HOUSE BILL NO. 815
INTRODUCED BY W. STAHL
A BILL FOR AN ACT ENTITLED: "AN ACT ESTABLISHING A GENERAL OBLIGATION BOND DEBT SERVICE ACCOUNT; STATUTORILY APPROPRIATING THE PROCEEDS OF THE ACCOUNT FOR THE PAYMENT OF PRINCIPAL AND INTEREST ON OUTSTANDING GENERAL OBLIGATION BONDS; PROVIDING A FUND TRANSFER FROM THE GENERAL FUND TO THE GENERAL OBLIGATION BOND DEBT SERVICE ACCOUNT; AND PROVIDING AN EFFECTIVE DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
NEW SECTION. Section 1. General obligation bond debt service account -- statutory appropriation. (1) There is a general obligation bond debt service account in the debt service fund type. The funds in the account must be used to make principal and interest payments on general obligation bonds issued before July 1, 2007.
(2) The money in the general obligation bond debt service account is statutorily appropriated, as provided in 17-7-502(4), for the purpose of making principal and interest payments on the bonds described in subsection (1). The general obligation bonds described in subsection (1) must be redeemed at the earliest time possible without incurring a penalty for early redemption.
(3) Interest and earnings on the account must be deposited in the state general fund.
NEW SECTION. Section 2. Fund transfer. There is transferred $50 million from the state general fund to the general obligation bond debt service account.
NEW SECTION. Section 3. Codification instruction. [Section 1] is intended to be codified as an integral part of Title 17, chapter 5, part 8, and the provisions of Title 17, chapter 5, part 8, apply to [section 1].
NEW SECTION. Section 4. Effective date. [This act] is effective July 1, 2007.
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Latest Version of HB 815 (HB0815.01)
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