Montana Code 17-5-1318. Terms of allocations
17-5-1318. Terms of allocations. (1) Unless terminated earlier by the issuer, an allocation is valid for 120 days from the date the department mails the notice of approval. Prior to the expiration of the 120-day period, the department may extend the period of validity for an additional 30 days on presentation of evidence that an agreement to purchase the cap bonds for which the allocation was given has been obtained from an entity legally authorized to purchase them.
Terms Used In Montana Code 17-5-1318
- 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
- Cap bonds: means those private activity bonds and that portion of governmental bonds for which a part of the volume cap is required to be allocated pursuant to the tax act. See Montana Code 17-5-1302
- Department: means the department of administration. See Montana Code 17-5-1302
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Issuer: means a state issuer or local issuer. See Montana Code 17-5-1302
(2)If the cap bonds are not issued within the period of validity as determined under subsection (1), the allocation automatically expires.
(3)All allocations expire on December 31 of the year in which they were made. However, this subsection does not limit the term of an allocation for which a valid carryforward election has been made.