Montana Code 69-3-1618. Montana energy impact assistance bonds — legal investments — not public debt — pledge of the state
69-3-1618. Montana energy impact assistance bonds — legal investments — not public debt — pledge of the state. (1) Banks, trust companies, savings and loan associations, insurance companies, executors, administrators, guardians, trustees, and other fiduciaries may legally invest any money within their control in Montana energy impact assistance bonds.
Terms Used In Montana Code 69-3-1618
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Financing order: means an order issued by the commission in accordance with 69-3-1606 that grants, in whole or in part, an application filed pursuant to 69-3-1605 authorizing the issuance of Montana energy impact assistance bonds in one or more series, the imposition, charging, and collection of Montana energy impact assistance charges, and the creation of Montana energy impact assistance property. See Montana Code 69-3-1603
- Montana energy impact assistance bonds: means low-cost corporate securities, including but not limited to senior secured bonds, debentures, notes, certificates of participation, certificates of beneficial interest, certificates of ownership, or other evidences of indebtedness or ownership that have a scheduled maturity of no longer than 30 years and a final legal maturity date that is not later than 32 years from the issue date, that are rated AA or Aa2 or better by a major independent credit rating agency at the time of issuance, and that are issued by an electric utility or an assignee pursuant to a financing order. See Montana Code 69-3-1603
- Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
- 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)Montana energy impact assistance bonds issued as authorized by a financing order are not debt of or a pledge of the faith and credit or taxing power of the state, any agency of the state, or any county, municipality, or other political subdivision of the state. Holders of Montana energy impact assistance bonds may not have taxes levied by the state or by any county, municipality, or other political subdivision of the state for the payment of the principal or interest on Montana energy impact assistance bonds. The issuance of Montana energy impact assistance bonds does not directly, indirectly, or contingently obligate the state or a political subdivision of the state to levy any tax or make any appropriation for payment of principal or interest on the Montana energy impact assistance bonds.
(3)The Montana energy impact assistance bonds issued under this part are exempt from the provisions of Title 30, chapter 10, but copies of all prospectus and disclosure documents must be deposited for public inspection with the state securities commissioner.