Montana Code 17-5-1325. Reassignment of bonding authority for agricultural purposes — contingency
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17-5-1325. Reassignment of bonding authority for agricultural purposes — contingency. If, at some time in the future, federal taxation laws allow the use of tax-exempt bonds to provide loans for the acquisition of farm or ranch land, a downpayment on the acquisition of farm or ranch land, or the acquisition or construction of depreciable property used in the operation of a farm or ranch, the allocation of bonding authority originally assigned to the Montana agricultural loan authority must be reassigned to the Montana board of investments to provide those loans.
Terms Used In Montana Code 17-5-1325
- 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
- Board: means the board of examiners. See Montana Code 17-5-1302
- Bonds: means bonds, notes, or other interest-bearing obligations of an issuer. See Montana Code 17-5-1302
- Property: means real and personal property. See Montana Code 1-1-205