17-5-901. Short title
17-5-901. Short title. This part may be cited as the “Montana Highway Revenue Bonds Act of 1983”. History: En. Sec. 1, Ch. 557, L. 1983.
17-5-902. Purpose
17-5-902. Purpose. The purpose of this part is to provide for the financing of the cost of state highway and federal-aid highway projects through the issuance of highway revenue bonds secured by a pledge and appropriation of highway revenue. History: En. Sec. 2, Ch. 557, L. 1983.
17-5-903. Definitions
17-5-903. Definitions. As used in this part, the following definitions apply: (1) ”Board” means the board of examiners created under 2-15-1007. (2) ”Bonds” means bonds, notes, or other evidences of indebtedness issued pursuant to this part as highway revenue bonds. (3) ”Cost”, as applied to any highway project, means any cost of construction or acquisition of any part of […]
17-5-904. through 17-5-910 reserved
17-5-904 through 17-5-910 reserved.
17-5-911. Highway revenue bond debt service account — deposit of bond proceeds
17-5-911. Highway revenue bond debt service account — deposit of bond proceeds. (1) There is in the debt service fund a highway revenue bond debt service account. The state treasurer shall deposit highway revenues that are pledged to the payment of particular bonds, to the credit of the highway revenue bond debt service account as required […]
17-5-912. Pledge of highway revenues
17-5-912. Pledge of highway revenues. All or any portion of highway revenues may be pledged to the payment of the principal, interest, and redemption premium, if any, on particular issues of state highway revenue bonds, and the pledge is and remains at all times a first lien and prior charge upon the pledged highway revenues credited […]
17-5-913. Authority to issue highway revenue bonds
17-5-913. Authority to issue highway revenue bonds. The board may issue and sell highway revenue bonds to finance the cost of highway projects, to pay the costs of issuing the bonds, and to provide for reserves, upon recommendation of the department. The state reserves the right to issue additional bonds secured equally and ratably by the […]
17-5-914. Continuation of taxes — limit on additional highway revenue bonds
17-5-914. Continuation of taxes — limit on additional highway revenue bonds. The legislature shall provide for the continued assessment, levy, collection, and deposit of highway revenues into the state special revenue fund for the credit of the department in amounts sufficient to pay, when due, the annual debt service charges on all outstanding highway revenue bonds. […]
17-5-915. through 17-5-920 reserved
17-5-915 through 17-5-920 reserved.
17-5-921. Bond anticipation notes — issued when — payment of principal and interest
17-5-921. Bond anticipation notes — issued when — 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, which notes are designated as “bond anticipation notes”. The proceeds of the sale of the bond anticipation […]
17-5-922. Form — principal and interest — fiscal agent — bonds authorized
17-5-922. Form — principal and interest — fiscal agent — bonds authorized. (1) Each series of bonds may be issued by the board at public or private sale, in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for the conversion or exchange, bearing interest […]
17-5-923. Trust indenture
17-5-923. Trust indenture. In the discretion of the board, bonds issued under this part may be secured by a trust indenture by and between the board and a trustee, which may be any trust company or bank having the powers of a trust company inside or outside of the state. Each trust indenture or an executed […]
17-5-924. Provisions for protecting bondholders
17-5-924. Provisions for protecting bondholders. The resolution of the board providing for the issuance of bonds or the trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the state, the board, and […]
17-5-925. Personal liability — suit to compel performance
17-5-925. Personal liability — suit to compel performance. (1) The members of the board and officers and employees of the departments, boards, or agencies of state government are not personally liable or accountable by reason of the issuance of or on any bond issued by the board under this part. (2) Any holder of bonds issued under […]
17-5-926. Negotiability of bonds
17-5-926. Negotiability of bonds. Bonds issued under this part are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of bonds. History: En. Sec. 13, Ch. 557, L. 1983.
17-5-927. Signatures of board members
17-5-927. Signatures of board members. If any member of the board whose signature appears on bonds or coupons issued under this part ceases to be a member before the delivery of the bonds, the member’s signature is valid and sufficient for all purposes as if the member had remained in office until delivery. History: En. Sec. 14, […]
17-5-928. Refunding obligations
17-5-928. 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 or to accrue to the date of redemption of the obligations. The issuance of refunding obligations, the maturities […]
17-5-929. Pledge of the state
17-5-929. 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 state and the holders of notes and bonds issued by the state under this part. History: En. Sec. 16, Ch. […]
17-5-930. Tax exemption of bonds — legal investments
17-5-930. Tax exemption of bonds — legal investments. (1) All bonds issued under this part, their transfer, and their income, including any profits made on their sale, are exempt from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes. (2) Bonds issued under this part are legal investments […]