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8.97.717    DESCRIPTION OF MUNICIPAL FINANCE CONSOLIDATION ACT PROGRAMS

(1) Under the Act, the board is authorized to develop methods to provide access to capital for Montana eligible government units and to find ways to reduce borrowing costs through pooling and other efficiencies.

(2) The Act authorizes the board to periodically authorize, issue, and offer for sale its bonds in amounts determined by the board to be sufficient to purchase obligations of eligible government units to pay costs of issuance of such bonds and to fund the reserve fund, provided, however, that the total principal amount of outstanding bonds does not exceed the amount authorized by 17-5-1608 , MCA.

(3) Separate series of bonds may be issued to finance the purchase of different types of obligations for various programs that may be created by the board pursuant to the Act.

History: Sec. 17-5-1605, MCA; IMP, Sec. 17-5-1602, 17-5-1606, 17-5-1611, MCA; NEW, 1992 MAR p. 2275, Eff. 10/16/92; AMD, 1996 MAR p. 910, Eff. 3/22/96.

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