17-5-1521. Adoption of rules. (1) The board shall adopt rules to establish: (a) procedures for soliciting and evaluating applications and for notifying the local government of the application for purposes of complying with 17-5-1526 and 17-5-1527; and (b) a system for evaluating applications, considering the following criteria: (i) the applicant’s net worth; (ii) the applicant’s training and experience in the […]
17-5-1522. 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 board and the holders of notes and bonds issued by the board, including but not limited to an agreement […]
17-5-1523. Credit of state not pledged. Obligations issued under the provisions of this part do not constitute a debt, liability, obligation, or pledge of the faith and credit of the state but are payable solely from the revenues or assets of the board. An obligation issued under this part must contain on the face thereof a […]
17-5-1524. Taxation of projects. (1) Notwithstanding the fact that title to a project may be in the board, such projects are subject to taxation to the same extent, in the same manner, and under the same procedures as privately owned property in similar circumstances if such projects are leased to or held by private interests on […]
17-5-1525. Bonds as legal investment. (1) Bonds issued by the board under the provisions of this part are securities in which all funds may be legally and properly invested, including capital in the control of or belonging to: (a) public officers and public bodies of the state and its political subdivisions; (b) insurance companies; (c) credit unions, building and […]
17-5-1526. Procedure prior to financing projects. (1) The board may finance projects, other than major projects, under this part only when it finds that: (a) the financing is in the public interest and is consistent with the legislative purposes and findings set forth in 17-5-1502; (b) the financing to be provided by the board for a project does […]
17-5-1527. Procedure prior to financing major projects. (1) The board may finance major projects under this part only when it finds that: (a) the financing is in the public interest and is consistent with legislative purposes and findings; (b) the financing to be provided by the board for a project does not exceed either $50 million or 90% […]
17-5-1528. Validity of pledge. Any pledge made by the board is valid and binding from the time the pledge is made. Revenue, money, or property pledged and received by the board is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is valid and binding […]
17-5-1529. Annual audits. The board’s books and records related to economic development bonds must be audited at least once each fiscal year by or at the direction of the legislative auditor. The actual costs of the audit must be paid from the board’s funds. History: En. Sec. 26, Ch. 686, and Sec. 28, Ch. 701, L. 1983; […]
