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HOUSE BILL NO. 315
INTRODUCED BY J. KEANE
A BILL FOR AN ACT ENTITLED: "AN ACT PROVIDING FUNDING FOR REHABILITATION OF THE ST. MARY WATER PROJECT; AUTHORIZING THE CREATION OF STATE DEBT THROUGH THE ISSUANCE OF GENERAL OBLIGATION BONDS; APPROPRIATING THE PROCEEDS OF THE BONDS; REPEALING PREVIOUS LEGISLATIVE AUTHORIZATION TO ISSUE BONDS; AMENDING SECTIONS 2 AND 3, CHAPTER 499, LAWS OF 2005; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
NEW SECTION. Section 1. Authorization of bonds. (1) The board of examiners is authorized to issue and sell general obligation bonds in one or more series and from time to time for the purposes described in subsection (3) in addition to the amount of general obligation bonds outstanding on January 1, 2019.
(2) The bonds under this section must be issued in accordance with the terms and in the manner required by Title 17, chapter 5, part 8. The authority granted to the board of examiners by this section is in addition to any other authorization to the board of examiners to issue and sell general obligation bonds.
(3) On [the effective date of this act], the board of examiners is authorized to issue and sell up to $15 million in general obligation bonds and deposit the proceeds into the St. Mary water project rehabilitation account provided for in [section 3].
NEW SECTION. Section 2. Appropriation of bond proceeds. The amount of $15 million is appropriated from the St. Mary water project rehabilitation account in [section 3] from the proceeds of the bonds authorized by [section 1] to the department of natural resources and conservation for state support of the St. Mary water project renovations. This appropriation is contingent upon the:
(1) authorization of general obligation bonds by the 66th legislature and the sale of bonds by the board of examiners; and
(2) receipt of a federal cost-share agreement for rehabilitation of the St. Mary water project.
NEW SECTION. Section 3. St. Mary water project rehabilitation account. (1) There is an account within the state special revenue fund called the St. Mary water project rehabilitation account. The department of natural resources and conservation shall administer the account.
(2) All interest and other income earned on money in the account must be deposited in the account.
Section 4. Section 2, Chapter 499, Laws of 2005, is amended to read:
"Section 2. Appropriation of bond proceeds. (1) The following money is appropriated from the CPF from the proceeds for the bonds authorized by [section 3] to the department of administration for the capital projects described in this section, contingent upon the authorization of general obligation bonds by the 59th legislature and the sale of bonds by the board of examiners:
Agency/Project
MONTANA HISTORICAL SOCIETY
Montana Historical Society Building & #160; $7,500,000
MONTANA UNIVERSITIES AND COLLEGES
Montana State University
Great Falls College of Technology 60; 11,000,000
Billings College of Technology 60; 9,000,000
University of Montana
Helena College of Technology 60; 7,500,000
Montana Tech of the University of Montana
Petroleum Building & #160; 9,000,000
Gaines Hall Renovation, Phase I 3,500,000
MSUAES Projects & #160; 500,000
(2) The following money is appropriated from the CPF from the proceeds for the bonds authorized by [section 3] to the department of natural resources and conservation for the capital projects described in this section, contingent upon the authorization of general obligation bonds by the 59th legislature and the sale of bonds by the board of examiners:
DEPARTMENT OF NATURAL RESOURCES AND CONSERVATION
St. Mary Water Project -- State Support 10,000,000
State Cost Share -- Fort Belknap Water Compact 9,500,000"
Section 5. Section 3, Chapter 499, Laws of 2005, is amended to read:
"Section 3. Authorization of bonds -- condition. (1) Subject to subsection (2), the The board of examiners is authorized to issue and sell general obligation bonds in an amount not exceeding $68 million for the capital projects described in [section 2] over and above the amount of general obligation bonds outstanding on January 1, 2005. The bonds must be issued in accordance with the terms and in the manner required by Title 17, chapter 5, part 8. The authority granted to the board by this section is in addition to any other authorization to the board to issue and sell general obligation bonds.
(2) The sale of bonds and the appropriation in [section 2] of bond proceeds for the St. Mary water project are contingent upon the receipt of the federal cost-share for the project."
NEW SECTION. Section 6. Notification to tribal governments. The secretary of state shall send a copy of [this act] to each tribal government located on the seven Montana reservations and to the Little Shell Chippewa tribe.
NEW SECTION. Section 7. Codification instruction. [Section 3] is intended to be codified as an integral part of Title 85, and the provisions of Title 85 apply to [section 3].
NEW SECTION. Section 8. Two-thirds vote required. Because [section 1] authorizes the creation of state debt, Article VIII, section 8, of the Montana constitution requires a vote of two-thirds of the members of each house of the legislature for passage.
NEW SECTION. Section 9. Effective date. [This act] is effective on passage and approval.
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Latest Version of HB
315 (HB0315.01)
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