Montana § 7-7-4251 Form Of Notice Of Sale Of Bonds

Montana Statutes

§ 7-7-4251 — Form Of Notice Of Sale Of Bonds

Montana·Title 7 LOCAL GOVERNMENT·Ch. 7 DEBT MANAGEMENT·Part 42 Municipal General Obligation Bonds

7-7-4251 . Form of notice of sale of bonds.

(1)If a city or town conducts a public sale, the notice of sale must state the purpose or purposes for which the bonds are to be issued and the amount proposed to be issued for each purpose and must be substantially in the following form: Notice is hereby given by the council of the (city or town) of...., Montana, that the council will, on the.... day of...., ...., at the hour of......m., at its council chamber in the (city or town) of...., Montana, sell to the highest and best bidder for cash general obligation bonds of the (city or town) in the total amount of.... dollars, ($....) for the purpose of..... The bonds will be issued and sold in the aggregate principal amount of.... dollars ($....) each and will become due and payable according to

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7-7-4251 . Form of notice of sale of bonds. (1) If a city or town conducts a public sale, the notice of sale must state the purpose or purposes for which the bonds are to be issued and the amount proposed to be issued for each purpose and must be substantially in the following form:
Notice is hereby given by the council of the (city or town) of...., Montana, that the council will, on the.... day of...., ...., at the hour of......m., at its council chamber in the (city or town) of...., Montana, sell to the highest and best bidder for cash general obligation bonds of the (city or town) in the total amount of.... dollars, ($....) for the purpose of.....
The bonds will be issued and sold in the aggregate principal amount of.... dollars ($....) each and will become due and payable according to the maturity schedule set forth below (set forth maturity schedule adopted by the city or town council).
The bonds must bear an original issue date of...., ...., must pay interest commencing on the.... day of.... (month), .., and are payable semiannually on the.... day of.... and on the.... day of.... in each year thereafter and will be redeemable (here insert the optional provisions, if any, recited in the bonds).
The bonds will be sold for not less than $...., with accrued interest on the principal amount of the bonds to date of delivery, and all bidders shall state the lowest rate or rates of interest at which they will purchase the bonds at the purchase price specified for the bonds. (An interest rate may not exceed....% a year.) The council reserves the right to reject any bids and to sell the bonds at private sale.
All bids must be accompanied by (insert appropriate bid security as permitted by 18-1-203 ) in the sum of.... dollars ($....), payable to the order of the (city or town) clerk, which will be forfeited by the successful bidder in the event that the bidder fails or refuses to complete the purchase of the bonds in accordance with the terms of the bid.
All bids must be addressed to the council of the (city or town) of.... and delivered to the clerk of the (city or town).
(2) The form of notice required under this section may be modified to accommodate changes necessary to issue citizen bonds pursuant to 7-7-4211 through 7-7-4213 .

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Legislative History

En. Sec. 13, Ch. 160, L. 1931; re-en. Sec. 5278.13, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2313; amd. Sec. 2, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983; amd. Sec. 5, Ch. 631, L. 1983; amd. Sec. 8, Ch. 511, L. 1989; amd. Sec. 6, Ch. 459, L. 1997; amd. Sec. 9, Ch. 253, L. 2011.