Montana Code 7-12-2173. Disposition of bond or warrant proceeds
7-12-2173. Disposition of bond or warrant proceeds. (1) The board of county commissioners shall use the proceeds of such sale in making payment for the cost of the improvements. Payments to contractors may be made either from time to time, on estimates made by the engineer in charge of such improvements for the county, or upon the entire completion of the improvements and the acceptance thereof by the board.
Terms Used In Montana Code 7-12-2173
- board of county commissioners: includes any body or board that under the law is the legislative department of the government of the county. See Montana Code 7-12-2101
- engineer: as used in this part , means the person, firm, or corporation designated by the board of county commissioners as the engineer for the improvement. See Montana Code 7-12-2101
- improvements: as used in this part , include all work or the securing of property, by purchase or otherwise, mentioned in this part and also the construction, reconstruction, maintenance, and repair of any portion of the work. See Montana Code 7-12-2101
(2)All interest earned on the investment of bond or warrant proceeds during the construction of improvements must be credited to the construction account of the improvement district fund from which the proceeds were withdrawn.
(3)Any proceeds of the bonds or warrants, including investment income thereon, remaining after payment of all costs of the improvements must be transferred to the sinking fund in the improvement district fund and applied, to the extent possible, to the prepayment and redemption of bonds or warrants on the next succeeding redemption date for which notice of redemption may properly be given.