17-5-1501. Short title

17-5-1501. Short title. This part shall be known and may be cited as the “Montana Economic Development Bond Act of 1983”. History: En. Sec. 1, Ch. 701, L. 1983.

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, […]

17-5-1503. Definitions

17-5-1503. 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) ”Bond” means any bond, note, debenture, interim certificate, or other evidence of financial indebtedness issued by the board pursuant to this part. (3) ”Department” means the department of commerce provided for in […]

17-5-1504. Powers of the board

17-5-1504. Powers of the board. The board may: (1) sue and be sued; (2) have a seal; (3) adopt all procedural and substantive rules necessary for the administration of this part; (4) make contracts, agreements, and other instruments necessary or convenient for the exercise of its powers under this part; (5) invest any funds not required for immediate use, as the […]

17-5-1505. Financing programs of the board

17-5-1505. Financing programs of the board. (1) The board may: (a) invest in, purchase or make commitments to purchase, and take assignment from financial institutions of notes, mortgages, loan agreements, and other securities evidencing loans for the acquisition, construction, reconstruction, or improvement of projects located in the state, under terms and conditions determined by the board; (b) acquire, […]

17-5-1506. Bonds and notes for projects and major projects

17-5-1506. Bonds and notes for projects and major projects. (1) The board may by resolution issue negotiable notes and bonds in a principal amount that the board determines necessary to provide sufficient funds for achieving any of its purposes, including the payment of interest on notes and bonds of the board, establishment of reserves to secure […]

17-5-1507. Bond anticipation notes — issuance — payment of principal and interest

17-5-1507. Bond anticipation notes — issuance — 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. The notes shall be designated as “bond anticipation notes”. The proceeds of the sale of the bond anticipation […]

17-5-1508. Provisions of bond resolutions

17-5-1508. Provisions of bond resolutions. A resolution authorizing notes or bonds or any issue thereof may contain provisions, which must be a part of the contract or contracts with the holders thereof, as to: (1) pledging all or any part of the revenue or property of the board to secure the payment of the notes or bonds […]

17-5-1509. Personal liability

17-5-1509. Personal liability. The board and employees of the department are not personally liable or accountable by reason of the issuance of or on any bond or note issued by the board. History: En. Sec. 7, Ch. 686, and Sec. 9, Ch. 701, L. 1983.

17-5-1510. Purchase of notes and bonds — cancellation

17-5-1510. Purchase of notes and bonds — cancellation. The board may, subject to existing agreements with noteholders or bondholders and out of any funds available for that purpose, purchase notes or bonds of the board, which shall then be canceled, at a price not exceeding: (1) the current redemption price plus accrued interest to the next interest […]

17-5-1511. Trust indenture

17-5-1511. Trust indenture. (1) In the discretion of the board, the bonds may be secured by a trust indenture between the board and a corporate trustee, which may be a trust company or bank having the power of a trust company, either inside or outside the state. A trust indenture may contain provisions for protecting and […]

17-5-1512. Negotiability of bonds

17-5-1512. Negotiability of bonds. Notes and bonds issued by the board are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of notes and bonds. History: En. Sec. 10, Ch. 686, and Sec. 12, Ch. 701, L. 1983.

17-5-1513. Signatures of board members

17-5-1513. Signatures of board members. If board members whose signatures appear on notes, bonds, or coupons cease to be members before the delivery of the notes or bonds, their signatures shall nevertheless be valid and sufficient for all purposes the same as if the members had remained in office until delivery. History: En. Sec. 11, Ch. 686, […]

17-5-1514. Accounts

17-5-1514. Accounts. The board may create funds and accounts necessary to implement this part. The funds and accounts may include: (1) a fund into which bond proceeds are deposited; (2) a common bond fund consisting of: (a) a common debt service account; (b) a capital reserve account as provided in 17-5-1515; and (c) an operating account for defraying the operational costs […]

17-5-1515. Reserve funds and appropriations

17-5-1515. Reserve funds and appropriations. (1) The board may establish a capital reserve account and pay into it any: (a) funds appropriated and made available by the state for the purpose of the account; (b) proceeds of the sale of notes or bonds to the extent provided in the resolutions or indentures of the board authorizing their issuance; […]

17-5-1516. Maintenance of capital reserve account

17-5-1516. Maintenance of capital reserve account. (1) In order to ensure the maintenance of the capital reserve account, the presiding officer of the board shall, on or before September 1 in each year preceding the convening of the legislature, deliver to the governor a certificate stating the sum, if any, required to restore the capital reserve […]

17-5-1517. Refunding obligations

17-5-1517. Refunding obligations. 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 of the obligations. The issuance of obligations, the maturities and other details, the rights of the holders, and the rights, duties, and obligations of […]

17-5-1518. Tax exemption of bonds

17-5-1518. Tax exemption of bonds. Bonds, notes, or other obligations issued by the board under this part and their transfer and income (including any profits made on their sale) are free from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes. The board is not required to […]

17-5-1519. Repealed

17-5-1519. Repealed. Sec. 19, Ch. 589, L. 1991. History: En. Sec. 17, Ch. 686, and Sec. 19, Ch. 701, L. 1983.

17-5-1520. Repealed

17-5-1520. Repealed. Sec. 19, Ch. 589, L. 1991. History: En. Sec. 18, Ch. 686, and Sec. 20, Ch. 701, L. 1983.