17-5-1601. Short title
17-5-1601. Short title. This part shall be known and may be cited as the “Municipal Finance Consolidation Act of 1983”. History: En. Sec. 1, Ch. 620, L. 1983.
17-5-1602. Policy and purpose
17-5-1602. Policy and purpose. (1) It is the policy of the state of Montana to: (a) foster and promote, by all reasonable means, the provision of efficient capital markets and facilities for borrowing money by eligible government units to pay for capital improvements and other needs as otherwise authorized by law; and (b) reduce, to the extent possible, […]
17-5-1603. Liberal construction
17-5-1603. Liberal construction. This part and the powers granted in this part must be liberally construed to effectuate the policies and purposes stated in this part. History: En. Sec. 3, Ch. 620, L. 1983.
17-5-1604. Definitions
17-5-1604. Definitions. As used in this part, the following definitions apply: (1) ”Board” means the board of investments created in 2-15-1808. (2) ”Department” means the department of commerce created in 2-15-1801. (3) ”Eligible government unit” means: (a) any municipal corporation or political subdivision of the state, including without limitation any city, town, county, school district, authority as defined in 75-6-304, […]
17-5-1605. Board of investments to implement
17-5-1605. Board of investments to implement. The board of investments may make and enforce orders, rules, and bylaws that are necessary or desirable for the implementation of this part. History: En. Sec. 5, Ch. 620, L. 1983; amd. Sec. 35, Ch. 620, L. 1983; amd. Sec. 10, Ch. 581, L. 1987.
17-5-1606. Bonds, bond anticipation notes, and notes of the board
17-5-1606. Bonds, bond anticipation notes, and notes of the board. (1) The board may by resolution, from time to time, issue negotiable notes and bonds to finance loans or refinance its loans to eligible government units and its purchases of eligible government unit bonds, registered warrants, and tax or revenue anticipation notes and other notes, to […]
17-5-1607. Participation voluntary
17-5-1607. Participation voluntary. Use of the financing mechanism created by this part is entirely voluntary, and an eligible government unit is not required to sell its bonds, bond anticipation notes, or notes to the board. History: En. Sec. 7, Ch. 620, L. 1983; amd. Sec. 4, Ch. 208, L. 1995.
17-5-1608. Limitations on amounts
17-5-1608. Limitations on amounts. The board may not issue any bonds or notes that cause the total outstanding indebtedness of the board under this part, except for bonds or notes issued to fund or refund other outstanding bonds or notes or to purchase registered warrants or tax or revenue anticipation notes of a local government as […]
17-5-1609. Purchase of anticipation notes
17-5-1609. Purchase of anticipation notes. Notwithstanding any other provision of law, an eligible government unit may issue and the board may purchase notes in anticipation of an otherwise authorized sale of eligible government unit securities. In connection with any purchase of anticipation notes, the board may by agreement with the eligible government unit impose terms, conditions, […]
17-5-1610. Refunding obligations
17-5-1610. Refunding obligations. (1) 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 premium and any interest accrued to or to accrue to the date of redemption of the obligations. The issuance of obligations, the maturities […]
17-5-1611. Additional powers of the board
17-5-1611. Additional powers of the board. In addition to all other powers conferred on the board by this part or any other law, the board has the power: (1) to purchase or hold eligible government unit bonds, bond anticipation notes, registered warrants, tax or revenue anticipation notes, or other notes at prices and in a manner that […]
17-5-1612. Specific loan authorization
17-5-1612. Specific loan authorization. The legislature intends that individual state agencies may borrow from the program established in this part, as specifically authorized by the legislature under the following conditions: (1) A loan for which the security is an enterprise or internal service fund source may be approved by a simple majority vote of the legislature. (2) A […]
17-5-1613. through 17-5-1620 reserved
17-5-1613 through 17-5-1620 reserved.
17-5-1621. Provisions of bond resolutions
17-5-1621. Provisions of bond resolutions. A resolution authorizing notes or bonds or any issue thereof may contain provisions that 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 funds of the board to secure the payment of the notes or bonds […]
17-5-1622. Validity of pledge
17-5-1622. Validity of pledge. A pledge by the board is valid and binding from the time the pledge is made. The revenues, money, or property pledged and thereafter received by the board is immediately subject to the lien of the pledge without any physical delivery thereof or further act. The lien of any pledge is valid […]
17-5-1623. Nonimpairment by state
17-5-1623. Nonimpairment by 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 an eligible government unit or between the board and the holders of notes and bonds issued by the […]
17-5-1624. Trust indenture
17-5-1624. Trust indenture. (1) In the discretion of the board, the bonds or notes of the board 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 inside or outside the state. A trust indenture may contain […]
17-5-1625. Presumption of validity
17-5-1625. Presumption of validity. After issuance, all bonds or notes of the board are conclusively presumed to be fully authorized by and issued under all the laws of this state and any person or governmental unit is estopped from questioning their proper authorization, sale, issuance, execution, or delivery by the board. History: En. Sec. 16, Ch. 620, […]
17-5-1626. Signatures of board members
17-5-1626. Signatures of board members. If any of the board members whose signatures appear on notes or 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 as if the members had remained in office until delivery. History: En. Sec. 17, […]
17-5-1627. Negotiability of bonds or notes
17-5-1627. Negotiability of bonds or notes. Notwithstanding any other provisions of law, a bond or note issued under this part is fully negotiable for all purposes of the Uniform Commercial Code, Title 30, chapters 1 through 9A, and a holder or owner of a bond or note or of a coupon appurtenant to it, by accepting […]