Title 80, Title 80

If an applicant who has obtained the approval of the authority for the issuance of a bond to fund the applicant's loan for the acquisition of farm or ranch land sells the land for which the loan was made to any person, firm, or corporation other than the applicant's spouse, child…

(1) To be eligible for a loan approved by the authority for issuance of a bond, an applicant: (a) shall declare the intention to maintain the applicant's residence in Montana during the length of the loan; (b) must have been approved by a financial institution; and (c) must have …

(1) The authority shall by rule establish: (a) procedures and standards for evaluating applications for loans to be approved by the authority for issuance of bonds; and (b) a system for evaluating the applicants, considering the following criteria: (i) the applicant's net worth; …

The authority may purchase loans and make advance commitments to purchase loans from a financial institution at prices and upon terms and conditions established pursuant to 80-12-201 through 80-12-204 and rules promulgated by the authority.

A landowner who sells land consisting of 80 acres or more to a beginning farmer at 9% or less interest on a long-term contract is entitled to a reduction in the landowner's taxable income in an amount equal to 100% of any income or capital gain, or both, realized and otherwise su…

(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 accordanc…

(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 consi…

(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 r…

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 payme…

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.

Bonds issued by the authority are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration 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 requir…

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 …

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.

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 a…

The authority members and department members are not personally liable for any debt incurred by the authority.

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.

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 a…

(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…

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 paym…

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 obligati…