Montana Code 20-9-430. Sale of school district bonds and notice of public sale
20-9-430. Sale of school district bonds and notice of public sale. The trustees may sell school district bonds at public or private sale pursuant to 17-5-107. If the trustees conduct a public sale, the trustees shall give notice of the sale of school district bonds. The notice must state the purpose for which the bonds are to be issued and the amount proposed to be issued and must be substantially in the following form:
NOTICE OF SALE OF SCHOOL DISTRICT BONDS
Terms Used In Montana Code 20-9-430
- 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
- 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.
- Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
- 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
- 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
- Trustees: means the governing board of a district. See Montana Code 20-1-101
Notice is hereby given by the trustees of School District No. ………….. of ………… County, state of Montana, that the trustees will on the ………. day of ………………., ………….., at the hour of ………. o’clock …..m. at ………….., in the school district, sell to the highest and best bidder for cash (state here: general obligation, oil and natural gas revenue, or impact aid revenue) bonds of the school district in the total amount of …………. dollars ($……………), for the purpose of …………………………
The bonds will be issued and sold in the aggregate principal amount of …………. dollars ($………) each and will become payable according to the maturity schedule set forth below (set forth maturity schedule adopted by the school district). (If the bonds are to be issued as amortization bonds, indicate that here.)
The bonds will bear an original issue date of …………., ……….., will pay interest commencing on the ………….. day of …………. (month), ………., will be payable semiannually on the ………….. day of ………… (month) and …………. (month) in each year thereafter, and will be redeemable in full. (Here insert optional provisions, if any, to be recited on the bonds.)
The bonds will be sold for not less than $ …………….., with accrued interest on the principal amount of the bonds to the date of their delivery, and all bidders shall state the lowest rate of interest at which they will purchase the bonds at the price specified for the bonds. The trustees reserve the right to reject any bids and to sell the bonds at private sale.
All bids must be accompanied by (insert appropriate bid security as permitted by 18-1-202) in the sum of ………….. dollars ($ ……………) payable to the order of the district, which will be forfeited by the successful bidder in the event that the bidder refuses to purchase the bonds.
All bids should be addressed to the undersigned district.
………………………………
Presiding officer, School District No…………..
of………………… County
Address: …………………………………….
ATTEST:
Subscribed and sworn to before me this ……………. day of ………………., ………..; ………………. Notary Public for the State residing at …………………….., Montana. My commission expires ………………………