80-12-310. Continuing validity of authority members’ signatures
80-12-310. Continuing validity of authority members’ signatures. If an authority member whose signature appears on bonds or coupons ceases to be a member before the delivery of the bonds, the signature continues to be valid and sufficient for all purposes. History: En. Sec. 17, Ch. 580, L. 1983; amd. Sec. 2621, Ch. 56, L. 2009.
80-12-212. through 80-12-214 reserved
80-12-212 through 80-12-214 reserved.
80-12-215. Loan guaranty program
80-12-215. Loan guaranty program. (1) The authority may guarantee and make commitments to guarantee payment required by a loan funded under this chapter or any other agricultural loan for which a guaranty has been approved by the authority upon such terms and conditions as the authority may prescribe in accordance with this chapter. In administering the […]
80-12-216. Agricultural loan guaranty fund
80-12-216. Agricultural loan guaranty fund. (1) The authority shall create an agricultural loan guaranty fund. The fund must be held by a trustee or other fiduciary designated by the authority. There must be deposited into the fund amounts, insurance fees, premiums, and such other revenues and assets as the authority considers necessary to comply with any […]
80-12-301. Issuance of bonds — credit of the state not pledged
80-12-301. Issuance of bonds — credit of the state not pledged. (1) The authority may issue bonds of the state of Montana in a principal amount it determines necessary to provide sufficient funds for achieving any of the purposes of the Montana agricultural loan authority program, including the payment of interest on bonds, establishment of reserves […]
80-12-302. Provisions of bond resolutions or trust indentures
80-12-302. Provisions of bond resolutions or trust indentures. A resolution or trust indenture authorizing any bonds or any issue thereof may contain provisions, which shall be a part of the contract or contracts with the holders thereof, as to: (1) pledging all or any part of the revenues or the property of the authority to secure the […]
80-12-303. Trust indenture
80-12-303. Trust indenture. In the discretion of the authority, the bonds may be secured by a trust indenture between the authority and a corporate trustee, which may be a trust company or bank having the power of a trust company within or without the state. History: En. Sec. 15, Ch. 580, L. 1983.
80-12-304. Negotiability of bonds
80-12-304. Negotiability of bonds. Bonds issued by the authority are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of bonds. History: En. Sec. 16, Ch. 580, L. 1983.
80-12-305. Tax exemption of bonds
80-12-305. Tax exemption of bonds. Bonds issued by the authority under this chapter and their transfer and 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. The authority is not required to pay recording or transfer […]
80-12-306. Purchase of bonds — cancellation
80-12-306. Purchase of bonds — cancellation. The authority, subject to existing agreements with bondholders, may from any funds available for that purpose purchase bonds of the authority, which shall thereupon be canceled, at a price not exceeding: (1) the current redemption price plus accrued interest to the next interest payment thereon, if the bonds are then redeemable; […]