addition to the definitions contained in ARM 8.97.1301 and 17-5-1503,
MCA, the following definitions shall apply for purposes of these rules:
(a) "Act" means the "Montana
Economic Development Bond Act of 1983."
(b) "Board" means the board of
investments as created in 2-15-1808, MCA.
(c) "Conditional commitment"
means a commitment to provide financing by the board to an applicant subject to
such terms, requirements, conditions, financial or otherwise as deemed
appropriate and consistent with the Act.
(d) "Financial institution" means
any bank, savings and loan association, credit union, development credit
corporation, insurance company, investment company, trust company, savings
institution, or other financial institution approved by the board.
(e) "Inducement resolution" means
the resolution adopted by the board demonstrating its intention to issue its
revenue bonds or notes for a specified project and making appropriate findings
with respect thereto. This resolution is adopted by the board only after a
public hearing has been conducted pursuant to 17-5-1526 and 17-5-1527,
(f) "MOBP" means the moral
obligation economic development bond program.
(g) "Notice" means the
announcement of the public hearing on a proposed project given pursuant to the
provisions of 17-5-1526 and 17-5-1527, MCA, and these
(h) "Preliminary inducement
resolution" means the resolution adopted by the board demonstrating its
intention to issue its revenue bonds or notes for a specified project and
making appropriate findings with respect thereto. This resolution is adopted by
the board before a public hearing has been conducted and must be subsequently
validated by an inducement resolution pursuant to 17-5-1526 and 17-5-1527,
MCA. A preliminary inducement resolution will be considered only with the
issuance of bonds whose interest is not subject to federal income taxes.
(i) "Project" means any land, any
building or other improvement and any other real or personal properties deemed
necessary in connection therewith, whether or not now in existence, which shall
be suitable for use for commercial, manufacturing, agricultural or industrial
enterprises, recreation or tourist facilities; local, state and federal
government facilities; multi-family housing; hospital, long-term
care facilities or medical facilities; higher education facilities; small-scale
with a capacity of 50 megawatts or less; or any combination of these projects.
(j) "Public hearing" means the
hearing conducted by the board or local government as required by 17-5-1526
and 17-5-1527, MCA, for the purpose of determining whether the
project is in the public interest.
(k) "SABP" means the stand-alone
economic development bond program.
(2) As required by 2-4-305,
MCA, notice is hereby provided that definitions contained in subsections (a) ,
(b) and (d) above repeat 17-5-1503, MCA, in order to assist in more
fully describing the scope of the board's programs.
History: Sec. 17-5-1504, 17-5-1521, MCA; IMP, Sec. 17-5-1504, 17-5-1521, MCA; NEW, 1989 MAR p. 659, Eff. 5/26/89.