reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-121. Misconduct in relation to bond funds

7-7-121. Misconduct in relation to bond funds.
(1) (a) Except as provided in subsection (1)(b), when any officer or officers or board or body of officers of any county, city, or other municipal or public corporation of the state are or shall be required by law to provide by a levy of taxes or by certifying the amount of money required or otherwise a sinking fund or fund required to pay at maturity any bonds hereafter issued or created, such officer or officers and the members of such board or body of officers shall be jointly and severally liable to the county, city, or other municipal or public corporation which they represent if they shall fail to perform any such duties required by law, as specified in this section, in an amount equal to the sum which would have been added to such fund had they performed such duty.
(b) When any such board shall fail or neglect to perform any such duty, no minority member of said board who shall have moved said board or voted in favor of a performance of such duty shall be held liable.
(2) Any person or persons who shall take, use, or appropriate or permit to be taken, used, or appropriated any portion of any such fund as herein specified for any purpose other than that permitted by law shall be jointly and severally liable to the county, city, or other municipal or public corporation to which said fund shall belong for the portion of such fund so unlawfully taken, used, or appropriated.
History: (1)En. Sec. 1, Ch. 5, L. 1923; re-en. Sec. 463.1, R.C.M. 1935; Sec. 59-534, R.C.M. 1947; (2)En. Sec. 2, Ch. 5, L. 1923; re-en. Sec. 463.2, R.C.M. 1935; Sec. 59-535, R.C.M. 1947; R.C.M. 1947, 59-534(part), 59-535(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-122. Prosecution for misconduct

7-7-122. Prosecution for misconduct.
It shall be the duty of the county attorney in each county to commence and prosecute all actions to enforce any liability created in 7-7-121. Such actions shall be tried as civil actions at law.
History: En. Sec. 3, Ch. 5, L. 1923; re-en. Sec. 463.3, R.C.M. 1935; R.C.M. 1947, 59-536.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-123. Investment of sinking funds of local governments

7-7-123. Investment of sinking funds of local governments.
(1) (a) Except as provided in 7-7-124 and whenever outstanding bonds cannot be purchased pursuant to 7-7-2270 or 7-7-4270, the board of county commissioners of a county and the council or commission of a city or town shall invest so much of the bond sinking funds of the county, city, or town as are not needed for the payment of bonds or interest coupons in general obligation bonds or securities of the United States; state bonds or securities; time or savings deposits; county, city, or school district bonds; county or city warrants; or other bonds or securities that are supported by general taxation, except irrigation district bonds and special improvement district or maintenance district bonds or warrants.
(b) All those bonds, securities, or time or savings deposits must be due and payable at least 60 days before the obligations for the payment of which the sinking fund was established are due and payable.
(2) The bonds, securities, and any time or savings deposits in which any sinking funds are invested must be kept in the custody of the county or city treasurer or town clerk and held for the benefit of the county, city, or town. The treasurer shall properly protect the bonds, securities, and any time or savings deposits by insurance, the use of safety deposit boxes, or other means, the expense of which is a proper charge against the county, city, or town.
(3) All money derived from interest on sinking fund investments as authorized by this section must be credited by the treasurer of the county or city or the town clerk to the sinking fund for which the investment was made.
History: En. Sec. 1, Ch. 86, L. 1923; re-en. Sec. 4622.1, R.C.M. 1935; amd. Sec. 1, Ch. 37, L. 1939; amd. Sec. 1, Ch. 11, L. 1963; amd. Sec. 68, Ch. 348, L. 1974; R.C.M. 1947, 16-2001(part); amd. Sec. 1, Ch. 256, L. 1979; amd. Sec. 7, Ch. 274, L. 1981; amd. Sec. 1, Ch. 287, L. 1983; amd. Sec. 8, Ch. 179, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-124. Limitation on investment of sinking funds

7-7-124. Limitation on investment of sinking funds.
If any of the bonds for which the sinking fund was established are not yet due but are then redeemable under optional provisions, the money in the sinking fund is not subject to investment but shall be used and applied in payment and redemption of the bonds.
History: En. Sec. 1, Ch. 86, L. 1923; re-en. Sec. 4622.1, R.C.M. 1935; amd. Sec. 1, Ch. 37, L. 1939; amd. Sec. 1, Ch. 11, L. 1963; amd. Sec. 68, Ch. 348, L. 1974; R.C.M. 1947, 16-2001(part); amd. Sec. 2, Ch. 256, L. 1979.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-131. Bankruptcy -- definitions

7-7-131. Bankruptcy -- definitions.
As used in 7-7-132 through 7-7-134 and this section, the following definitions apply:
(1) "Legislative body" means:
(a) the governing body of a city or town;
(b) the governing body of a local entity that is a district if, by law, the district must have a governing body; or
(c) the governing body of the city, town, or county that created a local entity that is a district if law does not require the district to have a separate governing body. Unless otherwise agreed to by the governing bodies of the county and of the city or town, a joint board composed of an equal number of members from each governing body shall act as the district governing body of a district that was jointly created by the county and the city or town.
(2) "Local entity" means a district created under Title 7, chapter 12, a city, or a town, but the term does not include a county.
History: En. Sec. 1, Ch. 296, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-132. Procedure to declare bankruptcy

7-7-132. Procedure to declare bankruptcy.
(1) A local entity may submit itself and a proposed plan of adjustment to the jurisdiction of the bankruptcy court having jurisdiction of the matter. If the local entity submits a proposed plan of adjustment, it is governed, subject to the provisions of Montana law applicable to the local entity, by the proceedings, orders, and decrees of the court as provided by the federal municipal bankruptcy laws.
(2) The local entity shall compose and enter into, submit itself to, and perform the plan of adjustment as required by the federal laws and the orders and decrees of the bankruptcy court:
(a) upon the adoption by its legislative body of an ordinance or resolution:
(i) declaring that it is insolvent or unable to meet its debts as they mature;
(ii) declaring that it desires to effect a plan for the adjustment of its debts under the provisions of the federal municipal bankruptcy laws; and
(iii) providing that the local entity shall proceed to the adjustment of its indebtedness under the provisions of the federal laws; and
(b) upon the acceptance or considered acceptance of the proposed plan of adjustment of the petitioning local entity as provided in the federal laws.
History: En. Sec. 1, Ch. 114, L. 1939; R.C.M. 1947, 11-1303; amd. Sec. 3, Ch. 212, L. 1979; amd. Sec. 2, Ch. 296, L. 1995; Sec. 7-7-4111, MCA 1993; redes. 7-7-132 by Code Commissioner, 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-133. Power to comply with court decrees related to bankruptcy

7-7-133. Power to comply with court decrees related to bankruptcy.
A local entity shall comply with all orders and decrees contemplated by the federal municipal bankruptcy laws and may issue its bonds and other securities for the carrying out and consummation of the adjustment of its debts as provided and contemplated by the federal law and as required by the orders and decrees of the bankruptcy court. The orders and decrees of the bankruptcy court must be based on the Montana law applicable to the local entity.
History: En. Sec. 2, Ch. 114, L. 1939; R.C.M. 1947, 11-1304(part); amd. Sec. 4, Ch. 212, L. 1979; amd. Sec. 3, Ch. 296, L. 1995; Sec. 7-7-4112, MCA 1993; redes. 7-7-133 by Code Commissioner, 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-134. Role of state and state agencies in relation to bankruptcy

7-7-134. Role of state and state agencies in relation to bankruptcy.
The state or any department or agency of the state holding any of the securities of a local entity has the power to consent to any plan of adjustment of the indebtedness of the local entity by the board or official that has custody of and control over the securities.
History: En. Sec. 2, Ch. 114, L. 1939; R.C.M. 1947, 11-1304(part); amd. Sec. 4, Ch. 296, L. 1995; Sec. 7-7-4113, MCA 1993; redes. 7-7-134 by Code Commissioner, 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-140. Recovery zone economic development bonds and recovery zone facility bonds

7-7-140. Recovery zone economic development bonds and recovery zone facility bonds.
(1) Subject to the conditions and provisions contained in the American Recovery and Reinvestment Act of 2009, Public Law 111-5, and the availability of allocation as determined in 17-5-116, cities and counties are authorized to designate economic recovery zones and issue recovery zone economic development bonds and recovery zone facility bonds to finance the costs of recovery zone projects and facilities eligible under the American Recovery and Reinvestment Act of 2009, Public Law 111-5.
(2) The bonds must be authorized by the governing body of the city or county in accordance with the applicable provisions of Montana law, unless otherwise provided in 17-5-117. The governing body is authorized to enter into agreements and make covenants that may be necessary to provide for the sale and security of the bonds, subject to the following limitations:
(a) if the bonds that are issued under this section pledge the city's or county's credit or taxing power, they must be authorized in accordance with the provisions of Title 7, chapter 7, part 22 or 42, as appropriate;
(b) if the bonds are payable from and secured solely by the revenue from a governmentally owned and operated facility or undertaking, they must be authorized in accordance with the provisions of Title 7, chapter 7, part 44;
(c) if the bonds are payable from special assessments levied against benefited property, the project must be eligible for special assessment financing and must be authorized in accordance with the provisions of Title 7, chapter 12, part 21 or parts 41 and 42, as appropriate;
(d) if the bonds are payable from tax increment revenue, the project to be financed must be eligible for tax increment financing and the project must be approved and the bonds must be authorized in accordance with the provisions of Title 7, chapter 15, parts 42 and 43;
(e) if the bonds are industrial development revenue bonds of the issuer, the bonds must be authorized in accordance with the provisions of Title 90, chapter 5, part 1.
History: En. Sec. 45, Ch. 489, L. 2009.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 1. General Provisions Related to Local Governments › 7-7-141. Qualified energy conservation bonds

7-7-141. Qualified energy conservation bonds.
(1) Subject to the conditions and provisions contained in section 54D of the Internal Revenue Code, 26 U.S.C. 54D, as amended by the American Recovery and Reinvestment Act of 2009, Public Law 111-5, and the availability of an allocation, cities and counties are authorized to issue qualified energy conservation bonds to finance projects for qualified energy conservation purposes and are authorized to undertake the qualified energy conservation purposes and programs within the meaning of the section 54D of the Internal Revenue Code, 26 U.S.C. 54D, as amended by the American Recovery and Reinvestment Act of 2009, Public Law 111-5.
(2) The bonds must be authorized by the governing body of the city or county in accordance with the provisions of applicable Montana law, except as otherwise provided in 17-5-117. The governing body is authorized to enter into agreements and make covenants that may be necessary to provide for the sale and security of the bonds, subject to the following limitations:
(a) if the bonds that are to be issued under this section pledge the city's or county's credit or taxing power, they must be authorized in accordance with the provisions of Title 7, chapter 7, part 22 or 42, as appropriate;
(b) if the bonds to be issued under this section are payable from and secured solely by the revenue derived or generated from a qualified energy conservation program or project, they must be authorized in accordance with the provisions of Title 7, chapter 7, part 44;
(c) if the bonds are payable from special assessments levied against benefited property, the project must be eligible for special assessment financing and must be authorized in accordance with the provisions of Title 7, chapter 12, part 21 or parts 41 and 42, as appropriate;
(d) if the bonds are payable from tax increment revenue, the project to be financed must be eligible for tax increment financing and the project must be approved and the bonds must be authorized in accordance with the provisions of Title 7, chapter 15, parts 42 and 43;
(e) if the bonds are industrial development revenue bonds of the issuer, the bonds must be authorized in accordance with the provisions of Title 90, chapter 5, part 1.
History: En. Sec. 46, Ch. 489, L. 2009.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 21. General Provisions Related to Counties › 7-7-2101. Limitation on amount of county indebtedness

7-7-2101. Limitation on amount of county indebtedness.
(1) A county may not issue bonds or incur other indebtedness for any purpose in an amount, including existing indebtedness, that in the aggregate exceeds 2.5% of the total assessed value of taxable property, determined as provided in 15-8-111, within the county as ascertained by the last assessment for state and county taxes.
(2) This section does not apply to the acquisition of conservation easements as set forth in Title 76, chapter 6.
History: En. Sec. 4196, Pol. C. 1895; re-en. Sec. 2876, Rev. C. 1907; re-en. Sec. 4447, R.C.M. 1921; re-en. Sec. 4447, R.C.M. 1935; amd. Sec. 1, Ch. 486, L. 1973; amd. Sec. 1, Ch. 19, L. 1975; amd. Sec. 35, Ch. 566, L. 1977; R.C.M. 1947, 16-807(part); amd. Sec. 4, Ch. 134, L. 1981; amd. Sec. 45, Ch. 614, L. 1981; amd. Sec. 1, Ch. 584, L. 1985; amd. Sec. 6, Ch. 695, L. 1985; amd. Sec. 2, Ch. 655, L. 1987; amd. Sec. 67, Ch. 11, Sp. L. June 1989; amd. Sec. 11, Ch. 9, Sp. L. November 1993; amd. Sec. 22, Ch. 451, L. 1995; amd. Sec. 11, Ch. 570, L. 1995; amd. Sec. 1, Ch. 227, L. 1997; amd. Sec. 2, Ch. 466, L. 1997; amd. Sec. 5, Ch. 285, L. 1999; amd. Sec. 23, Ch. 426, L. 1999; amd. Sec. 18, Ch. 556, L. 1999; amd. Sec. 6, Ch. 7, L. 2001; amd. Sec. 7, Ch. 29, L. 2001; amd. Sec. 2, Ch. 35, L. 2003; amd. Sec. 2, Ch. 187, L. 2007; amd. Sec. 25, Ch. 286, L. 2009; amd. Sec. 12, Ch. 262, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 21. General Provisions Related to Counties › 7-7-2102. Effect of exceeding limits on indebtedness

7-7-2102. Effect of exceeding limits on indebtedness.
All bonds or obligations in excess of such amount given by or on behalf of the county are void.
History: En. Sec. 4196, Pol. C. 1895; re-en. Sec. 2876, Rev. C. 1907; re-en. Sec. 4447, R.C.M. 1921; re-en. Sec. 4447, R.C.M. 1935; amd. Sec. 1, Ch. 486, L. 1973; amd. Sec. 1, Ch. 19, L. 1975; amd. Sec. 35, Ch. 566, L. 1977; R.C.M. 1947, 16-807(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 21. General Provisions Related to Counties › 7-7-2103. Restriction on use of county credit by private persons

7-7-2103. Restriction on use of county credit by private persons.
No county must ever give or loan its credit in aid of or make any donation or grant, by subsidy or otherwise, to any individual, association, or corporation or become a subscriber to or a shareholder in any company or corporation or a joint owner with any person, company, or corporation.
History: En. Sec. 4194, Pol. C. 1895; re-en. Sec. 2874, Rev. C. 1907; re-en. Sec. 4445, R.C.M. 1921; Cal. Pol. C. Sec. 4004; re-en. Sec. 4445, R.C.M. 1935; R.C.M. 1947, 16-805.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 21. General Provisions Related to Counties › 7-7-2104. Replacement of lost bond, warrant, or coupon

7-7-2104. Replacement of lost bond, warrant, or coupon.
(1) The board may issue a duplicate warrant, bond, or coupon whenever any warrant, bond, or coupon drawn by it upon the treasury of the county is lost or destroyed. The duplicate warrant, bond, or coupon must be in the same form as the original and will take the place in order of registration and payment of and supersede the original bond, warrant, or coupon. It must have the word "duplicate" plainly printed across its face.
(2) No duplicate warrant, bond, or coupon may be issued under this section unless the person entitled to receive the duplicate deposits with the county treasurer a bond in double the amount for which the duplicate warrant, bond, or coupon is issued, conditioned to render the county and its officers harmless from all loss, costs, or damages by reason of issuing the duplicate.
(3) No bond of indemnity is required:
(a) when a payee is the state of Montana or any agency, instrumentality, or officer of the state;
(b) when the owner or custodian is the state or any agency or officer thereof;
(c) when the owner or custodian is a bank, savings and loan association, credit union, admitted insurer, or trust company whose financial condition is regulated by the state;
(d) when it can be established that a crime has been committed and that as a result of such crime a county warrant, bond, or coupon has been stolen or destroyed; or
(e) when it can be established that a county warrant, bond, or coupon has been mailed to an incorrect payee.
(4) If the owner or custodian applies under the provisions of subsection (3)(d) or (3)(e), a stop-payment order shall be placed on the original warrant, bond, or coupon by the county treasurer.
(5) If the owner or custodian applies under the provisions of subsection (3)(c), (3)(d), or (3)(e), the application shall include an agreement to indemnify and hold the county or its officers and employees harmless from any loss resulting from the issuance of a duplicate warrant, bond, or coupon. Any loss incurred in connection with the issuance of a duplicate warrant shall be charged against the account from which the payment was derived.
History: En. Secs. 1, 3, 4, p. 83, L. 1881; re-en. Secs. 4251, 4253, 4254, Pol. C. 1895; re-en. Secs. 2916, 2918, 2919, Rev. C. 1907; re-en. Secs. 4626, 4628, 4629, R.C.M. 1921; re-en. Secs. 4626, 4628, 4629, R.C.M. 1935; R.C.M. 1947, 16-2003, 16-2005, 16-2006; amd. Sec. 1, Ch. 110, L. 1979; amd. Sec. 7, Ch. 421, L. 1985.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 21. General Provisions Related to Counties › 7-7-2105. Repealed

7-7-2105. Repealed.
Sec. 3, Ch. 110, L. 1979.
History: En. Sec. 2, p. 83, L. 1881; re-en. Sec. 4252, Pol. C. 1895; re-en. Sec. 2917, Rev. C. 1907; re-en. Sec. 4627, R.C.M. 1921; re-en. Sec. 4627, R.C.M. 1935; R.C.M. 1947, 16-2004.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 21. General Provisions Related to Counties › 7-7-2106. Procedure if original bond, warrant, or coupon is presented

7-7-2106. Procedure if original bond, warrant, or coupon is presented.
The county treasurer, upon the production of any original bond, warrant, or coupon by the lawful owner or holder, shall assign by endorsement and deliver to the owner or holder the surety bond mentioned in 7-7-2104. The owner or holder may maintain an action upon the surety bond for the recovery of any money paid upon the duplicate, but the delivery of the surety bond does not relieve or exonerate the county from the payment of the amount specified in the bond upon a demand and refusal of the sureties named in the indemnifying surety bond to pay the amount.
History: En. Sec. 5, p. 83, L. 1881; re-en. Sec. 4255, Pol. C. 1895; re-en. Sec. 2920, Rev. C. 1907; re-en. Sec. 4630, R.C.M. 1921; re-en. Sec. 4630, R.C.M. 1935; R.C.M. 1947, 16-2007; amd. Sec. 2, Ch. 110, L. 1979; amd. Sec. 500, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 21. General Provisions Related to Counties › 7-7-2111. Authorization to issue construction bonds

7-7-2111. Authorization to issue construction bonds.
The board of county commissioners has jurisdiction and power, under such limitations and restrictions as are prescribed by law, to issue on the credit of the county coupon bonds to an amount sufficient to secure the necessary funds for the procurement of necessary building sites, for the construction of necessary public buildings, and for the construction of bridges and highways, in accordance with the provisions of the code.
History: En. Subd. 27, Sec. 1, Ch. 100, L. 1931; re-en. Sec. 4465.26, R.C.M. 1935; R.C.M. 1947, 16-1029.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 21. General Provisions Related to Counties › 7-7-2112. Investment of certain construction bond proceeds

7-7-2112. Investment of certain construction bond proceeds.
(1) Public funds realized from the sale of bonds by a county for the purpose of constructing public buildings or for other construction may be invested in any time or savings deposits, United States certificates of indebtedness, United States treasury notes, or United States treasury bonds having a maturity date of 1 year or less, when emergency conditions beyond the control of the county commissioners exist which preclude the construction of the projects for which the bonds were issued at the time such investments are made.
(2) Interest earned from such investments, including interest on the sale of bonds accrued in the period between the date of issue and the time of purchase, shall be credited to the sinking fund of the county, notwithstanding the provisions of 7-6-204(1).
(3) No provision of this section may be construed to prevent the investment of county or county high school money under the state unified investment program established in Title 17, chapter 6, part 2.
History: En. Sec. 1, Ch. 144, L. 1927; re-en. Sec. 4639.1, R.C.M. 1935; amd. Sec. 1, Ch. 151, L. 1951; amd. Sec. 1, Ch. 223, L. 1961; amd. Sec. 1, Ch. 13, L. 1963; amd. Sec. 1, Ch. 268, L. 1969; amd. Sec. 1, Ch. 421, L. 1973; amd. Sec. 1, Ch. 304, L. 1975; R.C.M. 1947, 16-2050(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2201. Purposes for which general obligation bonds of county may be issued

7-7-2201. Purposes for which general obligation bonds of county may be issued.
The board of county commissioners of a county may issue, negotiate, and sell coupon bonds on the credit of the county, as more specifically provided in this part, for any of the following purposes:
(1) acquiring land for sites and grounds for a public building or buildings of any kind within the county and under its control, which the county has lawful authority to acquire or erect, control, and maintain except that if the bonds are sold to fund a multicounty jail facility, funds may be used in the county in which the multicounty jail facility is located;
(2) acquiring land for any other public use or activity within the county, under its control and authorized by law;
(3) (a) constructing, erecting, or acquiring by purchase necessary public buildings within the county, under its control and authorized by law;
(b) making additions to and repairing buildings; and
(c) furnishing and equipping the buildings except that if the bonds are sold to fund a multicounty jail facility, funds may be used in the county in which the multicounty jail facility is located;
(4) building, purchasing, constructing, and maintaining devices intended to protect the safety of the public from open ditches carrying irrigation or other water;
(5) enabling a county to liquidate its indebtedness to another county incident to the creation of a new county or the changing of any county boundary line;
(6) funding, paying, and retiring outstanding county warrants lawfully issued against the county general fund, road fund, or bridge fund when:
(a) there is not sufficient money in the fund against which the warrants are drawn to pay and retire the warrants; and
(b) the levying of taxes sufficient to pay and retire the warrants within a period of 3 years would, in the judgment of the board, work a hardship and be an undue burden upon the taxpayers of the county.
History: En. Sec. 1, Ch. 188, L. 1931; re-en. Sec. 4630.1, R.C.M. 1935; amd. Sec. 1, Ch. 135, L. 1937; amd. Sec. 1, Ch. 136, L. 1963; amd. Sec. 12-102, Ch. 197, L. 1965; amd. Sec. 5, Ch. 100, L. 1973; R.C.M. 1947, 16-2008(part); amd. Sec. 5, Ch. 447, L. 1985; amd. Sec. 3, Ch. 571, L. 2001.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2202. Authority to issue general obligation bonds to satisfy judgments

7-7-2202. Authority to issue general obligation bonds to satisfy judgments.
(1) The board of county commissioners of every county of the state may issue, negotiate, and sell coupon bonds on the credit of the county, as provided in this part, for the purpose of funding, paying in full, or compromising, settling, and satisfying any judgment rendered against the county in a court of competent jurisdiction, including the repayment of tax protests lost by the county, when there are not sufficient funds available to pay the judgment.
(2) The resolution providing for the issuance of the bonds must recite the facts concerning the judgment to be funded and the terms of any compromise agreement entered into between the board and the judgment creditor.
History: En. Sec. 1, Ch. 188, L. 1931; re-en. Sec. 4630.1, R.C.M. 1935; amd. Sec. 1, Ch. 135, L. 1937; amd. Sec. 1, Ch. 136, L. 1963; amd. Sec. 12-102, Ch. 197, L. 1965; amd. Sec. 5, Ch. 100, L. 1973; R.C.M. 1947, 16-2008(part); amd. Sec. 4, Ch. 213, L. 1989; amd. Sec. 37, Ch. 574, L. 2001.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2203. Limitation on amount of bonded indebtedness

7-7-2203. Limitation on amount of bonded indebtedness.
(1) Except as provided in subsection (2), a county may not issue general obligation bonds for any purpose in an amount that, with all outstanding bonds and warrants except emergency bonds, exceeds the debt limitation referred to in 7-7-2101.
(2) The limitation in subsection (1) does not apply to refunding bonds issued for the purpose of paying or retiring county bonds lawfully issued prior to January 1, 1932, or to bonds issued for the repayment of tax protests lost by the county.
History: En. Sec. 3, Ch. 188, L. 1931; amd. Sec. 1, Ch. 115, L. 1933; re-en. Sec. 4630.3, R.C.M. 1935; amd. Sec. 2, Ch. 135, L. 1937; amd. Sec. 12-103, Ch. 197, L. 1965; amd. Sec. 6, Ch. 100, L. 1973; amd. Sec. 6, Ch. 391, L. 1973; R.C.M. 1947, 16-2010(part); amd. Sec. 1, Ch. 332, L. 1979; amd. Sec. 1, Ch. 617, L. 1979; amd. Sec. 46, Ch. 614, L. 1981; amd. Sec. 6, Ch. 447, L. 1985; amd. Sec. 7, Ch. 695, L. 1985; amd. Sec. 3, Ch. 655, L. 1987; amd. Sec. 10, Ch. 213, L. 1989; amd. Sec. 68, Ch. 11, Sp. L. June 1989; amd. Sec. 12, Ch. 9, Sp. L. November 1993; amd. Sec. 23, Ch. 451, L. 1995; amd. Sec. 12, Ch. 570, L. 1995; amd. Sec. 2, Ch. 219, L. 1997; amd. Sec. 3, Ch. 466, L. 1997; amd. Sec. 12, Ch. 51, L. 1999; amd. Sec. 6, Ch. 285, L. 1999; amd. Sec. 24, Ch. 426, L. 1999; amd. Sec. 19, Ch. 556, L. 1999; amd. Sec. 7, Ch. 7, L. 2001; amd. Sec. 8, Ch. 29, L. 2001.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2204. Effect of issuing bonds in excess of limitations on amount

7-7-2204. Effect of issuing bonds in excess of limitations on amount.
All bonds issued by any county in excess of the limitations fixed in 7-7-2203 shall be null and void.
History: En. Sec. 3, Ch. 188, L. 1931; amd. Sec. 1, Ch. 115, L. 1933; re-en. Sec. 4630.3, R.C.M. 1935; amd. Sec. 2, Ch. 135, L. 1937; amd. Sec. 12-103, Ch. 197, L. 1965; amd. Sec. 6, Ch. 100, L. 1973; amd. Sec. 6, Ch. 391, L. 1973; R.C.M. 1947, 16-2010(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2205. Nature of general obligation bonds

7-7-2205. Nature of general obligation bonds.
All bonds issued under the provisions of this part shall be legal and valid obligations of the county issuing the same, and the full faith and credit of such county are hereby irrevocably pledged for the prompt payment of both principal and interest thereof as the same become due.
History: En. Sec. 23, Ch. 188, L. 1931; re-en. Sec. 4630.23, R.C.M. 1935; R.C.M. 1947, 16-2037.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2206. Term of general obligation bonds

7-7-2206. Term of general obligation bonds.
(1) Bonds issued for any of the purposes designated in 7-7-2201(1) through (4) may not be for a longer term than 20 years.
(2) Bonds issued for any of the purposes designated in 7-7-2201(5) and (6) may not be for a longer term than 10 years.
(3) Bonds issued for any of the purposes designated in 7-7-2202 may not be for a longer term than 20 years.
(4) The length of the term required must be estimated and calculated by the board of county commissioners, based upon the percentage of valuation of the property upon which taxes are levied and paid within the county as ascertained from the last-completed assessment for state and county taxes, taking into account probable changes in the taxable valuation and losses in tax collections. Irrespective of any miscalculation by the county commissioners in fixing the term of the bonds, the county shall from year to year make a sufficient tax levy to pay the interest and installments on principal on the bonds as the payments are due.
(5) For purposes of 7-7-2207 and this section, the term of a bond issue commences on July 1 of the fiscal year in which the county first levies taxes to pay principal and interest on the bonds.
History: En. Sec. 4, Ch. 188, L. 1931; amd. Sec. 2, Ch. 115, L. 1933; re-en. Sec. 4630.4, R.C.M. 1935; amd. Sec. 3, Ch. 135, L. 1937; amd. Sec. 1, Ch. 33, L. 1943; amd. Sec. 6, Ch. 234, L. 1971; amd. Sec. 2, Ch. 284, L. 1973; R.C.M. 1947, 16-2011(part); amd. Sec. 1, Ch. 256, L. 1989; amd. Sec. 38, Ch. 574, L. 2001; amd. Sec. 3, Ch. 451, L. 2005.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2207. Redemption of bonds

7-7-2207. Redemption of bonds.
Other than refunding bonds, all bonds issued for a longer term than 5 years must be redeemable at the option of the county on any interest payment date after one-half of the term for which they were issued has expired, and the redemption option must be stated on the face of the bonds.
History: En. Sec. 4, Ch. 188, L. 1931; amd. Sec. 2, Ch. 115, L. 1933; re-en. Sec. 4630.4, R.C.M. 1935; amd. Sec. 3, Ch. 135, L. 1937; amd. Sec. 1, Ch. 33, L. 1943; amd. Sec. 6, Ch. 234, L. 1971; amd. Sec. 2, Ch. 284, L. 1973; R.C.M. 1947, 16-2011(part); amd. Sec. 4, Ch. 451, L. 2005.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2208. Repealed

7-7-2208. Repealed.
Sec. 2, Ch. 11, L. 1983.
History: En. Sec. 4, Ch. 188, L. 1931; amd. Sec. 2, Ch. 115, L. 1933; re-en. Sec. 4630.4, R.C.M. 1935; amd. Sec. 3, Ch. 135, L. 1937; amd. Sec. 1, Ch. 33, L. 1943; amd. Sec. 6, Ch. 234, L. 1971; amd. Sec. 2, Ch. 284, L. 1973; R.C.M. 1947, 16-2011(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2209. Types of bonds

7-7-2209. Types of bonds.
(1) Except as provided in subsection (2), bonds issued by any county must be either amortization bonds or serial bonds.
(2) Citizen bonds may be amortization bonds, serial bonds, term bonds, capital appreciation bonds, or zero-coupon bonds, without preference for amortization bonds.
History: En. Sec. 5, Ch. 188, L. 1931; re-en. Sec. 4630.5, R.C.M. 1935; amd. Sec. 1, Ch. 112, L. 1961; R.C.M. 1947, 16-2012(part); amd. Sec. 6, Ch. 559, L. 1993; amd. Sec. 4, Ch. 459, L. 1997.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2210. Amortization bonds

7-7-2210. Amortization bonds.
The term "amortization bonds", as used in this part, means that form of bond on which a part of the principal is required to be paid each time that interest becomes due and payable. The part payment of principal increases with each following installment in the same amount that the interest payment decreases, so that the combined amount payable on principal and interest is the same on each interest payment date. However, the payment on the initial interest payment date may be less or greater than the amount of other payments on the bond, reflecting the payment of interest only or the payment of interest for a period different from that between other interest payment dates. The final payment may vary in amount from the other payments to the extent resulting from rounding amounts in the other payments.
History: En. Sec. 5, Ch. 188, L. 1931; re-en. Sec. 4630.5, R.C.M. 1935; amd. Sec. 1, Ch. 112, L. 1961; R.C.M. 1947, 16-2012(part); amd. Sec. 3, Ch. 423, L. 1995.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2211. Serial bonds

7-7-2211. Serial bonds.
The term "serial bonds", as used in this part, means a bond issue payable in annual installments of principal commencing not more than 2 years from the date of issue, any one installment consisting of one or more bonds, with the principal amount of bonds maturing or subject to mandatory sinking fund redemption in each installment, commencing with the installment payable in the fourth year after the date of issue, not exceeding three times the principal amount of the bonds payable in the immediately preceding installment.
History: En. Sec. 5, Ch. 188, L. 1931; re-en. Sec. 4630.5, R.C.M. 1935; amd. Sec. 1, Ch. 112, L. 1961; R.C.M. 1947, 16-2012(part); amd. Sec. 1, Ch. 631, L. 1983; amd. Sec. 2, Ch. 256, L. 1989; amd. Sec. 5, Ch. 451, L. 2005.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2212. Citizen bonds authorized

7-7-2212. Citizen bonds authorized.
(1) A county authorized to sell general obligation bonds under this chapter may issue and sell a portion of the bonds in denominations of less than $5,000 by:
(a) competitive public sale, directly to members of the public, at preestablished interest rates; or
(b) private sale pursuant to 17-5-107.
(2) Bonds issued under 7-7-2212 through 7-7-2215 may be known as "citizen bonds".
(3) Citizen bonds may be issued for any purpose for which a county may issue general obligation bonds.
(4) An officer, employee, contracted financial consultant, or contracted adviser employed or retained by a county selling citizen bonds may not purchase those bonds.
History: En. Sec. 1, Ch. 559, L. 1993; amd. Sec. 2, Ch. 253, L. 2011.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2213. Citizen bonds -- procedural requirements prior to issuance

7-7-2213. Citizen bonds -- procedural requirements prior to issuance.
Prior to issuing citizen bonds, a county shall make available to interested investors:
(1) a preliminary official statement, a draft-form legal opinion from a recognized bond counsel, and a comparison to taxable yields at various income levels; and
(2) application forms for the purchase of citizen bonds that must specify at a minimum:
(a) the time, date, and place that applications will be received, the manner in which applications will be processed, and the conditions under which the sale may be canceled if the issue is not fully subscribed during the application period;
(b) the issue date, maturity dates, and the dates on which interest will be earned and paid;
(c) the denominations of the bonds and the maximum amount of the bonds that one buyer may purchase;
(d) the approximate yield on the bonds if held to maturity and the manner in which interest rates have been calculated; and
(e) the provision made for the transfer of ownership of outstanding bonds.
History: En. Sec. 2, Ch. 559, L. 1993; amd. Sec. 2, Ch. 94, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2214. Citizen bonds -- procedure when issue not fully subscribed

7-7-2214. Citizen bonds -- procedure when issue not fully subscribed.
If an entire issue of bonds is not fully subscribed during the period of time that the county has set for the sale of the bonds, the citizen bonds may be sold in the manner permitted for other county general obligation bonds.
History: En. Sec. 3, Ch. 559, L. 1993.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2215. Zero-coupon bonds and capital appreciation bonds

7-7-2215. Zero-coupon bonds and capital appreciation bonds.
The terms "zero-coupon bonds" and "capital appreciation bonds", as used in this part, mean those forms of bonds that do not make periodic interest payments but, rather, are sold at a discount from their face value.
History: En. Sec. 4, Ch. 559, L. 1993.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2221. Issuance of certain general obligation bonds without election

7-7-2221. Issuance of certain general obligation bonds without election.
Bonds may be issued without submitting the same to an election if the bonds are issued for the purpose of:
(1) enabling a county to liquidate its indebtedness to another county incident to the creation of a new county or the changing of a county boundary line, as set forth in 7-7-2201(5); and
(2) funding, paying in full, or compromising, settling, and satisfying any judgment which may have been rendered against the county in a court of competent jurisdiction, as set forth in 7-7-2202 and 15-1-402.
History: En. Sec. 6, Ch. 188, L. 1931; re-en. Sec. 4630.6, R.C.M. 1935; amd. Sec. 4, Ch. 135, L. 1937; amd. Sec. 2, Ch. 33, L. 1943; R.C.M. 1947, 16-2013(part); amd. Sec. 5, Ch. 213, L. 1989.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2222. Procedure to issue bonds without election

7-7-2222. Procedure to issue bonds without election.
(1) In order to issue bonds for any of the purposes referred to in 7-7-2221 and 7-7-2311, it shall only be necessary for the board of county commissioners, at a regular or duly called special meeting, to pass and adopt a resolution setting forth the facts in regard to the indebtedness to be paid or bonds to be refunded, showing the reason for issuing such bonds and fixing and determining the details thereof, and give notice of the sale thereof in the same manner that notice is required to be given of the sale of bonds authorized at an election and to then follow the procedure prescribed in this part for the sale and issuance of such bonds.
(2) All bonds sold without submitting the question of their issue to an election, as authorized in 7-7-2221 and 7-7-2311, shall be sold at open competitive bidding, but all sealed and written bids submitted for the purchase of such bonds shall be considered the same as open bids.
History: En. Sec. 6, Ch. 188, L. 1931; re-en. Sec. 4630.6, R.C.M. 1935; amd. Sec. 4, Ch. 135, L. 1937; amd. Sec. 2, Ch. 33, L. 1943; R.C.M. 1947, 16-2013(part).
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2223. Election required for issuance of certain bonds

7-7-2223. Election required for issuance of certain bonds.
(1) County bonds for any purpose other than those enumerated in 7-7-2221 and 7-7-2311 may not be issued unless authorized by registered electors of the county voting at an election conducted in accordance with Title 13, chapter 1, part 4.
(2) A bond election may not be called unless the board of county commissioners:
(a) initiates and unanimously adopts a resolution in accordance with the provisions of 7-7-2227(2); or
(b) receives a petition, delivered and certified by the election administrator, asking that the election be held and the question be submitted. The petition must be signed by at least 20% of the registered electors of the county.
History: En. Secs. 7, 8, Ch. 188, L. 1931; re-en. Secs. 4630.7, 4630.8, R.C.M. 1935; amd. Secs. 12, 13, Ch. 158, L. 1971; amd. Secs. 1, 2, Ch. 347, L. 1977; R.C.M. 1947, 16-2021(1), 16-2022(part); amd. Sec. 307, Ch. 571, L. 1979; amd. Sec. 1, Ch. 89, L. 1983; amd. Sec. 29, Ch. 387, L. 1995; amd. Sec. 1, Ch. 234, L. 1997; amd. Sec. 99, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2224. Form and contents of petition

7-7-2224. Form and contents of petition.
(1) Every petition for the calling of an election to vote upon the question of issuing county bonds shall plainly and clearly state the purpose or purposes for which the proposed bonds are to be issued and shall contain an estimate of the amount necessary to be issued for such purpose or purposes. There may be a separate petition for each purpose, or two or more purposes may be combined in one petition if each purpose, with an estimate of the amount of bonds necessary to be issued therefor, is separately stated in the petition.
(2) The petition shall be in the form prescribed in 13-27-236 and 13-27-238.
History: En. Sec. 8, Ch. 188, L. 1931; re-en. Sec. 4630.8, R.C.M. 1935; amd. Sec. 13, Ch. 158, L. 1971; amd. Sec. 2, Ch. 347, L. 1977; R.C.M. 1947, 16-2022(part); amd. Sec. 308, Ch. 571, L. 1979; amd. Sec. 20, Ch. 647, L. 2023.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2225. Filing of petition with election administrator -- certificate

7-7-2225. Filing of petition with election administrator -- certificate.
(1) The completed petition for an election on issuing bonds must be filed with the election administrator. The election administrator shall, within 15 days, carefully examine the petition and the county records showing the qualifications of the petitioners and attach a certificate, under official signature and the seal of the administrator's office.
(2) The certificate must set forth:
(a) the total number of individuals who are registered electors;
(b) which and how many of the individuals whose names are subscribed to the petition have all of the qualifications required of signers of a petition;
(c) whether the qualified signers constitute more or less than 20% of the registered electors of the county.
History: En. Sec. 8, Ch. 188, L. 1931; re-en. Sec. 4630.8, R.C.M. 1935; amd. Sec. 13, Ch. 158, L. 1971; amd. Sec. 2, Ch. 347, L. 1977; R.C.M. 1947, 16-2022(part); amd. Sec. 309, Ch. 571, L. 1979; amd. Sec. 501, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2226. Delivery of certified petition to board of county commissioners

7-7-2226. Delivery of certified petition to board of county commissioners.
(1) After completing the certificate required by 7-7-2225, the election administrator shall deliver the certified petition to the board of county commissioners.
(2) When the petition has been filed with the election administrator and the administrator has found that it has a sufficient number of signers qualified to sign it, the administrator shall place the petition before the board at its first meeting held after certification.
History: (1)En. Sec. 8, Ch. 188, L. 1931; re-en. Sec. 4630.8, R.C.M. 1935; amd. Sec. 13, Ch. 158, L. 1971; amd. Sec. 2, Ch. 347, L. 1977; Sec. 16-2022, R.C.M. 1947; (2)En. Sec. 9, Ch. 188, L. 1931; re-en. Sec. 4630.9, R.C.M. 1935; Sec. 16-2023, R.C.M. 1947; R.C.M. 1947, 16-2022(3), 16-2023(part); amd. Sec. 310, Ch. 571, L. 1979; amd. Sec. 502, Ch. 61, L. 2007.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2227. Examination of petition -- resolution calling for election

7-7-2227. Examination of petition -- resolution calling for election.
(1) Upon delivery of the certified petition, the board shall carefully examine the petition and make any other investigation that it may consider necessary. If it is found that the petition is in proper form, bears the requisite number of signers of qualified petitioners, and is in all other respects sufficient, the board shall pass and adopt a resolution that contains the provisions of subsection (2) plus the essential facts in regard to the petition and its filing and presentation.
(2) The resolution must:
(a) recite the purpose or purposes for which the bonds are proposed to be issued;
(b) fix the exact amount of bonds proposed to be issued for each purpose, which amount may be less than but must not exceed the amount set forth in the petition;
(c) determine the number of years through which the bonds are to be paid, not exceeding the limitations fixed in 7-7-2206; and
(d) make provision for having the question submitted to the registered electors of the county as required in 7-7-2223.
History: En. Sec. 9, Ch. 188, L. 1931; re-en. Sec. 4630.9, R.C.M. 1935; R.C.M. 1947, 16-2023(part); amd. Sec. 311, Ch. 571, L. 1979; amd. Sec. 2, Ch. 89, L. 1983; amd. Sec. 30, Ch. 387, L. 1995; amd. Sec. 2, Ch. 234, L. 1997; amd. Sec. 100, Ch. 49, L. 2015.
2023 Montana Code Annotated › Title 7. Local Government › Chapter 7. Debt Management › Part 22. County General Obligation Bonds › 7-7-2228. Repealed

7-7-2228. Repealed.
Sec. 262, Ch. 49, L. 2015.
History: En. Sec. 7, Ch. 188, L. 1931; re-en. Sec. 4630.7, R.C.M. 1935; amd. Sec. 12, Ch. 158, L. 1971; amd. Sec. 1, Ch. 347, L. 1977; R.C.M. 1947, 16-2021(2); amd. Sec. 312, Ch. 571, L. 1979.