Montana Statutes
§ 7-7-4102 — Investment Of Certain Bond Proceeds
Montana·Title 7 LOCAL GOVERNMENT·Ch. 7 DEBT MANAGEMENT·Part 41 General Provisions Related to Municipalities
7-7-4102 . Investment of certain bond proceeds.
(1)Whenever the city or town has under its control any money realized from the sale of bonds, for which there is no immediate demand and which in the judgment of the city or town council it would be advantageous to invest in any time or savings deposits, United States certificates of indebtedness, United States treasury notes, or United States treasury bonds having a maturity date of 1 year or less, the city or town council is authorized in their discretion to direct the city treasurer or town clerk to make such investments.
(2)Interest earned from such investments, including interest on the sale of bonds accrued in the period between the date of issue and the time of purchase, shall be credited to the bond sinking fund of the city or town.
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Legislative History
En. Sec. 1, Ch. 31, L. 1961; amd. Sec. 1, Ch. 10, L. 1963; amd. Sec. 2, Ch. 268, L. 1969; R.C.M. 1947, 11-1310(2).
Nearby Sections
15
§ 7-7-101
Repealed§ 7-7-102
Repealed§ 7-7-103
Repealed§ 7-7-109
Definitions -- Sale Of Notes In Anticipation Of Federal Or State Revenue Or Issuance Of Bonds§ 7-7-110
Authorization Of Bonds§ 7-7-111
Bond Election -- Impact On Value§ 7-7-112
Through 7-7-120 Reserved§ 7-7-121
Misconduct In Relation To Bond Funds§ 7-7-122
Prosecution For Misconduct