7-7-4236. Resolution to sell bonds pursuant to public sale. (1) If issuing of bonds has been approved as provided in 7-7-4235 and the city or town council conducts a public sale, the city or town council shall pass a resolution calling for the sale of the bonds.

Terms Used In Montana Code 7-7-4236

  • 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 7-7-4210
  • 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;

(g)that a bond may be redeemed in full, at the option of the city or town, on any interest payment date after expiration of one-half of the term for which the bond was issued; and

(h)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 council may in its discretion provide that the bonds may be issued and sold in two or more series or installments.

(4)The city or town council may fix the minimum price for the bonds in an amount not less than 97% of the face value if the city or town council determines that the sale is in the best interests of the city or town.