Montana Code 20-9-508. Building fund
20-9-508. Building fund. (1) The trustees of a district shall establish or credit the building fund whenever the district:
Terms Used In Montana Code 20-9-508
- 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
- fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
- nonbudgeted fund: means any fund for which a budget is not required in order to expend money on deposit in the fund. See Montana Code 20-9-201
- 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
- Trustees: means the governing board of a district. See Montana Code 20-1-101
(a)issues and sells bonds under the school district bonding provisions of this title for purposes other than refunding bonds of the district;
(b)receives federal money for the express purpose of building, enlarging, or remodeling a school building or other building of the district;
(c)sells property of the district in accordance with the law authorizing the sale;
(d)earns interest from the investment of building fund money under the provisions of 20-9-213(4), except that interest earned from the investment of bond money under the provisions of 20-9-435 must be credited to a fund in accordance with that section; or
(e)receives any other money, including payments made by a developer under the provisions of 20-9-615, for the express purpose of building, enlarging, or remodeling a school building or other building of the district.
(2)The financial administration of the building fund must be in accordance with the financial administration provisions of this title for a nonbudgeted fund and must provide for a separate accounting of the money realized by each bond issue or by each construction project financed by a federal grant of money. Any other money deposited to the credit of this fund must be expended for building, enlargement, remodeling, or repairing of buildings of the district at the discretion of the trustees.
(3)Money credited to the building fund under the provisions of subsection (1)(a) must be expended for the express purpose or purposes authorized by the bond proposition approved at the election authorizing the issuance of the bonds. Any money realized by the sale of bonds and remaining to the credit of the building fund after the full accomplishment of the purpose for which the bonds were sold must be transferred to the debt service fund to be used for the redemption of the bonds.
(4)Money credited to the building fund under the provisions of subsection (1)(b) must be expended for the express purpose or purposes authorized by the federal government in granting the money.