Montana § 7-6-1103 Issuance And Sale Of Gross Proceeds Obligations And Short-Term Obligations -- Procedure

Montana Statutes

§ 7-6-1103 — Issuance And Sale Of Gross Proceeds Obligations And Short-Term Obligations -- Procedure

Montana § 7-6-1103

Title 7LOCAL GOVERNMENT

Ch. 6FINANCIAL ADMINISTRATION AND TAXATION

Part 11Tax and Revenue Anticipation Notes

This text of Montana § 7-6-1103 (Issuance And Sale Of Gross Proceeds Obligations And Short-Term Obligations -- Procedure) 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. § 7-6-1103 (2026).

Text

7-6-1103 . Issuance and sale of gross proceeds obligations and short-term obligations -- procedure.

(1)The issuance of gross proceeds obligations or short-term obligations must be authorized by an ordinance of the governing body that fixes the maximum amount of the obligations to be issued or, if applicable, the maximum amount that may be outstanding at any time, the maximum term and interest rate or rates to be borne by the obligations, the manner of sale, the maximum price, the form including bearer or registered as provided in Title 17, chapter 5, part 11, the terms, the conditions, and the covenants of the obligations. Gross proceeds obligations or short-term obligations issued under this section must bear fixed or variable rate or rates of interest that the governing body considers t

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7-6-1103 . Issuance and sale of gross proceeds obligations and short-term obligations -- procedure. (1) The issuance of gross proceeds obligations or short-term obligations must be authorized by an ordinance of the governing body that fixes the maximum amount of the obligations to be issued or, if applicable, the maximum amount that may be outstanding at any time, the maximum term and interest rate or rates to be borne by the obligations, the manner of sale, the maximum price, the form including bearer or registered as provided in Title 17, chapter 5, part 11, the terms, the conditions, and the covenants of the obligations. Gross proceeds obligations or short-term obligations issued under this section must bear fixed or variable rate or rates of interest that the governing body considers to be in the best interests of the local government. Variable rates of interest may be fixed in relationship to the standard or index that the governing body designates.
(2) The governing body may sell the gross proceeds obligations or short-term obligations at par or at a discount:
(a) at private negotiated sale to the board of investments as provided in Title 17, chapter 5, part 16; or
(b) at public sale to any other person. Any public sale must be noticed as provided in 7-7-4434 .