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8.97.1901    DESCRIPTION OF THE SABP PROGRAM

(1) Projects under the SABP program may be financed in the state upon such terms and conditions as determined by the board as set forth in these rules.

(2) The bonds are payable solely from loan payments and one or more reserve funds, however, no common reserve funds under the MOBP program may secure a SABP loan.

(3) The bonds may be sold to a purchaser selected by the applicant.

History: Sec. 17-5-1504, 17-5-1521; IMP, Sec. 17-5-1505, 17-5-1506, 17-5-1526, 17-5-1527, MCA; NEW, 1989 MAR p. 659, Eff. 5/26/89.

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