Title 17, Title 17

The application of the Bond Validating Act, Title 17, chapter 5, part 2, is extended to bonds issued and proceedings taken prior to March 27, 2025.

As used in this part, the following definitions apply: (1) "Bonds" means crossover refunding bonds. (2) "Crossover date" means the date the proceeds of crossover refunding bonds are pledged to the payment of the obligations to be refunded. (3) "Governing body" means the board or …

(1) A public body authorized to issue refunding obligations may issue bonds pursuant to this part without regard to the limitations contained in any other law relating to: (a) the establishment of an escrow account for the obligations to be refunded; (b) the giving of a notice of…

Except for issuers of general obligation bonds that are payable solely by general fund revenue and as provided in 17-5-1312(2)(a), each state bond issuer shall, on issuance of the bonds, pay 30 cents per thousand of bonds unless another fee is specifically provided for a type of …

The board of examiners is hereby authorized and empowered to refund any issue of bonds, highway or other debentures heretofore issued by the state and which are outstanding or which may hereafter be issued by the state whenever in the judgment of such board it shall be deemed for…

(1) The board of examiners shall prescribe all details for the form, notice, and time of sale of the bonds or debentures. (2) The bonds or debentures must be registered in the office of the state treasurer in a book to be provided for that purpose.

All of the provisions of the act authorizing the issuance of the bonds or debentures which are to be refunded, insofar as the same relate to the issuance and sale, term and rate of interest, tax levies or funds for the payment and interest thereof, and time and manner of such pay…

The board of examiners may pay the cost and expense of refunding any issue of bonds or debentures to be paid from the proceeds of the bonds or from the general fund.

The refunding bonds or debentures that may be issued under the provisions of this part must be sold by the board of examiners in a manner that the board considers to be in the best interests of the state. However, if the state holds any bonds or debentures to be refunded by an is…

(1) Money in the debt service account must be used: (a) first, to pay interest and principal when due on long-range building program bonds; (b) second, to accumulate a reserve in the amount required in subsection (1)(c), for the further security of the payments; and (c) third, to…

The debt service account shall be segregated by the treasurer from all other money in that or any other fund in the treasury and used only to pay long-range building program bonds and interest thereon when due so long as any such bonds or interest remain unpaid.

This part provides for the issuance of state of Montana coal severance tax bonds (also referred to as coal severance tax bonds in this part) to: (1) finance renewable resource projects in the state designed to provide, during and after extensive coal mining, a healthy economy, th…

(1) The purpose of the coal severance tax trust fund bond provisions of this part is to establish the authority to issue and sell coal severance tax bonds that have been approved by an act of the legislature for financing specific renewable resource projects in the state authoriz…

(Temporary) Coal severance tax trust funds. (1) The trust established under Article IX, section 5, of the Montana constitution is composed of the following funds: (a) a coal severance tax bond fund into which the constitutionally dedicated receipts from the coal severance tax mus…

Money in the coal severance tax bond fund, the coal severance tax permanent fund, and the coal severance tax income fund must be invested in accordance with the investment standards for coal severance tax funds. Income and earnings, excluding unrealized gains and losses, from all…

The money in the coal severance tax bond fund is pledged to the payment of the principal and interest on all state of Montana coal severance tax bonds. All bonds issued after July 1, 1981, wherein the money in the coal severance tax bond fund is pledged for their retirement shall…

The board of examiners, upon approval of the legislature as hereinafter provided, shall issue and sell coal severance tax bonds to finance approved renewable resource projects when authorized to do so by any law that sets out the amount and purpose of the issue. Each project must…

The board of examiners may issue and sell coal severance tax bonds, and no other agency of the state is so authorized. Any action taken by the board of examiners under this part must be approved by a majority vote of its members.

(1) If a law authorizing a coal severance tax bond issue for a specific purpose and in a specific amount contemplates the pledge and receipt of revenues, assets, or money other than or in addition to the money in the coal severance tax bond fund, then the money derived from such …

(1) The legislature shall provide for the continued assessment, levy, collection, and deposit into the coal severance tax bond fund of the coal severance tax that, together with other revenue, assets, and money that may be deposited to one or more special bond funds pledged for t…

(1) Subject to the limitations contained in this part, each series of coal severance tax bonds must be issued by the board of examiners at public or private sale. The bonds may be issued in the denominations and form, whether payable to bearer or registered as to principal or bot…

In the discretion of the board of examiners, a series of bonds or notes issued under this part may be secured by a trust indenture by and between the board of examiners and a trustee, which may be any trust company or bank having the powers of a trust company within or outside of…

Either the legislative act providing for the issuance of coal severance tax bonds or the trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders as are reasonable, proper, and not in violation of law, including covenants sett…

(1) The members of the board of examiners 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 coal severance tax bond or bond anticipation note issued by the board o…

Bonds or notes issued under this part are negotiable instruments under the Uniform Commercial Code, subject only to the provisions for registration of bonds.

If any member of the board of examiners whose signature appears on bonds, notes, or coupons issued under this part ceases to be a member before the delivery of the bonds or notes, the member's signature is valid and sufficient for all purposes, the same as if the member had remai…

(1) The state board of examiners 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 redemp…

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.

(1) All bonds or notes 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 or notes issued …

No more than $250 million worth of coal severance tax bonds may be issued for renewable resource development projects and activities.

(1) In addition to the authority contained in 17-5-716, the board of examiners may issue revenue bonds of the state to refund in whole or in part bonds issued to finance renewable resource development projects approved by the legislature pursuant to Title 17, chapter 5, part 7, a…

(1) In addition to the authority contained in 17-5-716, the board of examiners may issue revenue bonds of the state to refund, in whole or in part, bonds issued to finance renewable resource projects approved by the legislature pursuant to Title 17, chapter 5, part 7, and Title 8…

(1) When the board of examiners has been authorized by the legislature to issue and sell bonds under this part, it may, pending the issuance of the bonds, issue temporary notes in anticipation of the receipt of proceeds to be derived from the sale of the bonds. The notes are desi…

As used in this part, unless the context requires otherwise, the following definitions apply: (1) "Board" means the board of examiners provided for in 2-15-1007. (2) "Bond act" means an act approved by the vote of two-thirds of the members of each house of the legislature or by a…

(1) When authorized by and within the limits of a bond act and as provided in this part, the board may issue and sell bonds of the state in the manner that it considers necessary and proper to provide funds for the purpose set forth in the bond act. (2) The full faith and credit …

(1) Subject to the limitations contained in this part and in the bond act and in the furtherance of each bond act, bonds may be issued by the board upon request of the department. The bonds may be issued in the denominations and form, whether payable to bearer or registered as to…

The capital projects account must be segregated by the treasurer from all other money in that or any other account in the state treasury and used only to pay costs of the projects for which bonds were issued, in accordance with the respective bond accounts. The department may tra…

(1) When the board has been authorized to issue and sell bonds under this part, it may, pending the issuance of the bonds, issue in the name of the state temporary notes in anticipation of: (a) the money to be derived from the sale of the bonds; (b) the money to be received from …

(1) Bonds and bond anticipation notes may not be issued for information technology acquisitions, including hardware or software, for a period longer than the estimated useful life of the asset. (2) The chief information officer, as defined in 2-17-506, shall estimate the useful l…

This part may be cited as the "Montana Highway Revenue Bonds Act of 1983".

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.

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…

(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 by resolution or i…

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 …

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 ratabl…