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HOUSE BILL NO. 110
INTRODUCED BY R. JOHNSON
BY REQUEST OF THE DEPARTMENT OF NATURAL RESOURCES AND CONSERVATION
AN ACT AUTHORIZING AN ADDITIONAL $15 MILLION IN GENERAL OBLIGATION BONDS TO PROVIDE THE STATE MATCHING FUNDS FOR THE WATER POLLUTION CONTROL STATE REVOLVING FUND; AUTHORIZING THE CREATION OF STATE DEBT; AMENDING SECTION 75-5-1122, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE.
WHEREAS, Chapter 678, Laws of 1989, created the wastewater treatment works revolving fund (later renamed as the water pollution control state revolving fund), authorized the issuance and sale of general obligation bonds to provide a state match to federal program funds, and created a related state debt ceiling of $10 million; and
WHEREAS, section 21, Chapter 553, Laws of 1995, increased this debt ceiling to $15 million, but was not codified; and
WHEREAS, the federal government has continued to contribute to the program beyond the 5 to 10 years envisioned in 1989, and the state is approaching its debt ceiling for this program; and
WHEREAS, the debt ceiling should be raised to $30 million and the result codified.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 75-5-1122, MCA, is amended to read:
"75-5-1122. Creation of debt. The legislature, through the enactment of this law by a two-thirds vote of the members
of each house, authorizes the creation of state debt in an amount not to exceed
$10 $30 million and the issuance and sale of
general obligation bonds in this amount for the purpose of providing the state's share of the program."
Section 2. 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.
Section 3. Effective date. [This act] is effective on passage and approval.
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Latest Version of HB 110 (HB0110.ENR)
Processed for the Web on March 31, 1999 (1:04PM)
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