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SENATE BILL NO. 4
INTRODUCED BY M. TAYLOR
AN ACT CLARIFYING THAT THE GENERAL OBLIGATION BONDS FOR AEROSPACE TRANSPORTATION AND TECHNOLOGY INFRASTRUCTURE DEVELOPMENT PROJECTS AUTHORIZED IN CHAPTER 269, LAWS OF 1999, MAY BE USED FOR ANY AEROSPACE TRANSPORTATION AND TECHNOLOGY INFRASTRUCTURE DEVELOPMENT PROJECT; PROVIDING THAT BOND PROCEEDS ARE APPROPRIATED TO THE DEPARTMENT OF COMMERCE; CLARIFYING THAT THE PORTIONS OF AEROSPACE TRANSPORTATION AND TECHNOLOGY INFRASTRUCTURE DEVELOPMENT PROJECTS THAT ARE FINANCED WITH BOND PROCEEDS ARE OWNED BY THE STATE AND MAY BE LEASED TO THE LOCAL GOVERNMENT CREATING THE TAX INCREMENT FINANCING DISTRICT OR TO THE ENTITY FOR WHOM THE PROJECT IS CREATED; AMENDING SECTION 5, CHAPTER 269, LAWS OF 1999; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 5, Chapter 269, Laws of 1999, is amended to read:
"Section 5. Authorization of bonds. (1) The board of examiners is authorized to issue and sell general obligation bonds in an amount not exceeding $20 million for aerospace transportation and technology infrastructure development projects, as defined in 7-15-4283, except as provided in subsection (2) of this section, in accordance with the terms and in the manner required by Title 17, chapter 5, part 8, and upon the authority granted to the board by this section. The bonds are in addition to any other authorization to the board to issue and sell general obligation bonds and subject to the conditions set forth in this section.
(2) For purposes of the general obligation bonds authorized in this section, 7-15-4288(5) and (7)
is are excluded from
the definition of aerospace transportation and technology infrastructure development projects. Bond proceeds are
appropriated to the department of commerce for assisting in funding authorized aerospace transportation and technology
infrastructure development projects. The department may request the board of examiners to issue the bonds for specified
projects for a single or multiple entities, but the total amount of bonds issued may not exceed $20 million. The portions of
aerospace transportation and technology infrastructure development projects that are financed with bond proceeds are
owned by the state and may be leased to the local government creating the tax increment financing district or to the entity
for whom the project is created at a fair value, taking into consideration job creation and overall tax revenue generated by
the project. For purposes of this section, state and local governments may not provide telecommunications or other services
in competition with private providers unless private providers cannot provide the services.
(3) It is the intent of the legislature that debt service payments for the bonds authorized by this section will be covered
increased taxes paid to the state totality of the taxes generated by the venture star aerospace transportation and
technology infrastructure development project projects to be calculated by an economic impact analysis of the projects on
state tax revenue. When requesting the board of examiners to issue the bonds, the department of commerce shall present to
the department of administration for presentation to the board of examiners the following:
(a) evidence satisfactory to the board that
venture star each aerospace transportation and technology infrastructure
development project has committed itself to locate its project in Montana and has acquired a site for the project; and
(b) a certificate signed by the director of the office of budget and program planning that the tax revenue to be received
by the state from
the venture star each aerospace transportation and technology infrastructure development project will be
sufficient to pay the principal of and interest on the bonds."
Section 2. Effective date. [This act] is effective on passage and approval.
- END -
Latest Version of SB 4 (SB0004.ENR)
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