17-6-311. Limitation on size of investments. (1) Except as provided in subsections (2) through (4), an investment may not be made that will result in any one business enterprise or person receiving a benefit from or incurring a debt to the permanent coal tax trust fund the total current accumulated amount of which exceeds 1% of the permanent coal tax trust fund.
     (2) Subsection (1) does not limit the board's authority to make loans to the capital reserve account as provided in 17-6-308(2).
     (3) Subsection (1) does not apply to the purchase of debentures issued by a capital company; however, the total amount of such debentures purchased by the board may not exceed 1% of the Montana permanent coal tax trust fund at the time of purchase.
     (4) The total amount of loans made pursuant to 17-6-309(2) may not exceed $20 million, and a single loan may not be less than $500,000. Loans must be made in $250,000 increments. A loan may not exceed $10,000 per job that is estimated to be created. In determining the size of a loan made pursuant to 17-6-309(2), the board shall consider:
     (a) the estimated number of jobs to be created by the project and the impact of the jobs on the state and the community where the project will be located;
     (b) the long-term effect of corporate and personal income taxes estimated to be paid by the business and its employees;
     (c) the current and projected ability of the community to provide necessary infrastructure for economic and community development purposes; and
     (d) other matters that the board considers necessary.

     History: En. Sec. 8, Ch. 677, L. 1983; amd. Sec. 4, Ch. 640, L. 1985; amd. Sec. 3, Ch. 124, L. 1987; amd. Sec. 9, Ch. 589, L. 1991; amd. Sec. 3, Ch. 2, L. 1995; amd. Sec. 3, Ch. 477, L. 1995.