Montana Code 17-5-807. Limitations on general obligation bonds and bond anticipation notes
17-5-807. Limitations on general obligation bonds and bond anticipation notes. (1) Bonds and bond anticipation notes may not be issued for information technology acquisitions, including hardware or software, for a period longer than the estimated useful life of the asset.
Terms Used In Montana Code 17-5-807
- Bonds: means general obligation bonds, notes, or other evidences of indebtedness issued in accordance with the provisions of this part. See Montana Code 17-5-801
- Department: means the department of administration created in 2-15-1001. See Montana Code 17-5-801
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
(2)The chief information officer, as defined in 2-17-506, shall estimate the useful life of the asset for the proposed information technology purchase and provide this information for inclusion prior to the department determining the appropriate financing method, as described in 2-17-512(1)(g).
(3)Whenever the department determines that the purchase of information technology hardware or software must be expensed in accordance with state accounting policy, general obligation bonds may not be issued for the purchase.