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Rule Title: DEFINITIONS
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Department: COMMERCE, DEPARTMENT OF
Chapter: BOARD OF INVESTMENTS
Subchapter: Economic Development Bond Program
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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8.97.1701    DEFINITIONS

(1) In 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, MCA.

(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 rules.

(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 hydroelectric production facilities 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.


 

 
MAR Notices Effective From Effective To History Notes
5/26/1989 Current 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.
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