Montana Code 7-7-2238. Resolution to sell bonds pursuant to public sale
7-7-2238. Resolution to sell bonds pursuant to public sale. (1) If a sufficient percentage of the qualified electors entitled to vote at an election voted on the question and a sufficient percentage of votes were cast in favor of issuing bonds as provided in 7-7-2237 and if the board of county commissioners conducts a public sale, the board of county commissioners shall adopt a resolution calling for the sale of the bonds.
Terms Used In Montana Code 7-7-2238
- serial bonds: as used in this part , means a bond issue payable in annual installments of principal commencing not more than 2 years from the date of issue, any one installment consisting of one or more bonds, with the principal amount of bonds maturing or subject to mandatory sinking fund redemption in each installment, commencing with the installment payable in the fourth year after the date of issue, not exceeding three times the principal amount of the bonds payable in the immediately preceding installment. See Montana Code 7-7-2211
- 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)The resolution calling for the sale of the bonds must state:
(a)the purpose for which the bonds are to be issued;
(b)the amount of the bonds to be issued;
(c)the minimum purchase price of the bonds;
(d)the date that the bonds will bear;
(e)the period of time through which the bonds are payable;
(f)the optional redemption provisions, if any; and
(g)a form of notice of the sale of the bonds.
(3)The resolution must, except in a bond issue of citizen bonds, fix the denomination of serial bonds in case it is found advantageous to issue bonds in that form. The board may in its discretion provide that the bonds may be issued and sold in two or more series or installments.
(4)The board of county commissioners may fix the minimum price for the bonds in an amount less than the principal amount of the bonds, which may not be less than 97% of the principal amount, if the board determines that a sale at that price is in the best interests of the county.