Montana Code 17-5-1312. Allocation to state issuers
17-5-1312. Allocation to state issuers. (1) Except as provided in subsection (3), the state portion must be allocated to state issuers pursuant to 17-5-1316.
Terms Used In Montana Code 17-5-1312
- Allocation: means an allocation of a part of the state's volume cap to an issuer pursuant to this part. See Montana Code 17-5-1302
- 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
- Issuer: means a state issuer or local issuer. 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)As a condition of receiving an allocation, each state issuer:
(a)on issuance of the bonds, shall pay 35 cents per thousand of bonds to be deposited in the state general fund for the purpose of funding a portion of the annual comprehensive financial report audit; and
(b)shall provide the legislative auditor with full access to its financial records.
(3)Through the first Monday in September, allocations of the state portion must be made by the department to state issuers pursuant to 17-5-1316. After the first Monday in September, the state portion expires and any unallocated and unused state portion remaining must be allocated by the department as the state’s volume cap to issuers pursuant to 17-5-1316 without preference.