reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-912. Pledge of highway revenues

17-5-912. Pledge of highway revenues.
All or any portion of highway revenues may be pledged to the payment of the principal, interest, and redemption premium, if any, on particular issues of state highway revenue bonds, and the pledge is and remains at all times a first lien and prior charge upon the pledged highway revenues credited to the highway revenue bond debt service account, subject to the pledge of particular highway revenues to secure particular issues of highway revenue bonds.
History: En. Sec. 5, Ch. 557, L. 1983; amd. Sec. 4, Ch. 249, L. 1983; amd. Sec. 3, Ch. 10, L. 2009.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-913. Authority to issue highway revenue bonds

17-5-913. Authority to issue highway revenue bonds.
The board may issue and sell highway revenue bonds to finance the cost of highway projects, to pay the costs of issuing the bonds, and to provide for reserves, upon recommendation of the department. The state reserves the right to issue additional bonds secured equally and ratably by the pledge and appropriation of the highway revenues or separately secured by a portion of highway revenues subject only to the pledge of particular highway revenues to secure particular bonds.
History: En. Sec. 6, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-914. Continuation of taxes -- limit on additional highway revenue bonds

17-5-914. Continuation of taxes -- limit on additional highway revenue bonds.
The legislature shall provide for the continued assessment, levy, collection, and deposit of highway revenues into the state special revenue fund for the credit of the department in amounts sufficient to pay, when due, the annual debt service charges on all outstanding highway revenue bonds. The board is authorized to include a contractual undertaking for the benefit of bondholders to this effect in the resolution or indenture under which the bonds are issued.
History: En. Sec. 7, Ch. 557, L. 1983; amd. Sec. 4, Ch. 249, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-921. Bond anticipation notes -- issued when -- payment of principal and interest

17-5-921. Bond anticipation notes -- issued when -- payment of principal and interest.
(1) The board may, pending the issuance of bonds, issue temporary notes in anticipation of the proceeds to be derived from the sale of the bonds, which notes are designated as "bond anticipation notes". The proceeds of the sale of the bond anticipation notes must be used only for the purpose for which the proceeds of the bonds could be used, including costs of issuance. If, prior to the issuance of the bonds, it becomes necessary or desirable to redeem outstanding notes, additional bond anticipation notes may be issued to redeem the outstanding notes. No renewal of any note may be issued after the sale of bonds in anticipation of which the original notes were issued.
(2) Bond anticipation notes or other short-term evidences of indebtedness maturing not more than 3 years after the date of issue may be issued from time to time as the proceeds thereof are needed. Such notes must be authorized by the board and have such terms and provisions as may be provided by resolution of the board; however, each resolution of the board authorizing notes must:
(a) describe the need for the proceeds of the notes to be issued; and
(b) specify the principal amount of the notes or maximum principal amount of the notes which may be outstanding at any one time, the rate or rates of interest or maximum rate of interest or interest rate formula (to be determined in the manner specified in the resolution authorizing the notes) of such notes, and the maturity date or maximum maturity date of the notes.
(3) Subject to the limitations contained in this section and the standards and limitations prescribed in the authorizing resolution, the board in its discretion may provide for the notes described in subsection (2) to be issued and sold, in whole or in part, from time to time, and may delegate to the state treasurer the power to determine the time or times of sale, the manner of sale, the amounts, the maturities, the rate or rates of interest, and such other terms and details of the notes as may be considered appropriate by the board or, if there has been such a delegation, the state treasurer. The board may, in its discretion but subject to the limitations contained in this section, provide in the resolution authorizing the issuance of notes for:
(a) the employment of one or more persons or firms to assist the board in the sale of the notes;
(b) the appointment of one or more banks or trust companies, either inside or outside the state, as depository for safekeeping and as agent for the delivery and payment of the notes;
(c) the refunding of the notes, from time to time, without further action by the board, unless and until the board revokes such authority to refund; and
(d) such other terms and conditions as the board may consider appropriate.
History: En. Sec. 8, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-922. Form -- principal and interest -- fiscal agent -- bonds authorized

17-5-922. Form -- principal and interest -- fiscal agent -- bonds authorized.
(1) Each series of bonds may be issued by the board at public or private sale, in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for the conversion or exchange, bearing interest at the rate or rates or the method of determining the rate or rates, maturing at times, not more than 40 years from date of issue, subject to redemption at earlier times and prices and upon notice, and payable at the office of a fiscal agency of the state that the board shall determine, subject to the limitations contained in this part. Any action taken by the board under this part must be approved by at least a majority vote of its members.
(2) In all other respects the board is authorized to prescribe the form and terms of the bonds and shall do whatever is lawful and necessary for their issuance and payment.
(3) Bonds and any interest coupons appurtenant to the bonds must be signed by the members of the board, and the bonds must be issued under the great seal of the state of Montana. The bonds and coupons may be executed with facsimile signatures and seal in the manner and subject to the limitations prescribed by law. The state treasurer shall keep a record of all bonds issued and sold.
(4) The board may employ a fiscal agent and a bond registrar and transfer agent to assist in the performance of its duties under this part.
(5) In connection with the issuance and sale of bonds, the board may arrange for lines of credit or letters of credit with any bank, firm, or person for the purpose of providing an additional source of repayment for bonds issued pursuant to this part. Amounts drawn on lines of credit may be evidenced by negotiable or nonnegotiable notes or other evidences of indebtedness, containing terms and conditions that the board may authorize in the resolution approving the notes or evidences of indebtedness.
(6) Not more than $150 million of bonds issued under this part may be outstanding at any time. Additional bonds, other than refunding bonds, may not be issued until the pledge in favor of the highway revenue bonds is satisfied and discharged.
(7) If applicable, the board shall specify whether the bonds are tax credit bonds as provided in 17-5-117.
History: En. Sec. 9, Ch. 557, L. 1983; amd. Sec. 16, Ch. 489, L. 2009.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-923. Trust indenture

17-5-923. Trust indenture.
In the discretion of the board, bonds issued under this part may be secured by a trust indenture by and between the board and a trustee, which may be any trust company or bank having the powers of a trust company inside or outside of the state. Each trust indenture or an executed counterpart thereof must be filed in the office of the secretary of state. The filing of a trust indenture or an executed counterpart thereof in the office of the county clerk and recorder of the county in which the property covered by the trust indenture is located is constructive notice of its content to all persons from the time of filing, and the recording of the trust indenture or its content is not necessary.
History: En. Sec. 10, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-924. Provisions for protecting bondholders

17-5-924. Provisions for protecting bondholders.
The resolution of the board providing for the issuance of bonds or the trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the state, the board, and the departments, boards, or agencies of state government in relation to the construction, reconstruction, improvement, maintenance, and repair of the highway projects financed with the proceeds of the bonds and the custody, safeguarding, and application of all money. The trust indenture may set forth the rights and remedies of the bondholders customary in trust indentures, deeds of trusts, and mortgages securing bonds or debentures of corporations. No enumeration of particular powers granted by this section impairs any general grant of power contained in this part.
History: En. Sec. 11, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-925. Personal liability -- suit to compel performance

17-5-925. Personal liability -- suit to compel performance.
(1) The members of the board and officers and employees of the departments, boards, or agencies of state government are not personally liable or accountable by reason of the issuance of or on any bond issued by the board under this part.
(2) Any holder of bonds issued under this part or any person or officer who is a party in interest, subject to any applicable agreements or trust indentures, may sue to enforce and compel the performance of the bond provisions as set out in this part.
History: En. Sec. 12, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-926. Negotiability of bonds

17-5-926. Negotiability of bonds.
Bonds issued under this part are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of bonds.
History: En. Sec. 13, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-927. Signatures of board members

17-5-927. Signatures of board members.
If any member of the board whose signature appears on bonds or coupons issued under this part ceases to be a member before the delivery of the bonds, the member's signature is valid and sufficient for all purposes as if the member had remained in office until delivery.
History: En. Sec. 14, Ch. 557, L. 1983; amd. Sec. 215, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-928. Refunding obligations

17-5-928. Refunding obligations.
(1) The board may provide for the issuance of refunding obligations for refunding any obligations then outstanding that have been issued under this part, including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption of the obligations. The issuance of refunding obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of the state are governed by the appropriate provisions of this part that relate to the issuance of the obligations.
(2) Refunding obligations issued as provided in subsection (1) may be sold or exchanged for outstanding obligations issued under this part. The proceeds may be applied to the purchase, redemption, or payment of the outstanding obligations. Pending the application of the proceeds of refunding obligations, with other available funds, to the payment of principal, accrued interest, and any redemption premium on the obligations being refunded and, if permitted in the resolution authorizing the issuance of the refunding obligations or in the trust agreement securing them, to the payment of interest on refunding obligations and expenses in connection with refunding, the proceeds may be invested as provided in Title 17, chapter 6.
History: En. Sec. 15, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-929. Pledge of the state

17-5-929. Pledge of the state.
In accordance with the constitutions of the United States and the state of Montana, the state pledges that it will not in any way impair the obligations of any agreement between the state and the holders of notes and bonds issued by the state under this part.
History: En. Sec. 16, Ch. 557, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 9. Highway Revenue Bonds › 17-5-930. Tax exemption of bonds -- legal investments

17-5-930. Tax exemption of bonds -- legal investments.
(1) All bonds issued under this part, their transfer, and their income, including any profits made on their sale, are exempt from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes.
(2) Bonds issued under this part are legal investments for any person or board charged with investment of public funds and are acceptable as security for any deposit of public money.
History: En. Sec. 17, Ch. 557, L. 1983; amd. Sec. 10, Ch. 9, Sp. L. May 2000.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 10. Actions › 17-5-1001. Action to restrain bond issues

17-5-1001. Action to restrain bond issues.
(1) No action may be brought for the purpose of restraining the issuance and sale of bonds or other obligations by the state of Montana or for the purpose of restraining the levy and collection of taxes for the payment of such bonds or other obligations after the expiration of 60 days from the date of the election on such bonds or obligations or, if no election was held thereon, after the expiration of 60 days from the date of the order, resolution, or ordinance authorizing the issuance thereof, on account of any defect, irregularity, or informality in giving notice of or in holding the election. No defense based upon any such defect, irregularity, or informality may be interposed in any action unless brought within this period.
(2) This section applies but is not limited to any action or defense in which the issue is raised whether a voted debt or liability has carried by the required majority vote of the electors qualified and offering to vote thereon.
History: En. Sec. 1, Ch. 114, L. 1919; re-en. Sec. 9040, R.C.M. 1921; re-en. Sec. 9040, R.C.M. 1935; R.C.M. 1947, 93-2612(part); amd. Sec. 4, Ch. 540, L. 1979.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1103. Declarations of state interest -- purposes

17-5-1103. Declarations of state interest -- purposes.
(1) Sections 103 and 103A of the Internal Revenue Code, 26 U.S.C. 103 and 103A, provide that interest with respect to certain obligations may not be exempt from the income tax if they are not in registered form. It is therefore a matter of state concern that public entities be authorized to provide for the issuance of obligations in registered form. It is a purpose of this part to authorize all public entities to establish and maintain a system pursuant to which obligations may be issued in registered form within the meaning of sections 103 and 103A of the Internal Revenue Code, 26 U.S.C. 103 and 103A.
(2) Obligations have traditionally been issued in bearer rather than in registered form, and a change from bearer to registered form will significantly affect the relationships, rights, and duties of issuers of and the persons that deal with obligations and may consequently affect the costs. The effects will impact the various issuers and varieties of obligations differently, depending on their legal and financial characteristics, their markets, and their adaptability to recent and prospective technological and organizational developments. It is therefore a matter of state concern that public entities be provided flexibility in the development of systems of registration and control over system incidents, in order to accommodate differing impacts. It is a purpose of this part to provide for the establishment and maintenance, and amendment from time to time, of differing systems of registration of obligations, including system incidents, in order to accommodate the differing impacts upon issuers and varieties of obligations.
History: En. Sec. 3, Ch. 364, L. 1983; amd. Sec. 44, Ch. 114, L. 2003.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1104. Construction

17-5-1104. Construction.
This part must be construed in conjunction with the Uniform Commercial Code and the principles of contract law relative to the registration and transfer of obligations.
History: En. Sec. 14, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1105. Applicability -- election -- rescission

17-5-1105. Applicability -- election -- rescission.
(1) Public obligations may be issued as certificated or uncertificated public obligations as provided in this part, notwithstanding provisions of law providing for issuance in other forms. Whenever bonds are issued under this part, the provisions of this part are alternative and supplemental to such other provisions.
(2) Nothing in this part limits or prevents the issuance of obligations in any other form or manner authorized by law.
(3) The provisions of this part may be applied to obligations that have previously been approved by vote, referendum, or hearing, authorizing or permitting the authorization of obligations in bearer and registered form or in bearer form only, and such obligations need not be resubmitted for a further vote, referendum, or hearing for the purpose of authorizing or permitting the authorization of obligations in registered form only.
History: En. Sec. 13, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1106. Records -- no public inspection -- locations

17-5-1106. Records -- no public inspection -- locations.
(1) With regard to the ownership or pledge of public obligations, records are not subject to inspection or copying under any law of this state relating to the right of the public to inspect or copy public records.
(2) Registration records of the issuer may be maintained at locations inside or outside this state determined by the issuer.
History: En. Sec. 12, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1111. System of registration

17-5-1111. System of registration.
(1) Each issuer is authorized to establish and regularly maintain a system of registration with respect to each public obligation that it issues. The system may be either a system pursuant to which only certificated public obligations are issued or a system pursuant to which both certificated and uncertificated public obligations are issued. The issuer may discontinue and reinstitute either system from time to time.
(2) The system must be established and regularly maintained or amended, discontinued, or reinstituted for the issuer by the official or official body.
(3) The system must be described in the official actions that provide for original issuance and in subsequent official actions providing for amendments and other matters from time to time. The description may be by reference to a program of the issuer that is established by the official or official body.
(4) The system must define the method or methods by which transfer of the public obligations is effective with respect to the issuer, which method or methods are exclusive (substantial compliance being essential to a valid transfer) and by which payment of principal and any interest must be made. The system may permit the issuance of public obligations in any denomination to represent several public obligations of smaller denominations. The system may also provide for the form of any certificated public obligations, for differing record and payment dates, for varying denominations, and for accounting, canceled certificate destruction, and other incidental matters.
(5) Under a system pursuant to which both certificated and uncertificated public obligations are issued, both types of public obligations may be regularly issued or one type may be regularly issued and the other type issued only under described circumstances or to particular described categories of owners. Under a system pursuant to which uncertificated public obligations are regularly issued, provisions may be made for registration of pledges and releases.
(6) The system may include covenants of the issuer as to amendments, discontinuances, and reinstitutions and the effect of those covenants on the exemption of interest from the income tax provided for by the Internal Revenue Code.
(7) If the effect of a conversion from one of the forms of public obligations provided for in this part to a form not provided for in this part is that interest will continue to be exempt from the income tax provided for by the Internal Revenue Code, this part does not preclude that conversion.
(8) To the extent not inconsistent with this part, the rights provided by other laws with respect to obligations in other forms must be provided with respect to obligations in forms that may be used under this part.
History: En. Sec. 4, Ch. 364, L. 1983; amd. Sec. 45, Ch. 114, L. 2003.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1112. Certificated public obligation -- execution -- authentication

17-5-1112. Certificated public obligation -- execution -- authentication.
(1) A certificated public obligation must be executed by the issuer by:
(a) the signing by an authorized officer with the manual signature of such officer; or
(b) the signing by such officer with a facsimile signature in lieu of the manual signature of such officer.
(2) Each certificated public obligation may, in addition to the signature or signatures of an authorized officer or officers, have placed upon it a certificate or certificates as authenticating trustee, registrar, transfer agent, or the like. Such certificate may be signed by the manual signature of an individual or by a facsimile signature in lieu of a manual signature, provided that at least one certificate is signed by a manual signature.
(3) The certificated public obligation must bear the manual signature of either:
(a) an authorized officer as defined in 17-5-1102; or
(b) a person described in subsection (2).
History: En. Sec. 5, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1113. Certificated public obligation -- signatures

17-5-1113. Certificated public obligation -- signatures.
(1) No certificated public obligation signed by the authorized officers at the time of the signing is invalid or without binding effect even though before the issuance thereof any or all of such officers have ceased to fill their respective offices.
(2) Any authorized officer employed to sign any certificated public obligation may adopt as and for the signature of the officer the signature of a predecessor in office in the event that such predecessor's signature appears on such certificated public obligation.
History: En. Sec. 6, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1114. Certificated public obligation -- seal

17-5-1114. Certificated public obligation -- seal.
When a seal is required or permitted in the execution of any certificated public obligation, an authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impression of the seal.
History: En. Sec. 7, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1115. Uncertificated public obligation -- signed statements

17-5-1115. Uncertificated public obligation -- signed statements.
The issuer shall provide, with respect to its uncertificated public obligations, for the sending of written statements that provide a record of certain rights as of the time of issuance of the statements. The statements must be sent to each person acquiring rights by registration in uncertificated public obligations, and the statements so sent must be signed by an authorized officer or by a person whose signature is required or permitted to be placed on a certificated public obligation of the same class or series. Statements, as such, confer no right on the recipient. Statements are neither a negotiable instrument nor a security.
History: En. Sec. 8, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1121. Agents -- depositories

17-5-1121. Agents -- depositories.
(1) An issuer may appoint for a term as may be agreed, including for so long as a public obligation may be outstanding, corporate or other authenticating trustees, transfer agents, registrars, or paying or other agents and specify their rights, compensation, and duties, limit their liabilities, and provide for their payment of liquidated damages in the event of breach of certain of the duties imposed, which liquidated damages may be made payable to a financial intermediary. No trustee, transfer agent, registrar, paying or other agent need have an office or do business within this state.
(2) An issuer may enter into agreements with custodian banks and financial intermediaries, and nominees of any of them, in connection with the establishment and maintenance by others of a central depository system for the transfer or pledge of public obligations. The custodian banks, financial intermediaries, and nominees may, if qualified and acting as fiduciaries, also serve as authenticating trustees, transfer agents, registrars, or paying or other agents of the issuer with respect to the same issue of public obligations.
History: En. Sec. 9, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1122. Costs -- collection

17-5-1122. Costs -- collection.
(1) An issuer, prior to or at original issuance, may provide as a part of a system of registration that the transferor or transferee of the public obligations pay all or a designated part of the costs of the system, that costs be paid out of the proceeds of the public obligations, or that both methods be used. The portion of the costs of the system not provided to be paid by the transferor or transferee or out of proceeds is the liability of the issuer.
(2) The issuer may as a part of the system provide for reimbursement or for satisfaction of its liability by payment by others. The issuer may enter into agreements with others respecting reimbursement or payment, may establish fees and charges pursuant to such agreements or otherwise, and may provide that the amount or estimated amount of the fees and charges must be reimbursed or paid from the same sources and by means of the same collection and enforcement procedures and with the same priority and effect as with respect to the obligation.
History: En. Sec. 10, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 11. Public Obligations Registration › 17-5-1123. Deposits for security

17-5-1123. Deposits for security.
Whenever under any law of this state a deposit of public obligations is authorized as security, public obligations otherwise meeting the authorized criteria may be deposited and must be accepted as security, provided that:
(1) in the case of a certificated public obligation, the instrument is assigned to the holder of the deposit; and
(2) in the case of an uncertificated public obligation, registration of a pledge is authorized by the system and the pledge of the uncertificated obligation is registered.
History: En. Sec. 11, Ch. 364, L. 1983.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1201. Repealed

17-5-1201. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 1, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1202. Repealed

17-5-1202. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 2, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1211. Repealed

17-5-1211. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 3, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1212. Repealed

17-5-1212. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 4, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1213. Repealed

17-5-1213. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 5, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1214. Repealed

17-5-1214. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 6, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1215. Repealed

17-5-1215. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 7, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1216. Repealed

17-5-1216. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 8, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1217. Repealed

17-5-1217. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 9, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1218. Repealed

17-5-1218. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 10, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1219. Repealed

17-5-1219. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 11, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 12. Allocation of State and Local Private Activity Bonds (Repealed) › 17-5-1220. Repealed

17-5-1220. Repealed.
Sec. 15, Ch. 190, L. 1987.
History: En. Sec. 12, Ch. 426, L. 1985.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1301. Short title

17-5-1301. Short title.
This part may be cited as "The Montana Unified Volume Cap Bond Allocation Plan Act".
History: En. Sec. 1, Ch. 190, L. 1987.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1302. Definitions

17-5-1302. Definitions.
As used in this part, unless the context clearly requires otherwise, the following definitions apply:
(1) "Allocation" means an allocation of a part of the state's volume cap to an issuer pursuant to this part.
(2) "Board" means the board of examiners.
(3) "Bonds" means bonds, notes, or other interest-bearing obligations of an issuer.
(4) "Cap bonds" means those private activity bonds and that portion of governmental bonds for which a part of the volume cap is required to be allocated pursuant to the tax act.
(5) "Department" means the department of administration.
(6) "Governmental bonds" means bonds other than private activity bonds.
(7) "Issuer" means a state issuer or local issuer.
(8) "Local issuer" means a city, town, county, or other political subdivision of the state authorized to issue private activity bonds or governmental bonds.
(9) "Local portion" means that portion of the state's volume cap reserved for local issuers.
(10) "Private activity bonds" (PABs) has the meaning prescribed under section 141 of the Internal Revenue Code, 26 U.S.C. 141.
(11) "State issuer" means the state and any agency, board, or authority of the state authorized to issue private activity bonds.
(12) "State portion" means that portion of the state's volume cap reserved for state issuers.
(13) "State's volume cap" means that amount of the volume cap specified by the department pursuant to 17-5-1311(2).
(14) "Tax act" means the latest limitation enacted by the United States congress on the amount of cap bonds that may be issued by a state or local issuer.
(15) "Volume cap" means, with respect to each calendar year, the principal amount of cap bonds that may be issued in the state in a calendar year as determined under the provisions of the tax act.
History: En. Sec. 2, Ch. 190, L. 1987; amd. Sec. 1, Ch. 168, L. 1991; amd. Sec. 1, Ch. 32, L. 2001; amd. Sec. 2, Ch. 137, L. 2001; amd. Sec. 1, Ch. 341, L. 2009; amd. Sec. 2, Ch. 58, L. 2023.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1311. State's volume cap and reservations -- department to adopt rule

17-5-1311. State's volume cap and reservations -- department to adopt rule.
(1) For each calendar year, the state's volume cap is the amount specified by the department pursuant to subsection (2). In each calendar year, subject to the provisions established by 17-5-1312 and 17-5-1313, 70% of the state's volume cap is the state portion and 30% is the local portion.
(2) The department shall adopt a rule for the state's volume cap specifying the maximum dollar value of cap bonds that may be issued in a calendar year. The rule adopted by the department must consider the volume cap.
History: En. Sec. 3, Ch. 190, L. 1987; amd. Sec. 2, Ch. 32, L. 2001.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1312. Allocation to state issuers

17-5-1312. Allocation to state issuers.
(1) Except as provided in subsection (3), the state portion must be allocated to state issuers pursuant to 17-5-1316.
(2) As a condition of receiving an allocation, each state issuer:
(a) on issuance of the bonds, shall pay 35 cents per thousand of bonds to be deposited in the state general fund for the purpose of funding a portion of the annual comprehensive financial report audit; and
(b) shall provide the legislative auditor with full access to its financial records.
(3) Through the first Monday in September, allocations of the state portion must be made by the department to state issuers pursuant to 17-5-1316. After the first Monday in September, the state portion expires and any unallocated and unused state portion remaining must be allocated by the department as the state's volume cap to issuers pursuant to 17-5-1316 without preference.
History: En. Sec. 4, Ch. 190, L. 1987; amd. Sec. 2, Ch. 168, L. 1991; amd. Sec. 3, Ch. 32, L. 2001; amd. Sec. 3, Ch. 137, L. 2001; amd. Sec. 2, Ch. 341, L. 2009; amd. Sec. 3, Ch. 58, L. 2023.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1313. Allocation to local issuers

17-5-1313. Allocation to local issuers.
(1) The local portion must be allocated by the department pursuant to 17-5-1316, and through the first Monday in September, no local issuer is entitled to an allocation except from the local portion set-aside.
(2) No more than $40 million of the local portion may be allocated for a single project or purpose prior to the first Monday in September of each year.
(3) After the first Monday in September, the local portion expires and any unallocated and unused local portion remaining must be allocated by the department as the state's volume cap to issuers pursuant to 17-5-1316 without preference.
History: En. Sec. 5, Ch. 190, L. 1987; amd. Sec. 4, Ch. 58, L. 2023.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1314. Authorization by the governor

17-5-1314. Authorization by the governor.
The governor may order an allocation different than that allocated by the department to state and local issuers pursuant to 17-5-1312 and 17-5-1313.
History: En. Sec. 6, Ch. 190, L. 1987.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1315. Carryforward elections

17-5-1315. Carryforward elections.
(1) Between the first Monday in December and the second Wednesday in December, each issuer shall file with the department an application for a carryforward election with respect to any unallocated portion of the state's volume cap for the calendar year.
(2) Applications for carryforward elections may be filed only with respect to carryforward purposes authorized by the tax act. Each application for a carryforward election must contain the information required of an application for allocation under 17-5-1316 and any additional information required by either the tax act or the department.
(3) If, as of the second Wednesday in December, the aggregate amount of applications for carryforward elections does not exceed the amount of the unallocated and unused state's volume cap, each application constitutes a valid carryforward election within the meaning of the tax act.
(4) If, as of the second Wednesday in December, the aggregate amount of applications for carryforward elections exceeds the unallocated and unused state's volume cap, the department shall determine which applications constitute a valid carryforward election within the meaning of the tax act.
(5) After receipt of an application, the department shall notify the applicant in writing of either the approval of the carryforward election or the reason for disapproval.
History: En. Sec. 7, Ch. 190, L. 1987; amd. Sec. 4, Ch. 32, L. 2001.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1316. Allocations by the department

17-5-1316. Allocations by the department.
(1) The department shall administer the allocation of the state's volume cap to issuers in accordance with 17-5-1312, 17-5-1313, and this section. Applications for an allocation for each issue of bonds must be made to the department in an acceptable form and, if applicable, must contain the following:
(a) the name of the issuer;
(b) a description of the purpose or purposes for which the proceeds of the cap bonds will be used, including, if appropriate, a description of the project or projects to be financed;
(c) the location of the project or projects;
(d) the name and address of each project owner and user;
(e) a certified copy of the inducement resolution adopted or official action taken by the issuer, pursuant to the tax act, approving the project or the purpose and granting preliminary authorization for the issuance of the cap bonds;
(f) the preliminary opinion of a qualified bond counsel stating that the proposed purpose for which the cap bonds are to be issued qualifies under applicable state law and the tax act and that the interest on the bonds is not taxable as gross income for purposes of federal income taxation;
(g) evidence that all public hearing requirements concerning the proposed purpose and project have been met;
(h) a copy of a letter from an underwriter, bank, or other financial institution certifying that in its opinion the proposed financing is feasible, that the cap bonds may be successfully sold under current market conditions, and that it has reviewed all of the information necessary to form its opinion;
(i) the amount of allocation requested; and
(j) any other information as the department considers necessary.
(2) The department shall issue allocations in chronological order of the receipt of completed applications. Completed applications received by the department on the same day must be ranked according to the earliest inducement resolution or official action date.
History: En. Sec. 8, Ch. 190, L. 1987; amd. Sec. 5, Ch. 32, L. 2001; amd. Sec. 5, Ch. 58, L. 2023.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1317. Notification of approval or disapproval by the department

17-5-1317. Notification of approval or disapproval by the department.
After receipt of an application for an allocation, the department shall notify the applicant in writing of either the approval of the allocation or the reasons for disapproval.
History: En. Sec. 9, Ch. 190, L. 1987.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1318. Terms of allocations

17-5-1318. Terms of allocations.
(1) Unless terminated earlier by the issuer, an allocation is valid for 120 days from the date the department mails the notice of approval. Prior to the expiration of the 120-day period, the department may extend the period of validity for an additional 30 days on presentation of evidence that an agreement to purchase the cap bonds for which the allocation was given has been obtained from an entity legally authorized to purchase them.
(2) If the cap bonds are not issued within the period of validity as determined under subsection (1), the allocation automatically expires.
(3) All allocations expire on December 31 of the year in which they were made. However, this subsection does not limit the term of an allocation for which a valid carryforward election has been made.
History: En. Sec. 10, Ch. 190, L. 1987; amd. Sec. 6, Ch. 32, L. 2001; amd. Sec. 6, Ch. 58, L. 2023.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1321. Allocations not transferable

17-5-1321. Allocations not transferable.
Allocations may not be transferred between projects or purposes.
History: En. Sec. 11, Ch. 190, L. 1987.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1322. Reapplication

17-5-1322. Reapplication.
(1) If the department disapproves an application for an allocation or if an allocation expires under 17-5-1318, the issuer may reapply for an allocation.
(2) A reapplication must be reviewed according to the chronological order of its receipt. Priority or preference may not be given to a reapplication.
History: En. Sec. 12, Ch. 190, L. 1987.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1323. Recordkeeping

17-5-1323. Recordkeeping.
The department shall maintain complete records of all applications for allocations to ensure that the requirements of the tax act, with respect to the volume cap, and the requirements of the state's volume cap are observed.
History: En. Sec. 14, Ch. 190, L. 1987; amd. Sec. 7, Ch. 32, L. 2001.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 13. Montana Unified Volume Cap Bond Allocation Plan Act › 17-5-1325. Reassignment of bonding authority for agricultural purposes -- contingency

17-5-1325. Reassignment of bonding authority for agricultural purposes -- contingency.
If, at some time in the future, federal taxation laws allow the use of tax-exempt bonds to provide loans for the acquisition of farm or ranch land, a downpayment on the acquisition of farm or ranch land, or the acquisition or construction of depreciable property used in the operation of a farm or ranch, the allocation of bonding authority originally assigned to the Montana agricultural loan authority must be reassigned to the Montana board of investments to provide those loans.
History: En. Sec. 3, Ch. 168, L. 1991.
2023 Montana Code Annotated › Title 17. State Finance › Chapter 5. Public Bond Issues › Part 15. Economic Development Bonds › 17-5-1502. Legislative declaration

17-5-1502. Legislative declaration.
(1) It is the policy of the state of Montana, in the interest of promoting the health, safety, and general welfare of all the people of the state, to increase job opportunities and to retain existing jobs by making available, through the board of investments, funds for industrial, commercial, manufacturing, natural resource, agricultural, livestock, recreational, tourist, and health care development.
(2) The legislature finds that:
(a) a vigorous, diversified, and growing economy is the basic source of job opportunities;
(b) protection against unemployment and its economic burdens and the spread of economic stagnation can best be provided by promoting, attracting, stimulating, and revitalizing a diversified economy with contributions from industry, manufacturing, commerce, natural resource development, agriculture, livestock, recreation, tourism, and health care facilities; and
(c) the state of Montana has a responsibility to help create a favorable climate for new and improved job opportunities and a stable, growing, and healthy economy for its citizens by encouraging the development of business.
History: En. Sec. 2, Ch. 701, L. 1983; amd. Sec. 7, Ch. 581, L. 1987.