SENATE BILL NO. 51
INTRODUCED BY J. BOHLINGER
BY REQUEST OF THE DEPARTMENT OF COMMERCE
AN ACT AUTHORIZING THE BOARD OF HOUSING TO INCREASE THE TOTAL AMOUNT OF ITS OUTSTANDING NOTES AND BONDS FROM $975 MILLION TO $1.5 BILLION; PROVIDING FOR SEMIANNUAL INSTALLMENT PAYMENTS ON SERIAL BONDS; AND AMENDING SECTION 90-6-111, MCA.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 90-6-111, MCA, is amended to read:
"90-6-111. Bonds and notes. (1) The board may by resolution, from time to time, issue negotiable notes and bonds in a principal amount as that the board determines necessary to provide sufficient funds for achieving any of its purposes, including the payment of interest on notes and bonds of the board, establishment of reserves to secure the notes and bonds, including the reserve funds created under 90-6-119, and all other expenditures of the board incident to and necessary or convenient to carry out this part.
(2) The board may by resolution, from time to time, issue notes to renew notes and bonds to pay notes, including interest, and, whenever it deems considers refunding expedient, refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and issue bonds partly to refund bonds outstanding and partly for any of its other purposes.
(3) Except as otherwise expressly provided by resolution of the board, every issue of its notes and bonds shall must be obligations of the board payable out of any revenues revenue, assets, or moneys money of the board, subject only to agreements with the holders of particular notes or bonds pledging particular revenues revenue, assets, or moneys money.
(4) The notes and bonds shall must be authorized by resolutions of the board, shall must bear a date, and shall must mature at times as that the resolutions provide. A note shall may not mature more than 10 years and a bond shall may not mature more than 50 years from the date of its issue. The bonds may be issued as serial bonds payable in annual or semiannual installments or as term bonds or as a combination thereof of both. The notes and bonds shall must bear interest at a rate or rates, be in denominations, be in a form, either coupon or registered, carry registration privileges, be executed in a manner, be payable in a medium of payment, at places within or without the state, and be subject to terms of redemption as provided in resolutions. The board shall designate whether interest payments on the bonds are taxable or tax exempt. The notes and bonds of the board may be sold at public or private sale at such prices, which may be above or below par, as are determined by the board.
(5) The total amount of notes and bonds outstanding at any time, except notes or bonds as to which the board's obligation has been satisfied and discharged by refunding or for which reserve for payment or other means of payment have been otherwise provided, may not exceed $975 million $1.5 billion. The issue price of bonds sold at a discount, not the face amount of the bonds, counts against this statutory ceiling."
- END -
Latest
Version of SB 51 (SB0051.ENR)
Processed for the Web on March 13, 2003 (4:32pm)
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 | 2003 Legislature | Leg. Branch
Home
All versions of this bill inPDF
Authorized print version w/line numbers
(PDF format)
Prepared by Montana Legislative Services
(406) 444-3064