Title 90, Title 90

(1) Obligations issued under the provisions of this chapter do not constitute a debt, liability, obligation, or pledge of the faith and credit of the state but are payable solely from the revenue or assets of the institution being financed. (2) An obligation issued under this cha…

(1) The authority performs a public function for the benefit of the people of the state for the improvement of their health and living conditions and is a public instrumentality of the state. Accordingly, the income or other revenue of the authority and all property owned by the …

(1) Bonds issued by the authority under the provisions of this chapter are securities in which funds may be legally and properly invested, including capital in the control of or belonging to: (a) public officers and public bodies of the state and its political subdivisions; (b) i…

(1) Regardless of whether the title to a project is held by the authority or a trustee acting for the authority, if the project is being financed by the authority on behalf of a for-profit corporation or other organization, the project is subject to taxation to the same extent, i…

The authority's books and records must be audited at least once each biennium, by or at the direction of the legislative auditor. The actual costs of the audit shall be paid from the authority's funds.

(1) Four members of the authority constitute a quorum for the purpose of conducting business. Action may be taken by the authority upon the affirmative vote of at least four of its members. A vacancy in the membership of the authority does not impair the right of a quorum to exer…

The authority may: (1) sue and be sued; (2) have a seal; (3) except as provided in 90-4-1303(2), adopt all procedural and substantive rules necessary for the administration of this chapter; (4) except as provided in subsection (20), issue bonds or incur other debt as described in…

The authority may employ or contract for any professional staff or consultants necessary. Such employment and contracting must be done in consultation with the department of commerce.

The authority may designate a participating institution as its agent for determining the location and character of an eligible facility undertaken by that institution under the provisions of this chapter. As agent, the institution may acquire, construct, reconstruct, renovate, re…

(1) Except as provided in 90-4-1305(3)(a), all expenses of the authority incurred in carrying out the provisions of this chapter are payable solely from funds provided under the authority of this chapter. Liability may not be incurred by the authority beyond the extent to which m…

The authority may purchase its bonds or notes. The authority may hold, pledge, cancel, or resell such bonds or notes, subject to and in accordance with agreements with bondholders or noteholders.

A loan made by the authority may not exceed the total cost of the eligible facility being financed as the cost is determined by the participating institution and approved by the authority.

(1) The authority may not operate an eligible facility as a business other than as a lessee or lessor. The lease must provide for rentals adequate to pay the principal and interest due on bonds and to create and maintain reserves and accounts for depreciation as the authority det…

(1) The department of public health and human services may enter into a loan agreement with the Montana facility finance authority for the purpose of financing the costs of acquiring, constructing, and equipping facilities for persons with developmental disabilities at the Montan…

(1) The department of public health and human services may enter into a loan agreement with the authority for the purpose of financing the costs of acquiring, constructing, and equipping facilities for the mentally ill at the Montana state hospital in Warm Springs, including the …

(1) In addition to meeting the other requirements contained in this chapter or in state or federal law, the requirements of subsections (2) through (4) must be met before financing is provided for a project described in 90-7-104(1)(n). (2) The authority shall find that the financ…

In addition to meeting the other requirements contained in this chapter or in state or federal law, the following requirements must be met before financing is finalized and provided for a prerelease center: (1) A contract must be approved by the authority and executed by the depa…

The department of corrections, when seeking funding under this chapter, shall hold a public hearing to determine whether or not the proposed project is in the public interest. The decision regarding public interest is determined by the department of corrections, not the authority…

The authority may in its discretion establish additional reserves or other funds or accounts necessary, desirable, or convenient to further the accomplishment of the purposes of this chapter or to comply with the provisions of its resolution or agreements.

(1) In addition to meeting the other requirements contained in this chapter or in state or federal law, the requirements of subsections (2) through (4) must be met before financing is provided for a project described in 90-7-104(1)(n). (2) The authority shall find that the financ…

(1) Regardless of whether the title to a project is held by the authority or a trustee acting for the authority, if the project is being financed by the authority on behalf of a for-profit corporation or other organization, the project is subject to taxation to the same extent, i…

The authority is authorized from time to time to issue its negotiable notes for any corporate purpose, including the payment of all or any part of the cost of any eligible facility, and to renew from time to time any notes by the issuance of new notes, whether the notes to be ren…

(1) The authority may in each biennium borrow money and issue bonds and notes in an aggregate principal amount not to exceed $1.5 billion, exclusive of bonds or notes issued to refund outstanding bonds or notes. Starting July 1, 2027, and each subsequent biennium, the bond issuan…

(1) The authority may not finance any eligible facility unless, prior to the issuance of any bonds or notes, the members find that the facility is an eligible facility and will be operated by an institution for the purpose of providing services contemplated by this chapter. (2) T…

(1) The payment of the principal of and interest on any bonds issued under this chapter must be secured by a pledge of the revenue out of which the bonds are made payable. (2) The principal of and interest on any bonds issued under the authority of this part may be secured by: (a…

In the discretion of the authority, any bonds issued under this chapter may be secured by a trust agreement between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company in Montana or outside of Montana, if it is determ…

All money received pursuant to this chapter, whether as proceeds from the sale of bonds, notes, or other obligations or as revenue or receipts, are trust funds to be held and applied solely as provided in this chapter. Any officer with whom or any bank or trust company with which…

When the principal and interest on bonds issued by the authority to finance the cost of eligible facilities or to refinance outstanding indebtedness of one or more participating institutions, including any refunding bonds issued to refund and refinance bonds, have been fully paid…

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 authority and the holders of notes and bonds issued by the authority, including but not limited to…

Any pledge made by the authority is valid and binding from the time the pledge is made. The revenue, money, or property pledged and received by the authority is immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge is v…

(1) There is a capital reserve account in the enterprise fund provided for in 90-7-202(17). (2) The authority shall deposit into the capital reserve account: (a) funds from state appropriations received for deposit into the account, as provided in 90-7-319, for bonds issued to fi…

(1) The authority may pledge funds from the capital reserve account or a subaccount created in the capital reserve account as security for the payment of bonds and notes issued by the authority, as it may determine in the resolutions or indentures providing for their issuance. (2…

(1) In order to ensure the maintenance of the capital reserve account, the presiding officer of the authority shall, on or before September 1 in each year preceding the convening of the legislature, deliver to the governor a certificate stating the sum, if any, required to restor…

Subject to the provisions of Title 17, chapter 6, the board of investments may, upon terms and conditions as the board considers reasonable: (1) loan money to the authority for deposit in the capital reserve account; and (2) purchase bonds and notes issued by the authority.