House Bill No. 248

Introduced By _______________________________________________________________________________

A Bill for an Act entitled: "An Act increasing the bonding limit of the board of investments from $50 million to $75 million for the purposes of the Municipal Finance Consolidation Act; amending section

17-5-1608, MCA; and providing an effective date."

Be it enacted by the Legislature of the State of Montana:

Section 1.  Section 17-5-1608, MCA, is amended to read:

"17-5-1608.   Limitations on amounts. The board may not issue any bonds or notes that cause the total outstanding indebtedness of the board under this part (except for bonds or notes issued to fund or refund other outstanding bonds or notes or to purchase registered warrants or tax or revenue anticipation notes of a local government as defined in 7-6-1101) to exceed $50 $75 million."

NEW SECTION. Section 2.  Effective date. [This act] is effective July 1, 1997.