Montana Code 20-9-407. Industrial facility agreement for bond issue in excess of maximum
20-9-407. Industrial facility agreement for bond issue in excess of maximum. (1) Pursuant to an agreement between a new major industrial facility and a school district and as a precondition to qualifying as class five property under 15-6-135(1)(c) before the amendment of 15-6-135 in Chapter 644, Laws of 2023, the new major industrial facility and its owners shall pay, in addition to the taxes imposed by the school district on property owners generally, as much of the principal and interest on the bonds provided for under former subsection (1) of this section before the amendment in Chapter 644, Laws of 2023 as represents payment on an indebtedness in excess of the limitation prescribed in 20-9-406. After the completion of the new major industrial facility and when the indebtedness of the school district no longer exceeds the limitation prescribed in former subsection (1) of this section before the amendment in Chapter 644, Laws of 2023, the new major industrial facility is entitled, after all the current indebtedness of the school district has been paid, to a tax credit over a period of no more than 20 years. The credit must as a total amount be equal to the amount that the facility paid the principal and interest of the school district’s bonds in excess of its general liability as a taxpayer within the district.
Terms Used In Montana Code 20-9-407
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- ANB: means the average number of regularly enrolled, full-time pupils physically attending a school of the district or an offsite instructional setting or receiving remote instruction from the public schools of a district. See Montana Code 20-1-101
- district: means the territory, regardless of county boundaries, organized under the provisions of this title to provide public educational services under the jurisdiction of the trustees prescribed by this title. See Montana Code 20-6-101
- Principal: means a person who holds a valid class 3 Montana teacher certificate with an applicable principal's endorsement that has been issued by the superintendent of public instruction under the provisions of this title and the policies adopted by the board of public education and who has been employed by a district as a principal. See Montana Code 20-1-101
- Property: means real and personal property. See Montana Code 1-1-205
- school: means an institution for the teaching of children that is established and maintained under the laws of the state of Montana at public expense. See Montana Code 20-6-501
(2)A major industrial facility is a facility subject to the taxing power of the school district, whose construction or operation will increase the population of the district, imposing a significant burden upon the resources of the district and requiring construction of new school facilities. A significant burden is an increase in ANB of at least 20% in a single year.