reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 44. Municipal Revenue Bonds › 7-7-4433. Sale of bonds

7-7-4433. Sale of bonds.
(1) Bonds authorized to be issued under this part may be sold at a public or private sale as determined by the governing body pursuant to 17-5-107 at a price not less than that prescribed by the governing body, plus interest to the date of delivery of the bonds.
(2) Unless sold at a private sale, the bonds must be sold at public sale after notice of the sale.
History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part); amd. Sec. 7, Ch. 705, L. 1983; amd. Sec. 35, Ch. 423, L. 1995; amd. Sec. 12, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 44. Municipal Revenue Bonds › 7-7-4434. Notice of sale of bonds

7-7-4434. Notice of sale of bonds.
The notice of sale of bonds required by 7-7-4433(2) for bonds sold publicly must be published once at least 5 days prior to the sale in a newspaper of general circulation in the state, and the governing body may publish the notice or summary of the notice in a financial newspaper published in the city of New York, Chicago, or San Francisco.
History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part); amd. Sec. 36, Ch. 423, L. 1995; amd. Sec. 13, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 44. Municipal Revenue Bonds › 7-7-4435. Interim receipts or certificates

7-7-4435. Interim receipts or certificates.
Pending the preparation of the definitive bonds, interim receipts or certificates, in such form and with such provisions as the governing body may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this part. Said bonds and interim receipts or certificates shall be fully negotiable, as provided by the Uniform Commercial Code--Investment Securities.
History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 45. Municipal Refunding Revenue Bonds Option 1 › 7-7-4501. Authority to issue refunding revenue bonds

7-7-4501. Authority to issue refunding revenue bonds.
(1) In addition to the powers that it may have, any municipality has the power under this part to refund bonds issued for any of the purposes listed in 7-7-4421(1)(a), whether issued under authority of part 45 or of any other applicable law.
(2) Refunding revenue bonds issued as authorized in this section are governed by all of the provisions of part 44, except 7-7-4433 and 7-7-4434, as fully as bonds issued for the initial financing of any undertaking and by the further provisions of this part.
(3) Bonds may be issued to refund interest as well as principal actually due and payable if the revenue pledged is not sufficient, but not to refund any bonds or interest due that may be paid from revenue then on hand.
History: (1)En. Sec. 3, Ch. 126, L. 1939; amd. Sec. 1, Ch. 52, L. 1949; amd. Sec. 1, Ch. 145, L. 1951; Sec. 11-2403, R.C.M. 1947; (2), (3)En. 11-2414 by Sec. 1, Ch. 50, L. 1936; Sec. 11-2414, R.C.M. 1947; R.C.M. 1947, 11-2403(part), 11-2414(part); amd. Sec. 5, Ch. 647, L. 1983; amd. Sec. 6, Ch. 489, L. 2009.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 45. Municipal Refunding Revenue Bonds Option 1 › 7-7-4502. Interest rates on refunding revenue bonds

7-7-4502. Interest rates on refunding revenue bonds.
(1) Except as provided in subsection (2), refunding bonds may not be issued unless their average annual interest rate, computed to their stated maturity dates and excluding any premium from the computation, is at least 3/8 of 1% less than the average annual interest rate on the bonds being refunded, computed to their respective stated maturity dates. 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), 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 at a rate lower or higher than the bonds being refunded if:
(a) they are issued to refund matured principal or interest for the payment of which revenue on hand is not sufficient;
(b) the refunding bonds are combined with an issue of new bonds for reconstruction, improvement, betterment, or extension and the lien of the new bonds upon the revenue of the undertaking must be junior and subordinate to the lien of the outstanding bonds being refunded, under the terms of the ordinances or resolutions authorizing the outstanding bonds as applied to circumstances existing on the date of refunding;
(c) 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 municipality; or
(d) the governing body 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.
History: En. 11-2414 by Sec. 1, Ch. 50, L. 1936; R.C.M. 1947, 11-2414(3); amd. Sec. 3, Ch. 54, L. 1989; amd. Sec. 5, Ch. 277, L. 2003; amd. Sec. 10, Ch. 451, L. 2005.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 45. Municipal Refunding Revenue Bonds Option 1 › 7-7-4503. Exchange or sale of refunding revenue bonds

7-7-4503. Exchange or sale of refunding revenue bonds.
(1) Refunding revenue bonds may, with the consent of the holders of the bonds to be refunded thereby, be exchanged at par plus accrued interest for all or part of such bonds or may be sold at a private negotiated sale or at a public sale conducted pursuant to the provisions of 7-7-4433 and 7-7-4434 at a price not less than par plus accrued interest.
(2) Nothing herein shall require the holder of any outstanding bond to accept payment thereof or the delivery of a refunding bond in exchange therefor except in accordance with the terms of such outstanding bond.
History: En. 11-2414 by Sec. 1, Ch. 50, L. 1936; R.C.M. 1947, 11-2414(part); amd. Sec. 4, Ch. 647, L. 1983.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 45. Municipal Refunding Revenue Bonds Option 1 › 7-7-4504. Deposit of proceeds of refunding revenue bonds in escrow

7-7-4504. Deposit of proceeds of refunding revenue bonds in escrow.
(1) In any case where refunding bonds are issued and sold 6 months or more before the earliest date on which all bonds refunded thereby mature or are prepayable in accordance with their terms, the proceeds of the refunding bonds, including any premium and accrued interest, shall be deposited in escrow with a suitable bank or trust company. The bank or trust company shall:
(a) have its principal place of business within or without the state;
(b) be a member of the federal reserve system; and
(c) have a combined capital and surplus not less than $1 million.
(2) The proceeds deposited in escrow shall be invested in such amount and in securities maturing on such dates and bearing interest at such rates as shall be required to provide funds sufficient to pay, when due, the interest to accrue on each bond refunded to its maturity or, if it is prepayable, to the earliest prior date upon which such bond may be called for redemption and to pay and redeem the principal amount of each such bond at maturity or, if prepayable, at its earliest redemption date and any premium required for redemption on such date. The resolution or ordinance authorizing the refunding bonds shall irrevocably appropriate for these purposes the escrow fund and all income therefrom and shall provide for the call of all prepayable bonds in accordance with their terms. The securities to be purchased with the escrow fund shall be limited to general obligations of the United States, securities whose principal and interest payments are guaranteed by the United States, and securities issued by the following United States government agencies: banks for cooperatives, federal home loan banks, federal intermediate credit banks, federal land banks, and the federal national mortgage association. Such securities shall be purchased simultaneously with the delivery of the refunding bonds.
History: En. 11-2414 by Sec. 1, Ch. 50, L. 1936; R.C.M. 1947, 11-2414(4).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 45. Municipal Refunding Revenue Bonds Option 1 › 7-7-4505. Use of excess revenues and pledged reserves

7-7-4505. Use of excess revenues and pledged reserves.
(1) Revenues and other funds on hand in excess of amounts pledged by ordinances and resolutions authorizing outstanding bonds for the payment of principal and interest currently due thereon and reserves securing such payment may be used to pay the expenses incurred by the municipality for the purpose of such refunding, including without limitation the cost of advertising and printing refunding bonds, legal and financial advice and assistance in connection therewith, and the reasonable and customary charges of escrow agents and paying agents.
(2) Revenues and other funds on hand, including reserves pledged for the payment and security of outstanding revenue bonds, may be deposited in an escrow fund created for the retirement of such bonds and may be invested and disbursed, as provided in 7-7-4504, to the extent consistent with the ordinances or resolutions authorizing such outstanding bonds.
History: En. 11-2414 by Sec. 1, Ch. 50, L. 1936; R.C.M. 1947, 11-2414(5).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4601. Short title

7-7-4601. Short title.
This part may be cited as "The Revenue Bond Refinancing Act of 1937".
History: En. Sec. 1, Ch. 121, L. 1937; R.C.M. 1947, 79-1901.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4602. Definitions

7-7-4602. Definitions.
As used in this part, unless the context indicates otherwise, the following definitions apply:
(1) "Enterprise" means any work, undertaking, or project that the municipality is authorized to construct and from which the municipality derives revenue for the refinancing or the refinancing and improving of which enterprise refunding bonds are issued under this part. The enterprise includes all incidental or connected improvements, betterments, extensions, replacements, appurtenances, facilities, lands, rights in land, water rights, franchises, and structures.
(2) "Governing body" means, in the case of a city or town, the council, commission, or other body, board, officer, or officers having charge of the finances of the city or town.
(3) "Holder of bonds" or "bondholder" (or any similar term) means a person who is the bearer of any outstanding refunding bond, registered to bearer or not registered, or the registered owner of any outstanding bond that is at the time registered other than to bearer.
(4) "Improving" means reconstructing, replacing, extending, repairing, bettering, equipping, developing, or embellishing.
(5) "Law" means any act or statute (general, special, or local) of this state, including but not limited to the charter of any municipality.
(6) "Municipality" means any city or town of this state.
(7) "Refinancing" means funding, refunding, paying, or discharging, by means of refunding bonds or the proceeds received from the sale of refunding bonds, all or any part of any notes, bonds, or other obligations issued to finance or to aid in financing the acquisition, construction, or improving of an enterprise and payable solely from all or any part of the revenue of the refunding bonds, including interest on the refunding bonds in arrears or about to become due, whether or not represented by coupons or interest certificates.
(8) "Refunding bonds" means notes, bonds, certificates, or other obligations of a municipality issued pursuant to this part or pursuant to any other law as supplemented by or in conjunction with this part.
(9) "Revenue" means all fees, tolls, rates, rentals, and charges to be levied and collected in connection with an enterprise and all other income and receipts of whatever kind or character derived by the municipality from the operation of an enterprise or arising from an enterprise.
History: En. Sec. 2, Ch. 121, L. 1937; R.C.M. 1947, 79-1902(part); amd. Sec. 10, Ch. 212, L. 1979; amd. Sec. 35, Ch. 42, L. 1997.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4603. Scope of part

7-7-4603. Scope of part.
(1) This part constitutes full and complete authority for the issuance of refunding bonds. No procedure or proceedings, publications, notices, consents, approvals, orders, acts, or things by any governing body of any municipality or any board, officer, commission, department, agency, or instrumentality of the state or any municipality shall be required to issue any refunding bonds or to do any act or perform any thing under this part except as may be prescribed in this part.
(2) The powers conferred by this part shall be in addition and supplemental to and not in substitution for and the limitations imposed by this part shall not affect the powers conferred by any other law.
(3) This part is remedial in nature and shall be liberally construed.
History: En. Sec. 16, Ch. 121, L. 1937; R.C.M. 1947, 79-1916.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4604. Interpretation of part

7-7-4604. Interpretation of part.
Nothing in this part shall in any way be deemed to:
(1) alter the terms of any agreements made with the holders of any outstanding notes, bonds, or other obligations of the municipality;
(2) authorize the municipality to alter the terms of any such agreements;
(3) impair or authorize the municipality to impair the rights and remedies of any creditors of the municipality;
(4) authorize any municipality to do anything in any manner or for any purpose which would result in the creation or incurring of a debt or indebtedness or the issuance of any instrument which would constitute a bond or debt within the meaning of any provision, limitation, or restriction of the constitution relating to the creation or incurring of a debt or indebtedness or the issuance of an instrument constituting a debt.
History: En. Sec. 8, Ch. 121, L. 1937; R.C.M. 1947, 79-1908(4), (5).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4605. Authorization for refinancing and refunding revenue bonds

7-7-4605. Authorization for refinancing and refunding revenue bonds.
Any municipality shall have power and is hereby authorized to refinance or to refinance and improve any enterprise and for such purpose or purposes, to borrow money and issue refunding bonds from time to time.
History: En. Sec. 3, Ch. 121, L. 1937; R.C.M. 1947, 79-1903.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4606. Nature of refunding revenue bonds

7-7-4606. Nature of refunding revenue bonds.
(1) No recourse shall be had for the payment of the refunding bonds, interest thereon, or any part thereof against the general fund of any municipality, nor shall the credit or taxing power of any municipality be deemed to be pledged thereto.
(2) The refunding bonds and interest thereon shall not be a debt of the municipality or a charge, lien, or encumbrance, legal or equitable, upon any property of the municipality or upon any income, receipts, or revenues of the municipality, other than such of the revenues of the enterprise as shall have been pledged to the payment thereof. Every refunding bond shall recite in substance that said bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that the municipality is under no obligation to pay the same except from said revenues.
History: En. Sec. 9, Ch. 121, L. 1937; R.C.M. 1947, 79-1909.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4607. Exemption from certain taxes for refunding revenue bonds

7-7-4607. Exemption from certain taxes for refunding revenue bonds.
Refunding bonds issued pursuant to this part and the income from those bonds are exempt from taxation, except estate taxes.
History: En. Sec. 10, Ch. 121, L. 1937; R.C.M. 1947, 79-1910; amd. Sec. 2, Ch. 9, Sp. L. May 2000.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4608. Refunding revenue bonds to be fully negotiable

7-7-4608. Refunding revenue bonds to be fully negotiable.
Notwithstanding the form or tenor thereof and in the absence of an express recital on the face thereof that the bond is nonnegotiable, all refunding bonds shall at all times be and shall be treated as fully negotiable within the meaning of and for the purposes of the Uniform Commercial Code--Investment Securities.
History: En. Sec. 5, Ch. 121, L. 1937; amd. Sec. 11-153, Ch. 264, L. 1963; R.C.M. 1947, 79-1905(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4609. Presumptions of validity of refunding revenue bonds

7-7-4609. Presumptions of validity of refunding revenue bonds.
(1) Refunding bonds bearing the signatures of officers of the municipality in office on the date of the signing thereof shall be valid and binding obligations of the municipality for all purposes, notwithstanding that before the delivery thereof, any or all of the persons whose signatures appear thereon shall have ceased to be officers of the municipality, the same as if such persons had continued to be officers of the municipality until after the delivery thereof.
(2) The validity of the authorization and issuance of the refunding bonds shall not be dependent on or affected in any way by proceedings taken for the improving of any enterprise for the refinancing and improving of which the refunding bonds are to be issued or by contracts made in connection with the improving of any such enterprise.
(3) Any resolution authorizing refunding bonds may provide that any such refunding bond may contain a recital that such refunding bond is issued pursuant to this part, and any refunding bond containing such recital under authority of any such resolution shall be conclusively deemed to be valid and to have been issued in conformity with the provisions of this part.
History: En. Sec. 6, Ch. 121, L. 1937; R.C.M. 1947, 79-1906.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4610. Details relating to refunding revenue bonds

7-7-4610. Details relating to refunding revenue bonds.
The refunding bonds may, as provided by resolution of the governing body of the municipality:
(1) be issued in one or more series, bear such date or dates, and mature at such time or times, not exceeding the period of usefulness of the enterprise, as determined by the governing body in its discretion, and, in any event, not exceeding 40 years from their respective dates;
(2) bear interest at such rate or rates not exceeding the maximum rate of interest borne by the notes, bonds, or other obligations refinanced thereby, except that refunding bonds may bear interest in excess of the rate on the refunded bonds 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 municipality;
(3) be in such denomination or denominations and be in such form, either coupon or registered;
(4) carry such registration and conversion privileges;
(5) be executed in such manner;
(6) be payable in such medium of payment and at such place or places;
(7) be subject to such terms of redemption, with or without a premium;
(8) be declared or become due before the maturity date thereof;
(9) provide for the replacement of mutilated, destroyed, stolen, or lost bonds;
(10) be authenticated in such manner and upon compliance with such conditions; and
(11) contain such other terms and covenants.
History: En. Sec. 5, Ch. 121, L. 1937; amd. Sec. 11-153, Ch. 264, L. 1963; R.C.M. 1947, 79-1905(part); amd. Sec. 4, Ch. 54, L. 1989.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4621. Resolution for issuance of refunding revenue bonds

7-7-4621. Resolution for issuance of refunding revenue bonds.
(1) The refunding bonds shall be authorized by resolution of the governing body of the municipality. Such resolution may be adopted at a regular or special meeting and at the same meeting at which they are introduced by a majority of all the members of the governing body then in office. Such resolution shall take effect immediately upon the adoption thereof.
(2) No other proceedings or procedure of any character whatever shall be required for the issuance of refunding bonds by the municipality.
History: En. Sec. 4, Ch. 121, L. 1937; R.C.M. 1947, 79-1904.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4623. Security for refunding revenue bonds

7-7-4623. Security for refunding revenue bonds.
(1) The refunding bonds shall be special obligations of the municipality and shall be payable from and secured by a lien upon the revenues of the enterprise, as shall be more fully described in the resolution of the governing body authorizing the issuance of the refunding bonds. Subject to the constitution of the state of Montana and to the prior or superior rights of any person, any municipality shall have power, by resolution of its governing body, to pledge and assign for the security of the refunding bonds all or any part of the gross or the net revenues of such enterprise.
(2) (a) As additional security for any issue of refunding bonds hereunder or any part thereof, any municipality shall have power and is hereby authorized, by resolution of its governing body, to confer upon the holders of the refunding bonds all rights, powers, and remedies which said holders would be entitled to if they were the owners and had possession of the notes, bonds, or other obligations for the refinancing of which such refunding bonds shall have been issued, including but not limited to the preservation of the lien of such notes, bonds, or other obligations without extinguishment, impairment, or diminution thereof.
(b) In the event any municipality exercises the power conferred by this subsection:
(i) each refunding bond shall contain a recital to the effect that the holder thereof has been granted the additional security provided by this subsection; and
(ii) each note, bond, certificate, or other obligation of the municipality to be refinanced by any such refunding bonds shall be kept intact and shall not be canceled or destroyed until the refunding bonds and interest thereon have been finally paid and discharged but shall be stamped with a legend to the effect that such note, bond, certificate, or other obligation has been refunded pursuant to the Revenue Bond Refinancing Act of 1937.
(3) All refunding bonds of the same issue shall be equally and ratably secured, without priority by reason of number or date of bond, of sale, of execution, or of delivery, by a lien upon the revenues of the enterprise in accordance with the provisions of this section and the resolution authorizing the issuance of such refunding bonds.
History: En. Sec. 8, Ch. 121, L. 1937; R.C.M. 1947, 79-1908(1) thru (3).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4624. Use of fiscal agent

7-7-4624. Use of fiscal agent.
Any municipality shall have power, in connection with the issuance of refunding bonds:
(1) to appoint a fiscal agent;
(2) to provide for the powers, duties, and functions and compensation of such fiscal agent;
(3) to limit the liabilities of such fiscal agent;
(4) to prescribe a method for the resignation, removal, merger, or consolidation of such fiscal agent and the appointment of a successor fiscal agent and the transfer of rights and properties to such successor fiscal agent.
History: En. Sec. 11, Ch. 121, L. 1937; R.C.M. 1947, 79-1911.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4625. Sale or exchange of refunding revenue bonds

7-7-4625. Sale or exchange of refunding revenue bonds.
(1) The refunding bonds may be sold or exchanged in installments at different times, or an entire issue or series may be sold or exchanged at one time. Any issue or series of refunding bonds may be exchanged in part or sold in part in installments at different times or at one time.
(2) The refunding bonds may be sold or exchanged at any time on, before, or after the maturity of any of the outstanding notes, bonds, certificates, or other obligations to be refinanced thereby.
History: En. Sec. 7, Ch. 121, L. 1937; R.C.M. 1947, 79-1907(1).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4626. Details relating to sales of refunding revenue bonds

7-7-4626. Details relating to sales of refunding revenue bonds.
If the governing body determines to sell any refunding bonds, the refunding bonds may not be sold at less than 97% of the face value and must be sold at public or private sale and in a manner and upon terms that the governing body considers best for the interests of the municipality.
History: En. Sec. 7, Ch. 121, L. 1937; R.C.M. 1947, 79-1907(3); amd. Sec. 7, Ch. 459, L. 1997.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4627. Details relating to exchanges of refunding revenue bonds

7-7-4627. Details relating to exchanges of refunding revenue bonds.
(1) If the governing body determines to exchange any refunding bonds, such refunding bonds may be exchanged privately for and in payment and discharge of any of the outstanding notes, bonds, or other obligations of the municipality issued to finance or to aid in financing the acquisition, construction, improving, refinancing, or improving and refinancing of an enterprise.
(2) The refunding bonds may be exchanged for a like or greater principal amount of such notes, bonds, or other obligations of the municipality, except that the principal amount of the refunding bonds may exceed the principal amount of such outstanding notes, bonds, or other obligations to the extent necessary or advisable, in the discretion of the governing body, to fund interest in arrears or about to become due.
(3) The holder or holders of such outstanding notes, bonds, or other obligations need not pay accrued interest on the refunding bonds to be delivered in exchange therefor if and to the extent that interest is due or accrued and unpaid on such outstanding notes, bonds, or other obligations to be surrendered.
History: En. Sec. 7, Ch. 121, L. 1937; R.C.M. 1947, 79-1907(2).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4628. Payment of bonds

7-7-4628. Payment of bonds.
(1) In order that the payment of the refunding bonds and interest thereon shall be adequately secured, any municipality issuing refunding bonds pursuant to this part and the proper officers, agents, and employees thereof are hereby directed and it shall be the mandatory duty of such officers, agents, and employees under this part and it shall further be of the essence of the contract of such municipality with the bondholders, at all times:
(a) to pay or cause to be paid punctually the principal of every refunding bond and the interest thereon on the date or dates and at the place or places and in the manner and out of the funds mentioned in such refunding bonds and in the coupons thereto appertaining and in accordance with the resolution authorizing their issuance;
(b) to preserve and protect the security of the refunding bonds and the rights of the holders thereof and warrant and defend such rights against all claims and demands of all persons whomsoever;
(c) to hold in trust the revenues pledged to the payment of the refunding bonds for the benefit of the holders of the refunding bonds and to apply such revenues only as provided by the resolution authorizing the issuance of the refunding bonds, or if such resolution shall thereafter be modified in the manner provided therein or herein, only as provided in such resolution as modified.
(2) None of the foregoing duties shall be construed to require the expenditure in any manner or for any purpose by the municipality of any funds other than revenues received or receivable from the enterprise.
History: En. Sec. 12, Ch. 121, L. 1937; R.C.M. 1947, 79-1912(1), (a), (d), (f), (2).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4629. Management of enterprise

7-7-4629. Management of enterprise.
(1) In order that the payment of the refunding bonds and interest on the bonds is adequately secured, any municipality issuing refunding bonds pursuant to this part and the proper officers, agents, and employees of the municipality shall at all times:
(a) operate the enterprise in an efficient and economical manner and establish, levy, maintain, and collect fees, tolls, rentals, rates, and other charges in connection with the enterprise as may be necessary or proper, in an amount that is sufficient, after making due and reasonable allowances for contingencies and for a margin of error in the estimates:
(i) to pay all current expenses of operation, maintenance, and repair of the enterprise;
(ii) to pay the interest on and principal of the refunding bonds as the principal becomes due and payable;
(iii) to comply in all respects with the terms of the resolution authorizing the issuance of refunding bonds or any other contract or agreement with the holders of the refunding bonds; and
(iv) to meet any other obligations of the municipality that are charges, liens, or encumbrances upon the revenue of the enterprise;
(b) operate, maintain, preserve, and keep or cause to be operated, maintained, preserved, and kept the enterprise and every part of the enterprise in good repair, working order, and condition;
(c) pay and discharge or cause to be paid or discharged any lawful claims for labor, materials, and supplies that, if unpaid, might by law become a lien or charge upon the revenue prior or superior to the lien of the refunding bonds or that might impair the security of the refunding bonds, to the end that the priority and security of the refunding bonds are fully preserved and protected;
(d) keep proper books of record and accounts of the enterprise, separate from all other records and accounts, in which complete and correct entries must be made of all transactions relating to the enterprise and that, together with all other books and papers of the municipality, must at all times be subject to the inspection of the holders of not less than 10% of the refunding bonds then outstanding or the holders' representatives authorized in writing.
(2) The duties in subsection (1) may not be construed to require the expenditure in any manner or for any purpose by the municipality of any funds other than revenue received or receivable from the enterprise.
History: En. Sec. 12, Ch. 121, L. 1937; R.C.M. 1947, 79-1912(1), (b), (c), (e), (g), (2); amd. Sec. 513, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4630. Right to receivership upon default

7-7-4630. Right to receivership upon default.
(1) Any holder of refunding bonds or trustee therefor shall have the right to apply in an appropriate judicial proceeding to the district court or any court of competent jurisdiction for the appointment of a receiver of the enterprise, whether or not all refunding bonds have been declared due and payable and whether or not such holder or trustee therefor is seeking or has sought to enforce any other right or exercise any remedy in connection with such refunding bonds:
(a) in the event that the municipality shall default in the payment of the principal or interest on any of the refunding bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of 30 days; or
(b) in the event that the municipality or the governing body or officers, agents, or employees thereof shall fail or refuse to comply with the provisions of this part or shall default in any agreement made with the holders of the refunding bonds.
(2) Upon such application, the district court may appoint and if the application is made by the holders of 25% in principal amount of such refunding bonds then outstanding or any trustee for holders of such refunding bonds in such principal amount shall appoint a receiver of the enterprise.
History: En. Sec. 14, Ch. 121, L. 1937; R.C.M. 1947, 79-1914(1).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4631. Role of receiver

7-7-4631. Role of receiver.
(1) The receiver appointed pursuant to 7-7-4630 shall, directly or by the receiver's agents and attorneys, enter into and upon and take possession of the enterprise and every part of the enterprise and may exclude the municipality, its governing body, officers, agents, and employees, and all persons claiming under them wholly from the enterprise and must have and shall hold, use, operate, manage, and control the enterprise and every part of the enterprise and, in the name of the municipality or otherwise as the receiver may consider best, shall exercise all the rights and powers of the municipality with respect to the enterprise as the municipality itself might do.
(2) The receiver shall:
(a) maintain, restore, insure, and keep insured the enterprise and from time to time make all necessary or proper repairs as may seem expedient to the receiver;
(b) establish, levy, maintain, and collect fees, tolls, rentals, and other charges in connection with the enterprise that the receiver considers necessary or proper and reasonable; and
(c) collect and must receive all revenue and deposit the revenue in a separate account and apply revenue in a manner that the court shall direct.
(3) The receiver shall, in the performance of the powers conferred upon the receiver, act under the direction and supervision of the court making the appointment and must at all times be subject to the orders and decrees of the court and may be removed by the court. This section does not limit or restrict the jurisdiction of the court to enter other and further orders and decrees that the court considers necessary or appropriate for the exercise by the receiver of any functions specifically set forth in this section.
History: En. Sec. 14, Ch. 121, L. 1937; R.C.M. 1947, 79-1914(2), (4); amd. Sec. 514, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4632. Procedure to return enterprise from receiver to municipality

7-7-4632. Procedure to return enterprise from receiver to municipality.
(1) Whenever all that is due upon the refunding bonds and interest thereon and upon any other notes, bonds, or other obligations and interest thereon having a charge, lien, or encumbrance on the revenues of the enterprise and under any of the terms of any covenants or agreements with bondholders shall have been paid or deposited as provided therein and all defaults shall have been cured and made good, the court may in its discretion, after such notice and hearing as it deems reasonable and proper, direct the receiver to surrender possession of the enterprise to the municipality.
(2) The same right of the holders of the refunding bonds to secure the appointment of a receiver exists upon any subsequent default as provided in 7-7-4630 and 7-7-4631.
History: En. Sec. 14, Ch. 121, L. 1937; R.C.M. 1947, 79-1914(3).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 46. Municipal Refunding Revenue Bonds Option 2 › 7-7-4633. Remedies of holders of refunding revenue bonds

7-7-4633. Remedies of holders of refunding revenue bonds.
(1) Subject to any contractual limitations binding upon the holders of an issue of refunding bonds or trustee for the holders, including but not limited to the restriction of the exercise of a remedy to the specified proportion of percentage of the holders, a holder of refunding bonds or trustee for the holder has the right and power, for the equal benefit and protection of all holders of refunding bonds similarly situated:
(a) by mandamus or other suit, action, or proceeding at law or in equity, to enforce the holder's rights against the municipality and its governing body and any of its officers, agents, and employees and to require and compel the municipality or the governing body or any officers, agents, or employees to perform and carry out duties and obligations under this part and covenants and agreements with bondholders;
(b) by action or suit in equity, to require the municipality and the governing body to account as if they were the trustee of an express trust;
(c) by action or suit in equity, to enjoin any acts or things that may be unlawful or in violation of the rights of the bondholders;
(d) to bring suit upon the refunding bonds.
(2) (a) A remedy conferred by this part upon a holder of refunding bonds or a trustee for the holder is not intended to be exclusive of any other remedy, but each remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without regard to any other remedy conferred by this part or by any other law.
(b) A waiver of any default or breach of duty or contract, whether by a holder of refunding bonds or a trustee for a holder, does not extend to or affect any subsequent default or breach of duty or contract or impair any rights or remedies on the breach or contract. A delay or omission of a bondholder or a trustee for a holder to exercise any right or power accruing upon any default may not impair any right or power or be construed to be a waiver of any default or acquiescence in the default.
(c) Every substantive right and every remedy conferred upon the holders of refunding bonds may be enforced and exercised from time to time and as often as considered expedient.
(3) In case any suit, action, or proceeding to enforce any right or exercise any remedy must be brought or taken and then discontinued or abandoned or must be determined adversely to the holder of the refunding bonds or a trustee for the holder, then and in each case the municipality and the holder or trustee must be restored to their former positions and rights and remedies as if the suit, action, or proceeding had not been brought or taken.
History: En. Sec. 15, Ch. 121, L. 1937; R.C.M. 1947, 79-1915; amd. Sec. 515, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 8. Acquisition, Transfer, and Management of Property and Buildings › Part 1. General Provisions Related to Local Government › 7-8-101. Authorization to transfer property between certain governmental entities

7-8-101. Authorization to transfer property between certain governmental entities.
(1) A county, upon first passing a resolution of intent to do so and upon giving notice of intent by publication as provided in 7-1-2121, may sell or trade to any city, town, or political subdivision, as the interests of its inhabitants require, any property, however held or acquired, that is not necessary for the conduct of the county business without an ordinance, public notice, public auction, bids, or appraisal. Proceeds, if any, must be distributed according to law. The transactions must be made by resolution of the county commissioners involved and entered in the minutes of the regular or special meetings.
(2) A city or town, upon first passing a resolution of intent to do so and upon giving notice of the intent by publication as provided in 7-1-4127, may sell or trade to any county or political subdivision, as the interests of its inhabitants require, any property, however held or acquired, that is not necessary for the conduct of the city or town business without an ordinance, public notice, public auction, bids, or appraisal. Proceeds, if any, must be distributed according to law. The transactions must be made by resolution of the councils or commissions involved and entered in the minutes of the regular or special meetings.
(3) (a) A county may trade with or purchase from any city, town, or political subdivision any property without an appraisal of the property traded or purchased.
(b) A city or town may trade with or purchase from any county or political subdivision any property without an appraisal of the property traded or purchased.
History: (1)En. Sec. 1, Ch. 302, L. 1969; Sec. 16-1009.1, R.C.M. 1947; (2)En. Sec. 1, Ch. 301, L. 1969; Sec. 11-964.1, R.C.M. 1947; (3)(a)En. Sec. 2, Ch. 302, L. 1969; Sec. 16-1007.1, R.C.M. 1947; (3)(b)En. Sec. 2, Ch. 301, L. 1969; Sec. 11-964.2, R.C.M. 1947; R.C.M. 1947, 11-964.1, 11-964.2, 16-1007.1, 16-1009.1; amd. Sec. 10, Ch. 349, L. 1985; amd. Sec. 17, Ch. 354, L. 2001.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 8. Acquisition, Transfer, and Management of Property and Buildings › Part 1. General Provisions Related to Local Government › 7-8-102. Authorization to deed county land to other governmental entities

7-8-102. Authorization to deed county land to other governmental entities.
(1) The county commissioners of any county in Montana are hereby authorized to convey to the state of Montana or to any city or town in Montana or to the United States of America any tract of county-owned land, not exceeding 1,280 acres, to be used for the establishment and maintenance of a park, recreational grounds, or cemetery and to be maintained by the state, city, town, or federal government as a public park, recreational grounds, or cemetery.
(2) Said land shall be deeded to the state, city, town, or federal government without charge but upon the condition that the same shall be devoted and maintained by the state, city, town, or federal government for the purpose specified in subsection (1). In the event that the land shall cease to be used for such purpose for a period of 5 years in succession, the title thereto shall revert to the county making such grant.
History: En. Sec. 1, Ch. 139, L. 1935; re-en. Sec. 4487.1, R.C.M. 1935; amd. Sec. 1, Ch, 48, L. 1961; amd. Sec. 1, Ch. 7, L. 1977; R.C.M. 1947, 16-1131(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 8. Acquisition, Transfer, and Management of Property and Buildings › Part 1. General Provisions Related to Local Government › 7-8-103. Authorization for governmental and public entities to take property by gift or devise -- restriction

7-8-103. Authorization for governmental and public entities to take property by gift or devise -- restriction.
(1) (a) All counties, all public hospitals and cemeteries, and other public institutions are hereby granted the power and authority to accept, receive, take, hold, and possess any gift, donation, grant, devise, or bequest of real or personal property and the right to own, hold, work, and improve the same.
(b) The provisions of subsection (2) and 7-8-104 are hereby made expressly applicable to gifts, donations, grants, devises, and bequests of real or personal property to officers and boards of the public corporations and institutions mentioned in subsection (1)(a).
(2) (a) Any city or town organized under the laws of Montana is hereby empowered and given the right:
(i) to accept, receive, take, hold, own, and possess any gift, donation, grant, devise, or bequest; any property (real, personal, or mixed); any improved or unimproved park or playground; any water, water right, water reservoir, or watershed; any timberland or reserve; or any fish or game reserve in any part of the state;
(ii) to own, hold, work, and improve the same.
(b) The gifts, donations, grants, devises, or bequests made to any officer or board of any city or town must be considered a gift, donation, grant, devise, or bequest made for the use and benefit of any city or town and must be administered and used by and for the city or town for the particular purpose for which it was given, donated, granted, devised, or bequeathed. In the event no particular purpose is mentioned in the gift, donation, grant, devise, or bequest, then it must be used for the general support, maintenance, or improvement of any city or town.
(3) A gift, donation, grant, devise, or bequest may not be accepted or used in contravention of 13-35-238.
History: Ap. p. Sec. 1, Ch. 47, L. 1927; re-en. Sec. 5668.17, R.C.M. 1935; Sec. 11-1006, R.C.M. 1947; Ap. p. Sec. 2, Ch. 47, L. 1927; re-en. Sec. 5668.18, R.C.M. 1935; Sec. 11-1007, R.C.M. 1947; Ap. p. Sec. 1, Ch. 10, L. 1917; re-en. Sec. 5043, R.C.M. 1921; re-en. Sec. 5043, R.C.M. 1935; Sec. 11-1004, R.C.M. 1947; Ap. p. Sec. 2, Ch. 10, L. 1917; re-en. Sec. 5044, R.C.M. 1921; re-en. Sec. 5044, R.C.M. 1935; Sec. 11-1005, R.C.M. 1947; R.C.M. 1947, 11-1004, 11-1005(part), 11-1006(part), 11-1007; amd. Sec. 2, Ch. 325, L. 2023.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 8. Acquisition, Transfer, and Management of Property and Buildings › Part 1. General Provisions Related to Local Government › 7-8-104. Who may make gift or devise to governmental entities

7-8-104. Who may make gift or devise to governmental entities.
(1) Any company, partnership, corporation, or other nonindividual entity may make to a city or town organized under the laws of Montana a donation, gift, or grant of any property (real, personal, or mixed); any improved or unimproved park or playground; any water, water right, water reservoir, or watershed; any timberland or reserve; or any fish or game reserve in any part of Montana, to be held for the use and benefit of the city or town.
(2) Any person over the age of 18 years and of sound mind and discretion may make to a city or town organized under the laws of Montana a gift, grant, donation, or testamentary disposition of property (real, personal, or mixed); any improved or unimproved park or playground; any water, water right, water reservoir, or watershed; any timberland or reserve; or any fish or game reserve in any part of the state.
History: En. Sec. 2, Ch. 10, L. 1917; re-en. Sec. 5044, R.C.M. 1921; re-en. Sec. 5044, R.C.M. 1935; R.C.M. 1947, 11-1005(part); amd. Sec. 11, Ch. 311, L. 1979.