Montana Code 17-5-1503. Definitions
17-5-1503. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:
Terms Used In Montana Code 17-5-1503
- Board: means the board of investments created in 2-15-1808. See Montana Code 17-5-1503
- Bond: means any bond, note, debenture, interim certificate, or other evidence of financial indebtedness issued by the board pursuant to this part. See Montana Code 17-5-1503
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-5-1503
- 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.
- Finance: means to supply capital and, in the case of agricultural enterprises, to refinance a project and project costs. See Montana Code 17-5-1503
- Financial institution: means any bank, savings and loan association, credit union, development credit corporation, insurance company, investment company, trust company, savings institution, or other financial institution approved by the board. See Montana Code 17-5-1503
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Project: means a project as defined in 90-5-101. See Montana Code 17-5-1503
- Project costs: means the costs of acquiring or improving any project, including the following:
(a)the actual cost of acquiring or improving real estate for any project;
(b)the actual cost of construction of all or any part of a project, including architects' and engineers' fees;
(c)all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition or improvement;
(d)bond reserves and premiums for insurance or guaranty of loan payments or lease rentals pledged to pay the bonds;
(e)the interest on such bonds for a reasonable time prior to construction, during construction, and not exceeding 6 months after completion of construction; and
(f)working capital for agricultural enterprise projects for a period not to exceed 1 year. See Montana Code 17-5-1503
(1)”Board” means the board of investments created in 2-15-1808.
(2)”Bond” means any bond, note, debenture, interim certificate, or other evidence of financial indebtedness issued by the board pursuant to this part.
(3)”Department” means the department of commerce provided for in 2-15-1801.
(4)”Finance” means to supply capital and, in the case of agricultural enterprises, to refinance a project and project costs.
(5)”Financial institution” means any bank, savings and loan association, credit union, development credit corporation, insurance company, investment company, trust company, savings institution, or other financial institution approved by the board.
(6)”Local government” means the city in which the project is located, if the project is located within an incorporated municipality, or the county if the project is located within the county but outside the boundaries of an incorporated municipality.
(7)”Major project” means a project whose cost or appraised value exceeds $800,000.
(8)”Project” means a project as defined in 90-5-101.
(9)”Project costs” means the costs of acquiring or improving any project, including the following:
(a)the actual cost of acquiring or improving real estate for any project;
(b)the actual cost of construction of all or any part of a project, including architects’ and engineers’ fees;
(c)all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition or improvement;
(d)bond reserves and premiums for insurance or guaranty of loan payments or lease rentals pledged to pay the bonds;
(e)the interest on such bonds for a reasonable time prior to construction, during construction, and not exceeding 6 months after completion of construction; and
(f)working capital for agricultural enterprise projects for a period not to exceed 1 year.