HOME    SEARCH    ABOUT US    CONTACT US    HELP   
           
Rule: 8.104.214 Prev     Up     Next    
Rule Title: FINANCIAL GUARANTEE OF TAX PREPAYMENTS
Add to My Favorites
Add to Favorites
Department: COMMERCE
Chapter: HARD-ROCK MINING IMPACT BOARD
Subchapter: Procedural Rules
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

Printer Friendly Version

8.104.214    FINANCIAL GUARANTEE OF TAX PREPAYMENTS

(1) The financial guarantee required of a developer by 90-6-309(3), MCA, to assure that property tax prepayments will be paid as needed by local government units must, at a minimum, meet the following requirements:

(a) The guarantee must cover the total amount of money the developer has committed to prepay with adequate provisions for any conditional payments provided for in the impact plan. Both the total amount covered by the guarantee and the specific purpose of each prepayment must be specified with sufficient clarity that it can be determined that the guarantee corresponds with and is sufficient to meet all prepayment commitments in the approved impact plan;

(b) The guarantee must make the money accessible to the board in the event of a default on the part of the developer or the need for the board to resolve a dispute between the developer and an affected local government unit; and

(c) The funds contained in the guarantee mechanism must be protected from all uses not specified in or provided for by an approved impact plan or an approved amendment to the plan.

(d) The guarantee must be provided through a financially sound third-party financial institution that is acceptable to the board and in which the developer does not have a significant financial interest.

(2) The financial guarantee must be submitted to the board in sufficient time that it may be approved by the board and be in place before mining activities under an operating permit issued by the Department of Environmental Quality commence or prior to the time an affected local government unit must incur a financial obligation in implementation of the approved impact plan and in anticipation of revenues protected by the financial guarantee, whichever occurs first.

History: 90-6-305, MCA; IMP, 90-6-309, MCA; NEW, 1986 MAR p. 1826, Eff. 10/31/86; AMD, 1994 MAR p. 2718, Eff. 10/14/94; AMD, 2008 MAR p. 945, Eff. 5/9/08.


 

 
MAR Notices Effective From Effective To History Notes
8-104-66 5/9/2008 Current History: 90-6-305, MCA; IMP, 90-6-309, MCA; NEW, 1986 MAR p. 1826, Eff. 10/31/86; AMD, 1994 MAR p. 2718, Eff. 10/14/94; AMD, 2008 MAR p. 945, Eff. 5/9/08.
10/14/1994 5/9/2008 History: Sec. 90-6-305, MCA; IMP, Sec. 90-6-309, MCA; NEW, 1986 MAR p. 1826, Eff. 10/31/86; AMD, 1994 MAR p. 2718, Eff. 10/14/94.
Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security