2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 16. Municipal Finance Consolidation Act › 17-5-1611. Additional powers of the board

17-5-1611. Additional powers of the board.
In addition to all other powers conferred on the board by this part or any other law, the board has the power:
(1) to purchase or hold eligible government unit bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes at prices and in a manner that the board considers advisable;
(2) to sell eligible government unit bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes acquired or held by it at prices without relation to cost and in a manner that the board considers advisable;
(3) to invest funds or money acquired by the board as provided in 17-5-1641;
(4) with regard to an eligible local government unit, to:
(a) prescribe the form of application or procedure required for a loan or purchase of eligible government unit bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes;
(b) fix the terms and conditions of the loan or purchase; and
(c) enter into agreements with eligible government units with respect to loans or purchases;
(5) to render services to eligible government units in connection with public or private sales of their bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes that are eligible for purchase by the board under this part, including advisory and other services, and charge the eligible government units for the services;
(6) to charge for its costs and services in reviewing or acting upon a proposed loan to an eligible government unit or a proposed purchase by the board of bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes of the eligible government unit, whether or not the loan is made or the bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes are purchased;
(7) to fix and establish terms, interest rates, and provisions with respect to a purchase of eligible government unit bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes by the board, including:
(a) the date and maturities of the bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes;
(b) provisions as to redemption or payment before maturity; and
(c) any other matters judged by the board to be necessary, desirable, or advisable for the purchase or loan;
(8) in connection with any loan to an eligible government unit or purchase of bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes of an eligible government unit, to consider:
(a) the lawfulness and validity of the purpose to be served by the loan or purchase;
(b) the ability of the eligible government unit to secure borrowed money from other sources and the costs of borrowing;
(c) the ability of the eligible government unit to repay the loan, notes, or bonds;
(d) the priority of need for the particular public improvement or purpose to be financed; and
(e) varying the terms and conditions of its loans or purchases as between various eligible government units in accordance with their respective priorities and credit worthiness;
(9) to conduct examinations and hearings and to hear testimony and take proof, under oath or affirmation, at public or private hearings, on any matter material to its information and necessary to carry out this part;
(10) to issue subpoenas requiring the attendance of witnesses and the production of books and papers pertinent to any hearing before the board;
(11) to appoint, employ, or contract for the services of officers, employees, agents, financial or professional advisers, and attorneys and to pay compensation for their services as the board determines;
(12) to procure insurance against any losses in connection with its property, operations, or assets in amounts and from insurers as it considers desirable;
(13) to the extent permitted under its contracts with the holders of bonds or notes of the board, to consent to modification of the rate of interest, the time for payment of any installment of principal or interest, or the security for any other term of a bond, bond anticipation note, note, contract, or agreement of any kind to which the board is a party; and
(14) to do all acts and things necessary, convenient, or desirable to carry out the powers expressly granted or necessarily implied in this part.
History: En. Sec. 11, Ch. 620, L. 1983; amd. Sec. 11, Ch. 481, L. 1985; amd. Sec. 6, Ch. 208, L. 1995.