2015.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 8. General Obligation Bonds and Notes › 17-5-804. Use of capital projects account

17-5-804. Use of capital projects account.
The capital projects account must be segregated by the treasurer from all other money in that or any other account in the state treasury and used only to pay costs of the projects for which bonds were issued, in accordance with the respective bond accounts. The department may transfer all money authorized by the legislature for its administrative expenditures from the capital projects account to a special revenue fund.
History: En. Sec. 4, Ch. 184, L. 1983; amd. Sec. 4, Ch. 372, L. 1985; amd. Sec. 18, Ch. 703, L. 1985; amd. Sec. 24, Ch. 422, L. 1997.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 8. General Obligation Bonds and Notes › 17-5-807. Limitations on general obligation bonds and bond anticipation notes

17-5-807. Limitations on general obligation bonds and bond anticipation notes.
(1) Bonds and bond anticipation notes may not be issued for information technology acquisitions, including hardware or software, for a period longer than the estimated useful life of the asset.
(2) The chief information officer, as defined in 2-17-506, shall estimate the useful life of the asset for the proposed information technology purchase and provide this information for inclusion prior to the department determining the appropriate financing method, as described in 2-17-512(1)(g).
(3) Whenever the department determines that the purchase of information technology hardware or software must be expensed in accordance with state accounting policy, general obligation bonds may not be issued for the purchase.
History: En. Sec. 2, Ch. 92, L. 2003.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 8. General Obligation Bonds and Notes › 17-5-820. Repealed

17-5-820. Repealed.
Sec. 26, Ch. 214, L. 2013.
History: En. Sec. 5, Ch. 269, L. 1999; amd. Sec. 1, Ch. 6, Sp. L. May 2000; amd. Sec. 1, Ch. 589, L. 2001; amd. Sec. 1, Ch. 295, L. 2003; amd. Sec. 1, Ch. 590, L. 2005; amd. Sec. 1, Ch. 376, L. 2009; amd. Sec. 17, Ch. 394, L. 2009.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-902. Purpose

17-5-902. Purpose.
The purpose of this part is to provide for the financing of the cost of state highway and federal-aid highway projects through the issuance of highway revenue bonds secured by a pledge and appropriation of highway revenue.
History: En. Sec. 2, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-903. Definitions

17-5-903. Definitions.
As used in this part, the following definitions apply:
(1) "Board" means the board of examiners created under 2-15-1007.
(2) "Bonds" means bonds, notes, or other evidences of indebtedness issued pursuant to this part as highway revenue bonds.
(3) "Cost", as applied to any highway project, means any cost of construction or acquisition of any part of the highway project, including but not limited to the cost of supervising, inspecting, and constructing the highway project, interest during construction and for up to 6 months thereafter, and all costs and expenses incidental thereto; the costs of locating, surveying, mapping, resurfacing, restoration, and rehabilitation; acquisition of rights-of-way; relocation assistance; elimination of hazards of railroad grade crossings; acquisition of replacement housing sites; and acquisition, rehabilitation, relocation, and construction of replacement housing; and improvements necessary to directly facilitate and control traffic flow, including grade separation of intersections, widening of lanes, channelization of traffic, and traffic control systems.
(4) "Department" means the department of transportation provided for in Title 2, chapter 15, part 25.
(5) "Highway projects" means the construction, reconstruction, maintenance, and repair of commission-designated highway systems and state highways as those terms are defined in 60-1-103.
(6) "Highway revenues" means the revenues specified in Article VIII, section 6, of the Montana constitution and 15-70-126 and 15-70-128 as revenues from gross vehicle weight fees and excise and license taxes (except general sales and use taxes, if any) on gasoline, fuel, and other energy sources used to propel vehicles on public highways and any other revenues, taxes, or receipts credited to the department in the state special revenue fund and the federal special revenue fund.
(7) "Outstanding bonds" means bonds issued and outstanding at any particular time but does not include bonds owned by the state, bonds that have been refunded, or bonds for the payment of which an irrevocable deposit of cash and United States government securities has been made in an amount sufficient to pay principal, interest, and redemption premium, if any, when due.
History: En. Sec. 3, Ch. 557, L. 1983; amd. Sec. 4, Ch. 249, L. 1983; amd. Sec. 3, Ch. 512, L. 1991; amd. Sec. 12, Ch. 267, L. 2017; amd. Sec. 2, Ch. 299, L. 2019; amd. Sec. 5, Ch. 123, L. 2023.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-911. Highway revenue bond debt service account -- deposit of bond proceeds

17-5-911. Highway revenue bond debt service account -- deposit of bond proceeds.
(1) There is in the debt service fund a highway revenue bond debt service account. The state treasurer shall deposit highway revenues that are pledged to the payment of particular bonds, to the credit of the highway revenue bond debt service account as required by resolution or indenture.
(2) All proceeds of an issue of bonds must be deposited in a separate account in the state special revenue fund, except that any premiums and accrued interest received may be deposited in a separate account in the debt service fund established for that bond issue by resolution or indenture. No more than the principal and interest on the bonds due in any year may be retained in the highway revenue bond debt service account for the payment of bonds. The remainder of pledged revenues is available for authorized purposes of the department. Money deposited in the separate accounts in the state special revenue fund until spent for project purposes may be pledged and appropriated for the payment of bonds, which are a first lien and prior charge upon the funds, and the funds may be used for payment of bonds to the extent highway revenues deposited in the highway revenue bond debt service account are not sufficient for that purpose.
(3) Interest and investment earnings on the separate accounts named in subsections (1) and (2) must be retained in the separate accounts referred to in subsection (2).
History: En. Sec. 4, Ch. 557, L. 1983; amd. Sec. 4, Ch. 249, L. 1983; amd. Sec. 3, Ch. 20, Sp. L. June 1986; amd. Sec. 2, Ch. 10, L. 2009.