reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2229. Notice of election

7-7-2229. Notice of election.
(1) Notice of a bond election must be in accordance with 13-1-108.
(2) (a) The notice must state:
(i) the date when the election will be held;
(ii) the amount of bonds proposed to be issued;
(iii) the purpose of the issue;
(iv) the term of years through which the bonds are to be paid; and
(v) other information regarding the holding of the election and the bonds proposed to be issued that the board may consider proper.
(b) If bonds are to be issued for two or more purposes, each purpose and the amount for each purpose must be separately stated.
History: En. Sec. 10, Ch. 188, L. 1931; re-en. Sec. 4630.10, R.C.M. 1935; R.C.M. 1947, 16-2024(part); amd. Sec. 313, Ch. 571, L. 1979; amd. Sec. 31, Ch. 387, L. 1995; amd. Sec. 3, Ch. 234, L. 1997; amd. Sec. 101, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2230. Repealed

7-7-2230. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 10, Ch. 188, L. 1931; re-en. Sec. 4630.10, R.C.M. 1935; R.C.M. 1947, 16-2024(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2231. Repealed

7-7-2231. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 10, Ch. 188, L. 1931; re-en. Sec. 4630.10, R.C.M. 1935; R.C.M. 1947, 16-2024(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2232. Repealed

7-7-2232. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: (1)En. Sec. 1, p. 13, L. 1901; re-en. Sec. 2938, Rev. C. 1907; re-en. Sec. 4722, R.C.M. 1921; re-en. Sec. 4722, R.C.M. 1935; Sec. 16-2306, R.C.M. 1947; (2)En. Sec. 11, Ch. 188, L. 1931; re-en. Sec. 4630.11, R.C.M. 1935; Sec. 16-2025, R.C.M. 1947; R.C.M. 1947, 16-2025(part), 16-2306(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2233. Repealed

7-7-2233. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 12, Ch. 188, L. 1931; re-en. Sec. 4630.12, R.C.M. 1935; amd. Sec. 1, Ch. 138, L. 1939; amd. Sec. 18, Ch. 64, L. 1959; amd. Sec. 14, Ch. 158, L. 1971; R.C.M. 1947, 16-2026(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2234. Repealed

7-7-2234. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 12, Ch. 188, L. 1931; re-en. Sec. 4630.12, R.C.M. 1935; amd. Sec. 1, Ch. 138, L. 1939; amd. Sec. 18, Ch. 64, L. 1959; amd. Sec. 14, Ch. 158, L. 1971; R.C.M. 1947, 16-2026(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2235. Repealed

7-7-2235. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: (1)En. Sec. 1, p. 13, L. 1901; re-en. Sec. 2938, Rev. C. 1907; re-en. Sec. 4722, R.C.M. 1921; re-en. Sec. 4722, R.C.M. 1935; Sec. 16-2306, R.C.M. 1947; (2), (3)En. Sec. 11, Ch. 188, L. 1931; re-en. Sec. 4630.11, R.C.M. 1935; Sec. 16-2025, R.C.M. 1947; R.C.M. 1947, 16-2025(part), 16-2306(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2236. Repealed

7-7-2236. Repealed.
Sec. 407, Ch. 571, L. 1979.
History: En. Sec. 14, Ch. 188, L. 1931; re-en. Sec. 4630.14, R.C.M. 1935; amd. Sec. 1, Ch. 210, L. 1961; R.C.M. 1947, 16-2028(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2237. Percentage of electors required to authorize bond issue

7-7-2237. Percentage of electors required to authorize bond issue.
Whenever the question of issuing county bonds for any purpose is submitted to the registered electors of a county, the determination of the approval or rejection of the bond proposition is made in the following manner:
(1) determine the total number of electors who were qualified to vote in the bond election;
(2) determine the total number of qualified electors who voted in the bond election from the tally sheet or sheets for the election;
(3) calculate the percentage of qualified electors voting in the bond election by dividing the number determined in subsection (2) by the number determined in subsection (1); and
(4) when the calculated percentage in subsection (3) is 40% or more, the bond proposition is considered approved and adopted if a majority of the votes cast were in favor of the proposition, otherwise it is considered rejected; or
(5) when the calculated percentage in subsection (3) is more than 30% but less than 40%, the bond proposition is considered approved and adopted if 60% or more of the votes cast were in favor of the proposition, otherwise it is considered rejected; or
(6) when the calculated percentage in subsection (3) is 30% or less, the bond proposition is considered rejected.
History: En. Sec. 13, Ch. 188, L. 1931; re-en. Sec. 4630.13, R.C.M. 1935; R.C.M. 1947, 16-2027; amd. Sec. 314, Ch. 571, L. 1979; amd. Sec. 1, Ch. 336, L. 1989; amd. Sec. 32, Ch. 387, L. 1995; amd. Sec. 4, Ch. 234, L. 1997; amd. Sec. 102, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2238. Resolution to sell bonds pursuant to public sale

7-7-2238. Resolution to sell bonds pursuant to public sale.
(1) If a sufficient percentage of the qualified electors entitled to vote at an election voted on the question and a sufficient percentage of votes were cast in favor of issuing bonds as provided in 7-7-2237 and if the board of county commissioners conducts a public sale, the board of county commissioners shall adopt a resolution calling for the sale of the bonds.
(2) The resolution calling for the sale of the bonds must state:
(a) the purpose for which the bonds are to be issued;
(b) the amount of the bonds to be issued;
(c) the minimum purchase price of the bonds;
(d) the date that the bonds will bear;
(e) the period of time through which the bonds are payable;
(f) the optional redemption provisions, if any; and
(g) a form of notice of the sale of the bonds.
(3) The resolution must, except in a bond issue of citizen bonds, fix the denomination of serial bonds in case it is found advantageous to issue bonds in that form. The board may in its discretion provide that the bonds may be issued and sold in two or more series or installments.
(4) The board of county commissioners may fix the minimum price for the bonds in an amount less than the principal amount of the bonds, which may not be less than 97% of the principal amount, if the board determines that a sale at that price is in the best interests of the county.
History: En. Sec. 14, Ch. 188, L. 1931; re-en. Sec. 4630.14, R.C.M. 1935; amd. Sec. 1, Ch. 210, L. 1961; R.C.M. 1947, 16-2028(part); amd. Sec. 2, Ch. 336, L. 1989; amd. Sec. 7, Ch. 559, L. 1993; amd. Sec. 4, Ch. 423, L. 1995; amd. Sec. 3, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2239. Rescission of resolution authorizing bond issue

7-7-2239. Rescission of resolution authorizing bond issue.
If none of said bonds have been sold and issued within 3 years from the date of the bonding election and no vested rights have accrued thereunder, the board of county commissioners may rescind the authority to sell and issue such bonds by the passage and adoption of a resolution wherein is recited the reason for such rescission of authority.
History: En. Sec. 14, Ch. 188, L. 1931; re-en. Sec. 4630.14, R.C.M. 1935; amd. Sec. 1, Ch. 210, L. 1961; R.C.M. 1947, 16-2028(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2251. Form of notice of sale of bonds

7-7-2251. Form of notice of sale of bonds.
(1) If a county conducts a public sale, the notice of sale must state the purpose or purposes for which the bonds are to be issued and the amount proposed to be issued for each purpose and must be substantially in the following form:
NOTICE OF SALE OF COUNTY BONDS
Notice is hereby given by the board of county commissioners of.... County, state of Montana, that the board will on the.... day of...., ...., at the hour of.... ....m., at the office of the board in the courthouse in the (town or city) of.... in the said county, sell to the highest and best bidder for cash general obligation bonds of the county in the principal amount of.... dollars ($....) for the purpose of.....
The bonds will be issued and sold in the aggregate principal amount of.... dollars ($....) and will become payable according to the maturity schedule set forth below (set forth maturity schedule adopted by the board of county commissioners). (If the bonds are to be issued as amortization bonds, indicate that here.)
The bonds will bear an original issue date of...., ...., will pay interest commencing on the.... day of.... (month), ...., will be payable semiannually on the.... day of.... (month) and.... (month) in each year thereafter, and will be redeemable in full (here insert the optional provisions, if any, to be recited in the bonds).
The bonds will be sold for not less than $...., with accrued interest on the principal amount of the bonds to date of delivery, and all bidders shall state the lowest rate or rates of interest at which they will purchase the bonds at the purchase price specified for the bonds. (An interest rate may not exceed ....% a year.) The board reserves the right to reject any and all bids and to sell the bonds at private sale.
All bids must be accompanied by (insert appropriate bid security as permitted by 18-1-202) in the sum of.... dollars ($....), payable to the order of the clerk, which will be forfeited by the successful bidder in the event that the bidder fails or refuses to complete the purchase of the bonds in accordance with the terms of the bid.
All bids must be addressed to the board of county commissioners and delivered to the county clerk.
ATTEST:    .....................
(Presiding officer, Board of County Commissioners)
of............ County, Montana .................
............
(Clerk of the Board of County Commissioners)
of........... County, Montana
Address............., Montana
(2) The form of notice required under this section may be modified to accommodate changes necessary to issue citizen bonds pursuant to 7-7-2212 through 7-7-2215.
History: En. Sec. 15, Ch. 188, L. 1931; re-en. Sec. 4630.15, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 16-2029; amd. Sec. 1, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983; amd. Sec. 2, Ch. 631, L. 1983; amd. Sec. 8, Ch. 559, L. 1993; amd. Sec. 5, Ch. 423, L. 1995; amd. Sec. 4, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2252. Publication of notice of sale of bonds

7-7-2252. Publication of notice of sale of bonds.
If a county conducts a public sale, the board of county commissioners shall publish notice of the bond sale in the official newspaper of the county as provided in 17-5-106. The board may in its discretion publish the notice or a summary of the notice in any financial newspapers published in the city of New York or Chicago.
History: En. Sec. 16, Ch. 188, L. 1931; re-en. Sec. 4630.16, R.C.M. 1935; R.C.M. 1947, 16-2030; amd. Sec. 2, Ch. 173, L. 1987; amd. Sec. 6, Ch. 423, L. 1995; amd. Sec. 5, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2253. Repealed

7-7-2253. Repealed.
Sec. 5, Ch. 6, L. 1993.
History: En. Sec. 17, Ch. 188, L. 1931; re-en. Sec. 4630.17, R.C.M. 1935; amd. Sec. 3, Ch. 326, L. 1974; R.C.M. 1947, 16-2031.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2254. Procedure for sale of bonds

7-7-2254. Procedure for sale of bonds.
(1) Any bonds issued under the authority of this part may be sold at public or private sale as determined by the board of county commissioners pursuant to 17-5-107. If the board of county commissioners conducts a public sale, it shall meet at the time and place fixed in the notice to consider bids for the bonds.
(2) The bonds may not be sold at less than the minimum bid specified for their sale with accrued interest to date of delivery, and each bidder shall specify the rate of interest and the purchase price at which the bidder will purchase the bonds. The board shall accept the bid that it judges most advantageous to the county. The board may reject any bids and sell the bonds at private sale if the board considers it in the best interests of the county.
(3) Consultant fees and attorney fees may be paid to any person or corporation for assisting in the proceedings, preparation of the bonds, or negotiating the sale of the bonds.
History: En. Sec. 18, Ch. 188, L. 1931; re-en. Sec. 4630.18, R.C.M. 1935; amd. Sec. 9, Ch. 234, L. 1971; R.C.M. 1947, 16-2032; amd. Sec. 3, Ch. 631, L. 1983; amd. Sec. 7, Ch. 423, L. 1995; amd. Sec. 6, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2255. Form and execution of bonds

7-7-2255. Form and execution of bonds.
(1) At the time of the sale of the bonds or at a meeting held after the sale, the board of county commissioners shall adopt a resolution providing for the issuance of the bonds, prescribing the form of the bonds, whether amortization bonds or serial bonds, providing the manner of execution of the bonds, and if applicable, specifying whether the bonds are tax credit bonds as provided in 17-5-117, recovery zone economic development bonds or recovery zone facility bonds as provided in 7-7-140, or qualified energy conservation bonds as provided in 7-7-141.
(2) Each county bond and each coupon attached to the bond must be signed by or bear the facsimile signatures of the presiding officer of the board of county commissioners and the county treasurer and must be attested by the county clerk, provided that one signature of a county official or the bond registrar must be a manual signature. Each bond may have the county seal or its facsimile imprinted on the bond.
History: En. Sec. 19, Ch. 188, L. 1931; re-en. Sec. 4630.19, R.C.M. 1935; amd. Sec. 8, Ch. 260, L. 1959; R.C.M. 1947, 16-2033; amd. Sec. 8, Ch. 423, L. 1995; amd. Sec. 2, Ch. 489, L. 2009.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2256. Printing of bonds

7-7-2256. Printing of bonds.
(1) Except as provided in subsection (2), the county clerk, under the direction of the board, shall have the bonds printed or lithographed at the expense of the county at lowest commercial rates. The bonds may be typewritten with the purchaser's consent.
(2) A purchaser of the bonds may furnish the bonds to the county for execution if the execution is done at the purchaser's own expense and without expense to the county.
History: En. Sec. 20, Ch. 188, L. 1931; re-en. Sec. 4630.20, R.C.M. 1935; R.C.M. 1947, 16-2034; amd. Sec. 9, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2257. Registration of bonds

7-7-2257. Registration of bonds.
(1) When executed by the officers of the county, the bonds must be registered by the county treasurer before being delivered to the purchaser.
(2) The registration must show:
(a) the date of issue, the maturities of the bonds subject to early redemption and the redemption dates, and the date when the bonds become due; and
(b) the amount of all payments of both principal and interest required on each bond, with the dates when the payments must be paid.
History: En. Sec. 21, Ch. 188, L. 1931; re-en. Sec. 4630.21, R.C.M. 1935; R.C.M. 1947, 16-2035(part); amd. Sec. 10, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2258. Copy of bond to be kept by county treasurer

7-7-2258. Copy of bond to be kept by county treasurer.
The county clerk shall deliver to the county treasurer an unsigned and canceled printed copy of a bond of each issue, as issued and registered, to be preserved in the treasurer's office.
History: En. Sec. 21, Ch. 188, L. 1931; re-en. Sec. 4630.21, R.C.M. 1935; R.C.M. 1947, 16-2035(part); amd. Sec. 503, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2259. Delivery of bonds

7-7-2259. Delivery of bonds.
The county treasurer shall deliver the bonds to the purchaser upon receiving full payment for the bonds.
History: En. Sec. 22, Ch. 188, L. 1931; re-en. Sec. 4630.22, R.C.M. 1935; amd. Sec. 4, Ch. 326, L. 1974; R.C.M. 1947, 16-2036(part); amd. Sec. 5, Ch. 581, L. 1987; amd. Sec. 11, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2260. Disposition of sale proceeds

7-7-2260. Disposition of sale proceeds.
All money arising from the sale of the bonds shall be paid to the county treasurer and shall be immediately available for the purpose for which the bonds were issued and for no other purpose.
History: En. Sec. 22, Ch. 188, L. 1931; re-en. Sec. 4630.22, R.C.M. 1935; amd. Sec. 4, Ch. 326, L. 1974; R.C.M. 1947, 16-2036(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2261. Maintenance of accounts for bond issues

7-7-2261. Maintenance of accounts for bond issues.
(1) The county treasurer of each county shall keep in the county's books a special and separate sinking fund account for each series or issue of outstanding bonds, including citizen bonds as provided in 7-7-2212 through 7-7-2215, issued by the county. Each fund must at all times show the exact condition of the bonds.
(2) All taxes collected for interest and principal on county bonds must be placed to the credit of the sinking fund for which the taxes were levied.
(3) Interest from investment of money in a sinking fund account may, in the discretion of the board of county commissioners, be used as it accrues to fulfill or complete the specific project for which the bonds were issued.
(4) The sinking fund must be administered as provided in 7-7-123, 7-7-124, and 7-7-2270.
History: En. Sec. 27, Ch. 188, L. 1931; re-en. Sec. 4630.27, R.C.M. 1935; amd. Sec. 1, Ch. 103, L. 1973; R.C.M. 1947, 16-2041(part); amd. Sec. 3, Ch. 256, L. 1979; amd. Sec. 9, Ch. 559, L. 1993.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2262. Payment of principal and interest

7-7-2262. Payment of principal and interest.
The county treasurer shall pay from the proper sinking and interest fund the interest and principal of each issue or series of outstanding bonds, as the interest and principal become due and at the place where the bonds are payable, upon presentation and surrender of the coupon or bond to be paid.
History: En. Sec. 28, Ch. 188, L. 1931; re-en. Sec. 4630.28, R.C.M. 1935; R.C.M. 1947, 16-2042(part); amd. Sec. 12, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2263. Interest on late payments of principal and interest on bonds held by state

7-7-2263. Interest on late payments of principal and interest on bonds held by state.
Any and all installments of interest or principal on bonds held by the state and not promptly paid at the office of the state treasurer when due shall draw interest at the rate of 6% per annum from the date due until actually paid, irrespective of the rate of interest on the bonds themselves.
History: En. Sec. 28, Ch. 188, L. 1931; re-en. Sec. 4630.28, R.C.M. 1935; R.C.M. 1947, 16-2042(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2264. Statement as to amount of principal and interest due and payable on bonds

7-7-2264. Statement as to amount of principal and interest due and payable on bonds.
(1) Whenever any county has any issue or series of bonds outstanding and there are not sufficient funds on hand available for the payment of the full amount of the interest and principal thereof, the county treasurer of such county shall, between the first and fifth days of August in each year while such bonds or any thereof remain outstanding and unpaid, make out and deliver to the board of county commissioners of such county a statement.
(2) The statement required by subsection (1) shall show the amount required to be raised by tax levy during the then-current fiscal year for payment of interest and principal becoming due and payable during such fiscal year or within 90 days thereafter on each issue or series of bonds outstanding. If no part of the principal of any such issue or series of bonds will become due and payable within such time, then such statement shall show the amount required to be raised by tax levy during such year for payment of interest becoming due during such time and to place the proper amount in the sinking fund for the payment of the principal of such bonds when they become due, as provided in 7-7-2265.
History: En. Sec. 24, Ch. 188, L. 1931; re-en. Sec. 4630.24, R.C.M. 1935; R.C.M. 1947, 16-2038.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2265. Tax levy for payment of bonds

7-7-2265. Tax levy for payment of bonds.
(1) The board of county commissioners, at the time of making the levy of taxes for county purposes, must levy a separate and special tax upon all taxable property in the county for the payment of interest on and principal of each series or issue of bonds outstanding. The tax levy for any one series or issue of bonds must be entirely separate and distinct from the levy for any other series or issue of bonds.
(2) Except as provided in subsection (3), the levy made for the purpose of paying interest on and principal of each series or issue of bonds must be high enough to raise an amount sufficient to pay all interest on and so much of the principal, if any, of the bonds as will become due and payable during the then-current fiscal year or within 90 days after the fiscal year, as shown by the treasurer's statement provided by 7-7-2264. If no part of the principal of the bonds become due and payable within that time, then the tax levy must be high enough to:
(a) raise an amount sufficient to pay all interest that will become due and payable during the current fiscal year or within 90 days after the fiscal year; and
(b) place in the sinking fund for the issue or series of bonds, for the payment of the principal when it becomes due, an amount not less than a sum produced by dividing the whole amount for which the series or issue of bonds was originally issued by the number of years for which the series or issue was originally issued to run.
(3) The annual levies made for the purpose of paying off bonds that do not provide for periodic interest payments but, rather, are sold at a discount from their face value, as provided in 7-7-2212 through 7-7-2215, must be actuarially sufficient so that at the time for redemption, there is an amount in the sinking fund sufficient to redeem the bonds.
History: En. Sec. 25, Ch. 188, L. 1931; re-en. Sec. 4630.25, R.C.M. 1935; R.C.M. 1947, 16-2039; amd. Sec. 10, Ch. 559, L. 1993.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2266. Procedure in case of insufficient tax levy -- individual liability of county commissioners

7-7-2266. Procedure in case of insufficient tax levy -- individual liability of county commissioners.
(1) If the board of county commissioners of any county shall fail, neglect, or refuse in any year to make a levy sufficient to pay the interest on and principal of any issue or series of bonds as required by the provisions of 7-7-2265, the holder of any bond of such issue or series or any taxpayer paying taxes on property situated in such county may apply to the district court of the county issuing such bonds for a writ of mandate to compel the board of such county to make a proper and sufficient levy for such purposes.
(2) If, upon the hearing of such application, it shall appear to the satisfaction of the court that the board has failed, neglected, or refused to make any levy whatever for such purposes or has made a levy but that the same is insufficient to raise the amount required to be raised for such purposes under the provisions of 7-7-2265, the court shall determine the amount of the deficiency and shall issue a writ of mandate directed to and requiring such board, at the next meeting thereof for the purpose of making and fixing county levies, to raise the amount of such deficiency. This levy shall be in addition to the levy required to be made for the then-current fiscal year.
(3) Any costs which may be allowed or awarded the petitioner in any such proceeding shall be paid by the members of the board and shall not be a charge against such county.
History: En. Sec. 26, Ch. 188, L. 1931; re-en. Sec. 4630.26, R.C.M. 1935; R.C.M. 1947, 16-2040.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2267. Repealed

7-7-2267. Repealed.
Sec. 52, Ch. 423, L. 1995.
History: En. Sec. 29, Ch. 188, L. 1931; amd. Sec. 1, Ch. 152, L. 1933; re-en. Sec. 4630.29, R.C.M. 1935; amd. Sec. 1, Ch. 46, L. 1939; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 16-2043(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2268. Redemption of bonds

7-7-2268. Redemption of bonds.
(1) Whenever there is available money in any sinking and interest fund over and above the amount required for payment of principal and interest becoming due on the next interest payment date and sufficient to pay and redeem one or more outstanding bonds, or principal installments in the case of amortization bonds, of the issue or series to which the sinking and interest fund belongs, which bonds are not yet due but are then redeemable or will become redeemable on or before the next interest payment date, the county treasurer shall apply the available money in redemption of as many of the bonds, or principal installments in the case of amortization bonds, as the available money will pay and redeem to a redemption date on or before the next interest payment date, as fixed by the county treasurer.
(2) The county treasurer shall give notice, by mail sent at least 30 days before the redemption date, to the holder of the bonds, if ownership of the bonds is registered or is otherwise known to the treasurer, to the registered owners at their addresses as they appear in the bond registration books, and to any bank or financial institution at which the bonds are payable that the bonds or principal installments will be paid and redeemed on that date. A defect in or failure to give notice may not affect the validity of the proceedings for the redemption of a bond or principal installment not affected by the defect or failure. If the ownership of the bonds is not registered, the county treasurer shall also publish in the official newspaper of the county or other newspaper designated in the resolution authorizing the issuance of the bonds once, not less than 30 days prior to the redemption date, a notice that the bonds or principal installments have been called for redemption and will be paid in full on the redemption date. If actual notice of the call has been received, the holder of a bond may waive published or mailed notice.
(3) If the bonds or principal installments are payable at a bank or financial institution, the county treasurer shall remit to the bank or financial institution, before the redemption date, an amount sufficient to pay and redeem the bonds or principal installments with interest accrued on the bonds or principal installments. If the bonds are not presented for payment and redemption on the redemption date, interest ceases on that date if the funds for payment and redemption have been deposited in a bank or financial institution.
History: En. Sec. 29, Ch. 188, L. 1931; amd. Sec. 1, Ch. 152, L. 1933; re-en. Sec. 4630.29, R.C.M. 1935; amd. Sec. 1, Ch. 46, L. 1939; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 16-2043(part); amd. Sec. 1, Ch. 453, L. 1993; amd. Sec. 13, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2269. Order of redemption of bonds

7-7-2269. Order of redemption of bonds.
All bonds or principal installments of amortization bonds to be redeemed under the provisions of 7-7-2268 may be paid and redeemed in the order that the county treasurer selects, consistent with the provisions of the resolution authorizing the issuance of the bonds.
History: En. Sec. 29, Ch. 188, L. 1931; amd. Sec. 1, Ch. 152, L. 1933; re-en. Sec. 4630.29, R.C.M. 1935; amd. Sec. 1, Ch. 46, L. 1939; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 16-2043(part); amd. Sec. 2, Ch. 453, L. 1993; amd. Sec. 14, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2270. Authority to purchase outstanding bonds

7-7-2270. Authority to purchase outstanding bonds.
Whenever there is available money in any sinking fund over and above the amount required for payment of the principal and interest becoming due on the next interest payment date and sufficient to pay and redeem one or more outstanding bonds of the issue or series to which the sinking fund belongs and whenever such bonds are not held by the state of Montana and are not subject to redemption, the county treasurer, at the direction of the board of county commissioners, shall purchase such bonds if this can be done at not more than par and accrued interest or at such reasonable premium as the board may feel justified in paying, not in any case exceeding 5%.
History: En. Sec. 30, Ch. 188, L. 1931; re-en. Sec. 4630.30, R.C.M. 1935; amd. Sec. 2, Ch. 46, L. 1939; amd. Sec. 1, Ch. 12, L. 1963; R.C.M. 1947, 16-2044(part); amd. Sec. 4, Ch. 256, L. 1979.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2271. Repealed

7-7-2271. Repealed.
Sec. 7, Ch. 256, L. 1979.
History: En. Sec. 30, Ch. 188, L. 1931; re-en. Sec. 4630.30, R.C.M. 1935; amd. Sec. 2, Ch. 46, L. 1939; amd. Sec. 1, Ch. 12, L. 1963; R.C.M. 1947, 16-2044(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2272. Cancellation of bonds and coupons

7-7-2272. Cancellation of bonds and coupons.
(1) (a) All bonds and interest coupons paid by the county treasurer from time to time must be canceled by the treasurer, and after cancellation, the treasurer shall deliver the bonds and coupons to the county clerk, with a report showing the numbers of bonds and the amounts paid as principal and interest. The county treasurer shall enter on the record of the registration of the bonds the date of the payment of the bonds and the coupons attached to the bonds.
(b) The county clerk shall exhibit the bonds and coupons, with the report, to the board of county commissioners at its next regular meeting.
(2) (a) When any bonds have been or are purchased with any sinking and interest fund money under the provisions of 7-7-2270, the bonds, with attached interest coupons, if not in the possession of the county treasurer, must be immediately delivered to the treasurer. The county treasurer shall at once endorse across the face of each bond the word "Paid" and the date and shall sign the endorsement. The treasurer shall, without detaching the coupons, cancel each interest coupon attached to the bonds by endorsing across the face of the coupon the word "Canceled" and the date and shall sign the endorsement. After making the endorsements on the bonds and coupons, the county treasurer shall enter on the record of registration the date the bonds and coupons were endorsed as being paid and canceled, with the numbers and amounts of the bonds and coupons and the dates when the bonds and coupons would have become due and payable if they had not been purchased. The county treasurer shall then deliver the bonds, with the canceled coupons attached, to the county clerk, with a report showing the numbers of the bonds and amount paid on the purchase of the bonds.
(b) The county clerk shall exhibit the bonds, with attached coupons and report, to the board at its next regular session.
History: (1)En. Sec. 31, Ch. 188, L. 1931; re-en. Sec. 4630.31, R.C.M. 1935; Sec. 16-2045, R.C.M. 1947; (2)En. Sec. 30, Ch. 188, L. 1931; re-en. Sec. 4630.30, R.C.M. 1935; amd. Sec. 2, Ch. 46, L. 1939; amd. Sec. 1, Ch. 12, L. 1963; Sec. 16-2044, R.C.M. 1947; R.C.M. 1947, 16-2044(part), 16-2045(part); amd. Sec. 504, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2273. Cancellation of warrants and refunded general obligation bonds

7-7-2273. Cancellation of warrants and refunded general obligation bonds.
(1) Whenever bonds are issued for the purpose of funding outstanding warrants or refunding outstanding bonds, the county treasurer shall, upon taking up such warrants or bonds, cancel the same, keep a record thereof, and deliver the same to the county clerk, with a report showing the numbers thereof and the amounts paid for principal and interest.
(2) The county clerk shall exhibit such warrants and bonds, with such report, to the board of county commissioners at the next regular meeting thereof.
History: En. Sec. 31, Ch. 188, L. 1931; re-en. Sec. 4630.31, R.C.M. 1935; R.C.M. 1947, 16-2045(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2274. Closing of accounts and transfer of money to other accounts

7-7-2274. Closing of accounts and transfer of money to other accounts.
When all bonds of any series or issue, with the interest thereon, have been fully paid or called in for payment and there remains in the sinking and interest fund for such series or issue any amount not required for the payment of such bonds and interest or not used as provided in 7-7-2261, such excess amount and all amounts subsequently collected for such fund shall be transferred to the general fund of the county or to the sinking and interest fund of any other series or issue of bonds outstanding that the board of county commissioners may designate.
History: En. Sec. 27, Ch. 188, L. 1931; re-en. Sec. 4630.27, R.C.M. 1935; amd. Sec. 1, Ch. 103, L. 1973; R.C.M. 1947, 16-2041(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2275. Repealed

7-7-2275. Repealed.
Sec. 52, Ch. 423, L. 1995.
History: En. Sec. 32, Ch. 188, L. 1931; re-en. Sec. 4630.32, R.C.M. 1935; amd. Sec. 24, Ch. 234, L. 1971; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 16-2046.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 23. County Refunding General Obligation Bonds › 7-7-2301. Authority to issue refunding general obligation bonds

7-7-2301. Authority to issue refunding general obligation bonds.
(1) The board of county commissioners of a county may issue, negotiate, and sell coupon bonds on the credit of the county, as provided in part 22 and this part, for the purpose of refunding, paying, and redeeming optional, redeemable, or maturing bonds when:
(a) there are not sufficient funds available to pay the bonds or there is a reduction in debt service as a result of issuing refunding bonds pursuant to 7-7-2304; and
(b) it is considered in the best interests of the county to refund the bonds.
(2) (a) The board has the authority to negotiate with the holders of the bonds of the county for an agreement or agreements whereby the bondholders agree to accept less than the full amount of the bonds and the accrued unpaid interest on the bonds as full payment and satisfaction of the bonds, to enter into the agreement or agreements, and to issue refunding bonds for the amount agreed upon whenever:
(i) the total indebtedness of a county exceeds 0.3% of the total assessed value of taxable property, determined as provided in 15-8-111, within the county, as ascertained by the last assessment for state and county taxes; and
(ii) the board of county commissioners of the county determines that the county is unable to pay and discharge the indebtedness in full.
(b) These bonds may be issued in more than one series if the circumstances require, and each series may be either amortization bonds or serial bonds. The plan agreed upon between the board and the bondholders must be embodied in full in the resolution providing for the issue of the bonds.
History: En. Sec. 1, Ch. 188, L. 1931; re-en. Sec. 4630.1, R.C.M. 1935; amd. Sec. 1, Ch. 135, L. 1937; amd. Sec. 1, Ch. 136, L. 1963; amd. Sec. 12-102, Ch. 197, L. 1965; amd. Sec. 5, Ch. 100, L. 1973; R.C.M. 1947, 16-2008(part); amd. Sec. 15, Ch. 423, L. 1995; amd. Sec. 9, Ch. 29, L. 2001.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 23. County Refunding General Obligation Bonds › 7-7-2302. Applicability of certain other bond provisions

7-7-2302. Applicability of certain other bond provisions.
(1) The provisions of 7-7-2203 through 7-7-2207, 7-7-2209 through 7-7-2211, 7-7-2222, 7-7-2255 through 7-7-2266, 7-7-2268 through 7-7-2270, and 7-7-2272 through 7-7-2274 apply to refunding bonds issued under this part; however, the board of county commissioners may at its option sell bonds issued under this part at a private negotiated sale or at a public sale conducted pursuant to the provisions of 7-7-2251, 7-7-2252, and 7-7-2254.
(2) If a refunding bond issue refunds only a portion of an outstanding bond issue, the unrefunded portion of the outstanding bond issue and the refunding bond issue must be treated as a single bond issue for the purposes of 7-7-2211.
History: En. by Code Commissioner, 1979; amd. Sec. 1, Ch. 647, L. 1983; amd. Sec. 15, Ch. 370, L. 1987; amd. Sec. 1, Ch. 6, L. 1993; amd. Sec. 16, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 23. County Refunding General Obligation Bonds › 7-7-2303. Term of refunding general obligation bonds

7-7-2303. Term of refunding general obligation bonds.
(1) (a) The following term limitations apply to all bonds issued under 7-7-2301(1). Except as provided in subsection (1)(b), bonds may not be issued for a longer term than 10 years.
(b) If the unexpired term of the bonds to be refunded is more than 10 years, the refunding bonds may be issued for the unexpired term.
(2) Bonds issued for any of the purposes designated in 7-7-2301(2) may not be for a longer term than 20 years.
(3) The length of the term required must be estimated and calculated by the board of county commissioners, based upon the percentage of valuation of the property upon which taxes are levied and paid within the county as ascertained from the last-completed assessment for state and county taxes, taking into account probable changes in the taxable valuation and losses in tax collections. Irrespective of any miscalculation by the county commissioners in fixing the term of the bonds, the county shall from year to year make a sufficient tax levy to pay the interest and installments on principal on the bonds as the payments are due.
History: En. Sec. 4, Ch. 188, L. 1931; amd. Sec. 2, Ch. 115, L. 1933; re-en. Sec. 4630.4, R.C.M. 1935; amd. Sec. 3, Ch. 135, L. 1937; amd. Sec. 1, Ch. 33, L. 1943; amd. Sec. 6, Ch. 234, L. 1971; amd. Sec. 2, Ch. 284, L. 1973; R.C.M. 1947, 16-2011(part); amd. Sec. 39, Ch. 574, L. 2001.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 23. County Refunding General Obligation Bonds › 7-7-2304. Interest rate on refunding general obligation bonds

7-7-2304. Interest rate on refunding general obligation bonds.
(1) Except as provided in subsection (2), refunding bonds may not be issued unless the refunding bonds bear interest at a rate of at least 1/2 of 1% less than the outstanding bonds that are to be refunded. In determining whether the refunding bonds satisfy the savings requirements provided for in this section:
(a) if the bonds proposed to be refunded bear interest at a variable rate, the average annual interest rate on the bonds being refunded must be calculated by reference to the interest rate on the bonds currently in effect and over the immediately preceding 5 complete fiscal years of the issuer; or
(b) if the variable rate bonds being refunded have not been outstanding for the period of time referred to in subsection (1)(a), then the average annual interest rate on the bonds being refunded must be calculated by reference to the interest rate on the bonds being refunded currently in effect and over the total number of complete fiscal years of the issuer since the date of issuance of the bonds.
(2) Refunding bonds may bear interest in excess of the rate on the bonds being refunded if the issuance of the refunding bonds, including the total costs of refunding the bonds, results in a reduction of total debt service cost to the county. Variable rate refunding bonds may also be issued if the board of county commissioners determines that the issuance of variable rate refunding bonds is reasonably expected to result in less interest payable on the refunding bonds than the interest payable on the refunded bonds.
(3) Refunding bonds may be issued in a principal amount greater than the principal amount of the outstanding bonds if there is a reduction of total debt service cost to the county.
History: En. Sec. 6, Ch. 188, L. 1931; re-en. Sec. 4630.6, R.C.M. 1935; amd. Sec. 4, Ch. 135, L. 1937; amd. Sec. 2, Ch. 33, L. 1943; R.C.M. 1947, 16-2013(part); amd. Sec. 1, Ch. 54, L. 1989; amd. Sec. 17, Ch. 423, L. 1995; amd. Sec. 1, Ch. 277, L. 2003; amd. Sec. 6, Ch. 451, L. 2005.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 23. County Refunding General Obligation Bonds › 7-7-2311. Issuance of refunding general obligation bonds without election

7-7-2311. Issuance of refunding general obligation bonds without election.
Bonds may be issued without submitting the same to an election if the bonds are issued for the purpose of:
(1) refunding, paying, and redeeming optional, redeemable, or maturing bonds as set forth in 7-7-2301(1); and
(2) refunding any bonds for which the holders have agreed to accept less than the full amount of principal and interest in full payment and satisfaction as set forth in 7-7-2301(2).
History: En. Sec. 6, Ch. 188, L. 1931; re-en. Sec. 4630.6, R.C.M. 1935; amd. Sec. 4, Ch. 135, L. 1937; amd. Sec. 2, Ch. 33, L. 1943; R.C.M. 1947, 16-2013(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 23. County Refunding General Obligation Bonds › 7-7-2312. Disposition of proceeds of refunding bonds

7-7-2312. Disposition of proceeds of refunding bonds.
Whenever bonds are issued for the purpose of funding outstanding warrants or refunding outstanding bonds, it shall be the duty of the county treasurer to apply the proceeds derived from the sale of such bonds to the payment of such warrants or bonds to be so funded or refunded.
History: En. Sec. 31, Ch. 188, L. 1931; re-en. Sec. 4630.31, R.C.M. 1935; R.C.M. 1947, 16-2045(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 23. County Refunding General Obligation Bonds › 7-7-2316. Advance refunding bonds

7-7-2316. Advance refunding bonds.
(1) The board of county commissioners may issue refunding bonds pursuant to this section to refund outstanding bonds in advance of the date on which the bonds mature or are subject to redemption, provided that the proceeds of the refunding bonds, less any accrued interest or premium received upon the sale of the refunding bonds, are deposited with other funds appropriated to the payment of the outstanding bonds in escrow with a suitable banking institution in or out of the state.
(2) Except as provided in subsection (3), the funds deposited must be invested in securities that are general obligations of the United States or the principal and interest of which are guaranteed by the United States and that mature or are callable at the option of the holder on those dates and bear interest at those rates and are payable on the dates that are required to provide funds sufficient, with any cash retained in the escrow account, to pay when due the interest to accrue on each bond being refunded to its maturity or redemption date, if called for redemption, to pay the principal of the bond at maturity or upon the redemption date, and to pay any redemption premium.
(3) If the funds initially deposited in escrow are sufficient, without regard to any investment income on those funds, to redeem in full the bonds being refunded as of their redemption date and to pay the principal of and interest and premium on the bonds being refunded at their stated maturities, the funds may be invested in the securities described in subsection (2) or in a money market fund composed exclusively of eligible securities described in 7-6-202 and that otherwise satisfies the requirements of 7-6-202(4).
(4) The escrow account is irrevocably appropriated to the payment of the principal of and interest and redemption premium on the bonds being refunded. Funds in the sinking fund account for the payment of the bonds being refunded and not required for the payment of principal of or interest on the bonds being refunded due prior to issuance of the refunding bonds may be appropriated by the county to the escrow account. The county may pay the reasonable costs and expenses of printing the refunding bonds and of establishing and maintaining the escrow account. Bonds that are refunded pursuant to this part are not to be considered outstanding for purposes of 7-7-2203 or any other debt limitation.
History: En. Sec. 7, Ch. 647, L. 1983; amd. Sec. 2, Ch. 277, L. 2003; amd. Sec. 2, Ch. 182, L. 2023.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 24. County Loans › 7-7-2401. Authorization to borrow money

7-7-2401. Authorization to borrow money.
The board of county commissioners has jurisdiction and power, under such limitations and restrictions as are prescribed by law, to borrow money upon the credit of the county to meet current expenses if the county revenue is insufficient.
History: En. Subd. 26, Sec. 1, Ch. 100, L. 1931; re-en. Sec. 4465.25, R.C.M. 1935; R.C.M. 1947, 16-1028.