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. 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. 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. 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. 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. 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; […]
80-12-307. Pledge against impairment of contracts. In accordance with the constitutions of the United States and the state of Montana, the state pledges that it will in no way impair the obligations of any agreement between the authority and the holders of notes and bonds issued by the authority. History: En. Sec. 24, Ch. 580, L. 1983.
80-12-308. Validity of pledge. A pledge made by the authority is valid and binding from the time the pledge is made. The revenues or property pledged and thereafter received by the authority is immediately subject to the lien of the pledge without any physical delivery thereof or further act, and the lien of any pledge is […]
80-12-309. Personal liability. The authority members and department members are not personally liable for any debt incurred by the authority. History: En. Sec. 13, Ch. 580, L. 1983.
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.
80-12-311. Accounts of the authority. There is an agricultural loan authority enterprise fund in the enterprise fund type provided for in 17-2-102. All funds from the proceeds of bonds issued under this chapter, fees and other money received by the authority, money appropriated by the legislature for the use of the authority in administering this chapter, […]
80-12-312. Reserve funds and appropriations. (1) The authority shall pay into one or more capital reserve accounts any: (a) money appropriated and made available by the state for the purpose of the fund; (b) proceeds of sale of bonds to the extent provided in the resolutions of the authority authorizing their issuance or in any trust indenture securing […]
80-12-313. Refunding obligations — sale. Refunding obligations issued as provided in 90-6-121 may be sold or exchanged for outstanding obligations issued under this chapter. The proceeds may be applied to the purchase, redemption, or payment of outstanding obligations. Pending the application of the proceeds to the payment of outstanding obligations, the proceeds may be invested as […]
80-12-314. Refunding obligations — issuance. The authority may provide for the issuance of refunding obligations to refund any obligations then outstanding that have been issued under this chapter, 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 obligations, the maturities […]
