Montana Code 17-5-1311. State’s volume cap and reservations — department to adopt rule
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17-5-1311. State’s volume cap and reservations — department to adopt rule. (1) For each calendar year, the state‘s volume cap is the amount specified by the department pursuant to subsection (2). In each calendar year, subject to the provisions established by 17-5-1312 and 17-5-1313, 70% of the state’s volume cap is the state portion and 30% is the local portion.
Terms Used In Montana Code 17-5-1311
- Bonds: means bonds, notes, or other interest-bearing obligations of an issuer. See Montana Code 17-5-1302
- Department: means the department of administration. See Montana Code 17-5-1302
- Local portion: means that portion of the state's volume cap reserved for local issuers. See Montana Code 17-5-1302
- 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
- State portion: means that portion of the state's volume cap reserved for state issuers. See Montana Code 17-5-1302
- Volume cap: means , with respect to each calendar year, the principal amount of cap bonds that may be issued in the state in a calendar year as determined under the provisions of the tax act. See Montana Code 17-5-1302
(2)The department shall adopt a rule for the state’s volume cap specifying the maximum dollar value of cap bonds that may be issued in a calendar year. The rule adopted by the department must consider the volume cap.