Montana Code 7-12-4207. Investment of interest and sinking fund money
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7-12-4207. Investment of interest and sinking fund money. (1) The governing body of a city in which a special improvement district is located may invest interest and sinking fund money of the district in time deposits of a bank, savings and loan association, or credit union insured by the federal deposit insurance corporation or by the national credit union administration or invested in direct obligations of the United States government payable within 180 days from the time of investment.
Terms Used In Montana Code 7-12-4207
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)All interest collected on deposits or investments must be credited to the sinking fund from which the money was withdrawn.