Montana § 90-5-108 Use Of Proceeds Of Bond Sales

Montana Statutes

§ 90-5-108 — Use Of Proceeds Of Bond Sales

Montana § 90-5-108

Title 90PLANNING, RESEARCH, AND DEVELOPMENT

Ch. 5SECONDARY INDUSTRY AND COMMERCIAL DEVELOPMENT

Part 1Industrial Development Projects

This text of Montana § 90-5-108 (Use Of Proceeds Of Bond Sales) 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. § 90-5-108 (2026).

Text

90-5-108 . Use of proceeds of bond sales.

(1)The proceeds from the sale of bonds issued under authority of this part must be applied only for the purpose for which the bonds were issued or to discharge any existing indebtedness secured by a lien against a hospital or long-term care facility or higher education facility leased or owned by a nonprofit corporation or against a family services provider facility. However, if the project is not a hospital or long-term care facility or higher education facility leased or owned by a nonprofit corporation or a family services provider facility, the proceeds from the sale of bonds may not be used to discharge indebtedness without an improvement to the project.

(2)Any accrued interest and premium received in the sale of bonds must be applied to the

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90-5-108 . Use of proceeds of bond sales. (1) The proceeds from the sale of bonds issued under authority of this part must be applied only for the purpose for which the bonds were issued or to discharge any existing indebtedness secured by a lien against a hospital or long-term care facility or higher education facility leased or owned by a nonprofit corporation or against a family services provider facility. However, if the project is not a hospital or long-term care facility or higher education facility leased or owned by a nonprofit corporation or a family services provider facility, the proceeds from the sale of bonds may not be used to discharge indebtedness without an improvement to the project.
(2) Any accrued interest and premium received in the sale of bonds must be applied to the payment of the principal of or the interest on the bonds sold. If for any reason any portion of the proceeds is not needed for the purpose for which the bonds were issued, then the unneeded portion of the proceeds must be applied to the payment of the principal of or the interest on the bonds.

Legislative History

En. Sec. 7, Ch. 51, L. 1965; amd. Sec. 2, Ch. 234, L. 1975; R.C.M. 1947, 11-4107(part); amd. Sec. 7, Ch. 656, L. 1979; amd. Sec. 2, Ch. 4, Sp. L. March 1986; amd. Sec. 2, Ch. 353, L. 2001.