Montana Code Annotated 2019

TITLE 17. STATE FINANCE

CHAPTER 5. PUBLIC BOND ISSUES

Part 13. Montana Unified Volume Cap Bond Allocation Plan Act

State's Volume Cap And Reservations -- Department To Adopt Rule

17-5-1311. State's volume cap and reservations -- department to adopt rule. (1) For each calendar year, the state's volume cap is the amount specified by the department pursuant to subsection (2). In each calendar year, subject to the provisions established by 17-5-1312 and 17-5-1313, 70% of the state's volume cap is the state portion and 30% is the local portion.

(2) The department shall adopt a rule for the state's volume cap specifying the maximum dollar value of cap bonds that may be issued in a calendar year. The rule adopted by the department must consider the volume cap.

History: En. Sec. 3, Ch. 190, L. 1987; amd. Sec. 2, Ch. 32, L. 2001.