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.
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 […]
17-5-1303. through 17-5-1310 reserved
17-5-1303 through 17-5-1310 reserved.
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% […]
17-5-1312. Allocation to state issuers
17-5-1312. Allocation to state issuers. (1) Except as provided in subsection (6), 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) upon issuance of the bonds, shall pay 35 cents per thousand of bonds to be deposited in the state general fund for […]
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 no local issuer is entitled to an allocation except from the local portion set-aside. (2) No more than $20 million of the local portion may be allocated for a single project or purpose prior to the first Monday […]
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.
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 […]
17-5-1316. Allocations by the department
17-5-1316. Allocations by the department. (1) The department shall administer the allocation of state’s volume cap bonds to issuers in accordance with this section and 17-5-1312. 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 […]
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.
17-5-1318. Terms of allocations
17-5-1318. Terms of allocations. (1) Unless terminated earlier by the issuer, an allocation is valid for 90 days from the date the department mails the notice of approval. Prior to the expiration of the 90-day period, the department may extend the period of validity for an additional 30 days upon presentation of evidence that an agreement […]
17-5-1319. and 17-5-1320 reserved
17-5-1319 and 17-5-1320 reserved.
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.
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.
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.
17-5-1324. reserved
17-5-1324 reserved.
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 […]