Montana Code 85-9-629. Disposition and investment of sale proceeds
85-9-629. Disposition and investment of sale proceeds. (1) Proceeds from the sales of bonds must be deposited with the county in which the largest portion of the taxable valuation of real property of the district is located.
Terms Used In Montana Code 85-9-629
- 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.
- Directors: means the board of directors of a conservancy district. See Montana Code 85-9-103
- District: means a conservancy district. See Montana Code 85-9-103
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- 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
- 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
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The county treasurer shall place the proceeds of the bond sale to the credit of the district. The proceeds must be paid by the county treasurer on written order of the directors. Proceeds may only be spent for the purposes for which the bonds were issued.
(3)The directors shall instruct the county treasurer to deposit any part of the proceeds that is not immediately needed for the purpose for which the bonds were issued in a saving or time deposit in a state or national bank, savings and loan association, or credit union insured by the federal deposit insurance corporation or the national credit union administration or to invest in direct obligations of the United States government. The obligations must be payable within not to exceed 180 days from the time of deposit or investment.