Montana § 20-9-410 Limitation Of Term And Interest -- Timing For Redemption

Montana Statutes

§ 20-9-410 — Limitation Of Term And Interest -- Timing For Redemption

Montana·Title 20 EDUCATION·Ch. 9 FINANCE·Part 4 School Bonds

20-9-410 . Limitation of term and interest -- timing for redemption.

(1)School district bonds may not be issued for a term longer than 30 years, except that bonds issued to refund or redeem outstanding bonds may not be issued for a term longer than 10 years unless the unexpired term of the bonds to be refunded or redeemed is in excess of 10 years, in which case the refunding or redeeming bonds may be issued for the unexpired term. Other than refunding or redeeming bonds, all bonds issued for a longer term than 5 years must be redeemable at the option of the school district on any interest payment date after one-half of the term for which they were issued has expired, and the redemption option must be stated on the face of the bonds. The interest must be as provided under 17-5-102 and must

Free access — add to your briefcase to read the full text and ask questions with AI

20-9-410 . Limitation of term and interest -- timing for redemption. (1) School district bonds may not be issued for a term longer than 30 years, except that bonds issued to refund or redeem outstanding bonds may not be issued for a term longer than 10 years unless the unexpired term of the bonds to be refunded or redeemed is in excess of 10 years, in which case the refunding or redeeming bonds may be issued for the unexpired term. Other than refunding or redeeming bonds, all bonds issued for a longer term than 5 years must be redeemable at the option of the school district on any interest payment date after one-half of the term for which they were issued has expired, and the redemption option must be stated on the face of the bonds. The interest must be as provided under 17-5-102 and must be payable semiannually.
(2) For purposes of this section, the term of a bond issue commences on July 1 of the fiscal year in which the school district first levies taxes to pay the principal and interest on the bonds.

Montana § 20-9-410 (Limitation Of Term And Interest -- Timing For Redemption) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

En. 75-7107 by Sec. 308, Ch. 5, L. 1971; amd. Sec. 7, Ch. 234, L. 1971; amd. Sec. 3, Ch. 284, L. 1973; R.C.M. 1947, 75-7107; amd. Sec. 11, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983; amd. Sec. 71, Ch. 370, L. 1987; amd. Sec. 8, Ch. 256, L. 1989; amd. Sec. 19, Ch. 451, L. 2005; amd. Sec. 1, Ch. 337, L. 2017; amd. Sec. 1, Ch. 137, L. 2019.