SENATE BILL NO. 181
INTRODUCED BY J. COBB
AN ACT ALLOWING COUNTIES AND MUNICIPALITIES TO USE BOND PROCEEDS TO FUND FAMILY SERVICES PROVIDER FACILITIES AS AN INDUSTRIAL DEVELOPMENT PROJECT UNDER TITLE 90, CHAPTER 5, PART 1, MCA; ALLOWING BOND PROCEEDS TO BE USED TO DISCHARGE AN EXISTING INDEBTEDNESS SECURED BY A LIEN AGAINST A FAMILY SERVICES PROVIDER FACILITY; AND AMENDING SECTIONS 90-5-101 AND 90-5-108, MCA.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 90-5-101, MCA, is amended to read:
"90-5-101. Definition of terms Definitions. As used in this part, unless the context otherwise requires, the following
definitions apply:
(1) "Agricultural enterprises" include includes but are is not limited to producing, warehousing, storing, fattening,
treating, handling, distributing, or selling farm products or livestock.
(2) "Bonds" means bonds, refunding bonds, notes, or other obligations issued by a municipality or county under the authority of this part, including without limitation short-term bonds or notes issued in anticipation of the issuance of long-term bonds or notes.
(3) "Family services providers" means organizations, including nonprofit corporations, that provide human services for children and adults, including but not limited to early care services for children, youth services, health services, social services, habilitative services, rehabilitative services, preventive care, and supportive services and training, educational, and referral activities in support of human services.
(3)(4) "Governing body" means the board or body in which the general legislative powers of the municipality or county
are vested.
(4)(5) "Higher education facilities" means any real or personal properties required or useful for the operation of an
institution of higher education.
(5)(6) "Institution of higher education" means any private, nonprofit corporation or institution within the state of
Montana:
(a) authorized to provide or operate educational facilities; and
(b) providing a program of education beyond the high school level.
(6)(7) "Mortgage" means a mortgage or deed of trust or other security device.
(7)(8) "Municipality" means any incorporated city or town in the state.
(8)(9) "Project" means any land; any building or other improvement; and any other real or personal properties
considered necessary in connection with the improvement, whether or not now in existence, which that must be suitable for
use for commercial, manufacturing, agricultural, or industrial enterprises; recreation or tourist facilities; local, state, and
federal governmental facilities; multifamily housing, hospitals, long-term care facilities, community-based facilities for
individuals who are persons with developmental disabilities as defined in 53-20-102, or medical facilities; higher education
facilities; small-scale hydroelectric production facilities with a capacity of 50 megawatts or less; family services provider
facilities; and any combination of these projects."
Section 2. Section 90-5-108, MCA, is amended to read:
"90-5-108. Use of proceeds of bond sales. (1) The proceeds from the sale of any bonds issued under authority of this
part shall must be applied only for the purpose for which the bonds were issued or to discharge any existing indebtedness
secured by a lien against a hospital or long-term care facility or or higher education facility leased or owned by a nonprofit
corporation or against a family services provider facility. However, if the project is not a hospital or long-term care facility
or or higher education facility leased or owned by a nonprofit corporation or a family services provider facility, the
proceeds from the sale of bonds may not be used to discharge indebtedness without an improvement to the project.
(2) Any accrued interest and premium received in any such the sale of bonds shall must be applied to the payment of the
principal of or the interest on the bonds sold. If for any reason any portion of such the proceeds shall is not be needed for
the purpose for which the bonds were issued, then such the unneeded portion of said the proceeds shall must be applied to
the payment of the principal of or the interest on said the bonds."
- END -
Latest Version of SB 181 (SB0181.ENR)
Processed for the Web on April 6, 2001 (4:11PM)
New language in a bill appears underlined, deleted material appears stricken.
Sponsor names are handwritten on introduced bills, hence do not appear on the bill until it is reprinted. See the status of this bill for the bill's primary sponsor.
Status of this Bill | 2001 Legislature | Leg. Branch Home
All versions of this bill (PDF Format)
Authorized print version w/line numbers (PDF format)
(406)444-3064