Montana § 17-5-1318 Terms Of Allocations

Montana Statutes

§ 17-5-1318 — Terms Of Allocations

Montana § 17-5-1318

Title 17STATE FINANCE

Ch. 5PUBLIC BOND ISSUES

Part 13Montana Unified Volume Cap Bond Allocation Plan Act

This text of Montana § 17-5-1318 (Terms Of Allocations) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 17-5-1318 (2026).

Text

17-5-1318 . Terms of allocations.

(1)Unless terminated earlier by the issuer, an allocation is valid for 120 days from the date the department mails the notice of approval. Prior to the expiration of the 120-day period, the department may extend the period of validity for an additional 30 days on presentation of evidence that an agreement to purchase the cap bonds for which the allocation was given has been obtained from an entity legally authorized to purchase them.

(2)If the cap bonds are not issued within the period of validity as determined under subsection (1), the allocation automatically expires.

(3)All allocations expire on December 31 of the year in which they were made. However, this subsection does not limit the term of an allocation for which a valid carryforward election ha

Free access — add to your briefcase to read the full text and ask questions with AI

17-5-1318 . Terms of allocations. (1) Unless terminated earlier by the issuer, an allocation is valid for 120 days from the date the department mails the notice of approval. Prior to the expiration of the 120-day period, the department may extend the period of validity for an additional 30 days on presentation of evidence that an agreement to purchase the cap bonds for which the allocation was given has been obtained from an entity legally authorized to purchase them.
(2) If the cap bonds are not issued within the period of validity as determined under subsection (1), the allocation automatically expires.
(3) All allocations expire on December 31 of the year in which they were made. However, this subsection does not limit the term of an allocation for which a valid carryforward election has been made.