§ 17-5-803 — Form -- Principal And Interest -- Fiscal Agent -- Bond Registrar And Transfer Agent -- Deposit Of Proceeds

Montana § 17-5-803

• Jurisdiction: Montana
• Title 17: STATE FINANCE
• Ch. 5: PUBLIC BOND ISSUES
• Part 8: General Obligation Bonds and Notes

Text

17-5-803 . Form -- principal and interest -- fiscal agent -- bond registrar and transfer agent -- deposit of proceeds. (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 principal or both principal and interest, with provisions for conversion or exchange, and, for the issuance of temporary bonds, bearing interest at a rate or rates, maturing at times not exceeding 30 years from date of issue, subject to redemption at earlier times and prices and on notice, and payable at the office of the fiscal agency of the state as the board determines.
(2) In all other respects, the board is authorized to prescribe the form and terms of the bonds and do whatever is lawful and necessary for their issuance and payment. Action taken by the board under this part must be by a majority vote of its members. The state treasurer shall keep a record of all bonds issued and sold.
(3) The board is authorized to employ a fiscal agent and a bond registrar and transfer agent to assist in the performance of its duties under this part.
(4) The board, in its discretion, is authorized to pay all costs of issuance of bonds, including without limitation rating agency fees, printing costs, legal fees, bank or trust company fees, costs to employ persons or firms to assist in the sale of the bonds, line of credit fees and charges, and all other amounts related to the costs of issuing the bonds from amounts available for these purposes in the general fund or from the proceeds of the bonds.
(5) Unless otherwise provided in statute authorizing a bond, all proceeds of bonds and notes issued under this part to pay the costs of a project must be deposited in the capital projects account or in a separate general obligation bond or note account created in the state special revenue fund established in 17-2-102 , except that:
(a) bond proceeds used to pay interest on the bonds and accrued interest received must be deposited in the debt service account;
(b) any premiums received may be deposited in the debt service account; and
(c) bond proceeds used to pay the costs of issuance may be deposited in a separate account within the state special revenue account.
(6) If applicable, the board shall specify whether the bonds are tax credit bonds as provided in 17-5-117 .

Legislative History

En. Sec. 3, Ch. 184, L. 1983; amd. Sec. 4, Ch. 374, L. 2005; amd. Sec. 9, Ch. 342, L. 2009; amd. Sec. 4, Ch. 485, L. 2009; amd. Sec. 15, Ch. 489, L. 2009; amd. Sec. 2, Ch. 74, L. 2015.