Montana Code 17-5-1313. Allocation to local issuers
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17-5-1313. Allocation to local issuers. (1) The local portion must be allocated by the department pursuant to 17-5-1316, and through the first Monday in September, no local issuer is entitled to an allocation except from the local portion set-aside.
Terms Used In Montana Code 17-5-1313
- 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
- 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
- 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
- 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)No more than $40 million of the local portion may be allocated for a single project or purpose prior to the first Monday in September of each year.
(3)After the first Monday in September, the local portion expires and any unallocated and unused local portion remaining must be allocated by the department as the state‘s volume cap to issuers pursuant to 17-5-1316 without preference.