2023 Montana Code Annotated › Title 17. State Finance › Chapter 6. Deposits and Investments › Part 3. Montana In-State Investment › 17-6-302. Definitions

17-6-302. Definitions.
As used in this part, unless the context requires otherwise, the following definitions apply:
(1) "Board" means the board of investments created in 2-15-1808.
(2) "Clean and healthful environment" means an environment that is relatively free from pollution that threatens human health, including as a minimum, compliance with federal and state environmental and health standards.
(3) "Coal-fired generating unit" means an individual unit of a coal-fired electrical generating facility located in Montana that has a generating capacity greater than or equal to 100 megawatts.
(4) "Department" means the department of commerce provided for in 2-15-1801.
(5) "Employee-owned enterprise" means any enterprise at least 51% of whose stock, partnership interests, or other ownership interests is owned and controlled by residents of Montana each of whose principal occupation is as an employee, officer, or partner of the enterprise.
(6) "Existing infrastructure" means public improvements, including but not limited to:
(a) drinking water systems;
(b) wastewater treatment;
(c) sanitary sewer or storm sewer systems;
(d) solid waste disposal and separation systems;
(e) roads;
(f) bridges; or
(g) any public improvements authorized by Title 7, chapter 11, part 10; Title 7, chapter 12, parts 41 through 45; Title 7, chapter 13, parts 42 and 43; and Title 7, chapter 14, part 47.
(7) "Financial institution" includes but is not limited to a state-chartered or federally chartered bank or a savings and loan association, credit union, or development corporation created pursuant to Title 32, chapter 4.
(8) "Intermediary loan" means a loan provided to a local economic development organization with a revolving loan fund to be used to provide matching funds for the U.S. department of agriculture rural development loan program provided for in 42 U.S.C. 9812 and 9812a or other federal revolving loan programs, including but not limited to programs from the economic development administration of the U.S. department of commerce and the community development financial institution program from the U.S. department of the treasury.
(9) "Loan participation" means loans or portions of loans bought from a financial institution.
(10) "Local economic development organization" means:
(a) (i) a private, nonprofit corporation, as provided in Title 35, chapter 2, that is exempt from taxation under section 501(c)(3) or 501(c)(6) of the Internal Revenue Code, 26 U.S.C. 501(c)(3) or 501(c)(6);
(ii) an entity certified by the department under 90-1-116; or
(iii) an entity established by a local government; and
(b) an entity actively engaged in economic development and business assistance work in the area.
(11) "Locally owned enterprise" means any enterprise 51% of whose stock, partnership interests, or other ownership interests is owned and controlled by residents of Montana.
(12) "Long-term benefit to the Montana economy" means an activity that strengthens the Montana economy and that has the potential to maintain and create jobs, increase per capita income, or increase Montana tax revenue in the future to the people of Montana, either directly or indirectly.
(13) "Montana economy" means any business activities in the state of Montana, including those that continue existing jobs or create new jobs in Montana.
(14) "Owner" means an entity certified as an exempt wholesale generator pursuant to 42 U.S.C. 16451 or a public utility regulated by the public service commission in accordance with Title 69 that owns a coal-fired generating unit.
(15) "Service fees" means the fees normally charged by a financial institution for servicing a loan, including amounts charged for collecting payments and remitting amounts to the fund.
History: En. Sec. 2, Ch. 677, L. 1983; amd. Sec. 1, Ch. 408, L. 1985; amd. Sec. 1, Ch. 124, L. 1987; amd. Sec. 57, Ch. 370, L. 1987; amd. Sec. 13, Ch. 581, L. 1987; amd. Sec. 5, Ch. 589, L. 1991; amd. Sec. 4, Ch. 549, L. 1997; amd. Sec. 4, Ch. 183, L. 2003; amd. Sec. 1, Ch. 9, L. 2011; amd. Sec. 2, Ch. 373, L. 2017; amd. Sec. 1, Ch. 419, L. 2017; amd. Sec. 1, Ch. 245, L. 2019.