Montana Code 17-5-107. Public or private sale — procedure for public sale
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17-5-107. Public or private sale — procedure for public sale. (1) The governing body of a political subdivision may sell its bonds at public or private sale as determined by the governing body and, if the bonds are sold at private sale, in denominations and forms approved by the governing body. If the governing body conducts a public sale, those provisions of state law regarding the public sale of bonds that pertain to the political subdivision govern the sale.
Terms Used In Montana Code 17-5-107
- Bonds: include bonds, notes, warrants, debentures, certificates of indebtedness, temporary bonds, temporary notes, interim receipts, interim certificates, and all instruments or obligations evidencing or representing indebtedness, evidencing or representing the borrowing of money, or evidencing or representing a charge, lien, or encumbrance on specific revenues, special assessments, income, or property of a political subdivision, including all instruments or obligations payable from a special fund. See Montana Code 17-5-101
- Governing body: means the board, council, commission, or other body charged with the general control of the issuance of bonds of a political subdivision. See Montana Code 17-5-101
- Political subdivision: includes a county, city, town, school district, irrigation district, drainage district, special improvement district, or any other governmental subdivision of the state. See Montana Code 17-5-101
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The bonds must be sold at not less than 97% of the principal amount of the bonds if the governing body determines that a sale at that price is in the best interests of the political subdivision.