Montana § 7-6-1111 Gross Proceeds And Short-Term Obligations -- Security

Montana Statutes

§ 7-6-1111 — Gross Proceeds And Short-Term Obligations -- Security

Montana·Title 7 LOCAL GOVERNMENT·Ch. 6 FINANCIAL ADMINISTRATION AND TAXATION·Part 11 Tax and Revenue Anticipation Notes

7-6-1111 . Gross proceeds and short-term obligations -- security.

(1)Gross proceeds obligations are not general obligations of the local government and are collectible only from the collection of coal gross proceeds taxes, interest, and penalties pursuant to 15-23-708 .

(2)Short-term obligations are general obligations of the local government and must be secured by the taxes and revenues in anticipation of which the short-term obligations were issued and in such other manner as set forth in the ordinance authorizing their issuance.

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7-6-1111 . Gross proceeds and short-term obligations -- security. (1) Gross proceeds obligations are not general obligations of the local government and are collectible only from the collection of coal gross proceeds taxes, interest, and penalties pursuant to 15-23-708 .
(2) Short-term obligations are general obligations of the local government and must be secured by the taxes and revenues in anticipation of which the short-term obligations were issued and in such other manner as set forth in the ordinance authorizing their issuance.

Montana § 7-6-1111 (Gross Proceeds And Short-Term Obligations -- Security) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.