Montana Statutes
§ 90-5-108 — Use Of Proceeds Of Bond Sales
Montana·Title 90 PLANNING, RESEARCH, AND DEVELOPMENT·Ch. 5 SECONDARY INDUSTRY AND COMMERCIAL DEVELOPMENT·Part 1 Industrial Development Projects
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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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.
Nearby Sections
15
§ 90-5-101
Definitions§ 90-5-102
General Municipal And County Powers§ 90-5-104
Hearing§ 90-5-105
Provisions For Security Of Bondholders§ 90-5-106
Determination Of Costs -- Terms Of Lease§ 90-5-107
Refunding Of Bonds§ 90-5-108
Use Of Proceeds Of Bond Sales§ 90-5-109
Cost Of Projects§ 90-5-110
Taxation Of Projects§ 90-5-111
Powers Cumulative§ 90-5-112
Economic Development Levy§ 90-5-114
Preference Of Montana Labor