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

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8.97.1801    DESCRIPTION OF MOBP PROGRAM

(1) For projects other than major projects financed by the board under the MOBP program, an approved financial institution must participate in financing the project, either directly or through a letter of credit, to the extent of at least ten percent (10%) of the financing to be provided by the board.

(2) For major projects, an approved financial institution must participate in financing the project if the cost or appraised value is less than $1 million, either directly through a letter of credit, to the extent of at least ten percent (10%) of the financing to be provided by the board.

(3) For projects other than major projects, the financing provided by the board may not exceed $800,000 or ninety percent (90%) of the cost or appraised value of the project, whichever is less.

(4) For major projects, the financing provided by the board may not exceed either $10 million or ninety percent (90%) of the cost or appraised value of the project, whichever is less.

(5) As required by section 2-4-305, MCA, notice is hereby provided that sections (2) , (3) and (4) of ARM 8.97.1801, in part, repeat sections 17-5-1527(1) (c) , 17-5-1526(1) (b) and 17-5-1527(1) (b) , 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, 17-5-1526, 17-5-1527, 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, 17-5-1526, 17-5-1527, MCA; NEW, 1989 MAR p. 659, Eff. 5/26/89.
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