Montana Code 20-9-429. Trustees’ resolution to issue school district bonds pursuant to public sale
20-9-429. Trustees’ resolution to issue school district bonds pursuant to public sale. If the trustees conduct a public sale, at any time after the date of the election certificate, the trustees shall adopt a resolution calling for the sale of bonds of the school district. The resolution must specify:
Terms Used In Montana Code 20-9-429
- Amortization: Paying off a loan by regular installments.
- 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
- 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
- Trustees: means the governing board of a district. See Montana Code 20-1-101
(1)the number of series or installments in which the bonds are to be issued;
(2)the amount of bonds to be issued;
(3)the minimum purchase price of the bonds;
(4)the purpose or purposes of the issue;
(5)the date that the issue will bear;
(6)the period of time through which the issue will be paid;
(7)the manner of execution of the bonds;
(8)whether bids will be accepted for either serial or amortization bonds and, if so, the denomination of serial or amortization bonds;
(9)the date and time that the sale of the bonds must be conducted; and
(10)the minimum price fixed by the board of trustees for the bonds, which may not be less than 97% of the principal amount of the bonds if the board determines that the sale is in the best interests of the district.