Terms Used In Montana Code > Title 17 > Chapter 5 - Public Bond Issues

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affidavit: means a sworn written declaration made before an officer authorized to administer oaths or an unsworn written declaration made under penalty of perjury as provided in 1-6-105. See Montana Code 1-1-203
• Allocation: means an allocation of a part of the state's volume cap to an issuer pursuant to this part. See Montana Code 17-5-1302
• Amortization: Paying off a loan by regular installments.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Authorized officer: means , with respect to any certificated public obligation:

  (i)an individual whose signature to the certificated public obligation is required or permitted; or

  (ii)an individual who may be permitted by an authorized officer, either alone or with the concurrence of another or others, to affix the individual's signature to the certificated public obligation and who is so permitted in writing by the authorized officer with any required concurrence. See Montana Code 17-5-1102

• Board: means the board of examiners. See Montana Code 17-5-1302
• Board: means the board of investments created in 2-15-1808. See Montana Code 17-5-1503
• Board: means the board of investments created in 2-15-1808. See Montana Code 17-5-1604
• Board: means the board of examiners provided for in 2-15-1007. See Montana Code 17-5-801
• Board: means the board of examiners created under 2-15-1007. See Montana Code 17-5-903
• Bond: means any bond, note, debenture, interim certificate, or other evidence of financial indebtedness issued by the board pursuant to this part. See Montana Code 17-5-1503
• Bond act: means an act approved by the vote of two-thirds of the members of each house of the legislature or by a majority of the electors voting thereon, authorizing the issuance of bonds for the purpose set forth therein and adopting this part by reference. See Montana Code 17-5-801
• Bonds: means bonds, notes, or other interest-bearing obligations of an issuer. See Montana Code 17-5-1302
• Bonds: means crossover refunding bonds. See Montana Code 17-5-2101
• Bonds: include bonds, notes, warrants, debentures, certificates of indebtedness, temporary bonds, temporary notes, interim receipts, interim certificates, and all instruments or obligations evidencing or representing indebtedness, evidencing or representing the borrowing of money, or evidencing or representing a charge, lien, or encumbrance on specific revenues, special assessments, income, or property of a political subdivision, including all instruments or obligations payable from a special fund. See Montana Code 17-5-101
• Bonds: includes bonds, notes, warrants, debentures, certificates of indebtedness, temporary bonds, temporary notes, interim receipts, interim certificates, and all instruments or obligations evidencing or representing indebtedness or evidencing or representing the borrowing of money or evidencing or representing a charge, lien, or encumbrance on specific revenues, income, or property of a public body, including all instruments or obligations payable from a special fund. See Montana Code 17-5-202
• Bonds: means general obligation bonds, notes, or other evidences of indebtedness issued in accordance with the provisions of this part. See Montana Code 17-5-801
• Bonds: means bonds, notes, or other evidences of indebtedness issued pursuant to this part as highway revenue bonds. See Montana Code 17-5-903
• Cap bonds: means those private activity bonds and that portion of governmental bonds for which a part of the volume cap is required to be allocated pursuant to the tax act. See Montana Code 17-5-1302
• Capital projects account: means a separate general obligation bond and note account created within the capital projects fund type established in 17-2-102. See Montana Code 17-5-801
• Certificated public obligation: means an obligation that is:

  (a)issued pursuant to a system of registration;

  (b)represented by an instrument; and

  (c)either one of a class or series or by its terms is divisible into a class or series of obligations. See Montana Code 17-5-1102

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Costs: includes those expenses related to acquiring land; planning, design, and construction of capital projects and of buildings as defined in 18-2-101; or any other administrative expenses of the department, including legal fees, incurred in the performance of its duties under Title 18, chapter 2. See Montana Code 17-5-801
• Crossover date: means the date the proceeds of crossover refunding bonds are pledged to the payment of the obligations to be refunded. See Montana Code 17-5-2101
• Customary: means according to usage. See Montana Code 1-1-206
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debt service account: means a separate general obligation bond and note account created within the debt service fund type established in 17-2-102. See Montana Code 17-5-801
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the department of administration. See Montana Code 17-5-1302
• Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-5-1503
• Department: means the department of commerce created in 2-15-1801. See Montana Code 17-5-1604
• Department: means the department of administration created in 2-15-1001. See Montana Code 17-5-801
• Department: means the department of transportation provided for in Title 2, chapter 15, part 25. See Montana Code 17-5-903
• Devise: To gift property by will.
• Eligible government unit: means :

  (a)any municipal corporation or political subdivision of the state, including without limitation any city, town, county, school district, authority as defined in 75-6-304, or other special taxing district or assessment or service district authorized by law to borrow money;

  (b)the state, any board, agency, or department of the state, or the board of regents of the Montana university system when authorized by law to borrow money; or

  (c)an Indian tribal government, in accordance with 17-1-702. See Montana Code 17-5-1604

• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• Facsimile seal: means the reproduction by engraving, imprinting, stamping, or other means of the seal of the issuer, official, or official body. See Montana Code 17-5-1102
• Facsimile signature: means the reproduction by engraving, imprinting, stamping, or other means of the manual signature of an authorized officer. See Montana Code 17-5-1102
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Finance: means to supply capital and, in the case of agricultural enterprises, to refinance a project and project costs. See Montana Code 17-5-1503
• Financial institution: means any bank, savings and loan association, credit union, development credit corporation, insurance company, investment company, trust company, savings institution, or other financial institution approved by the board. See Montana Code 17-5-1503
• Financial intermediary: means a bank, broker, clearing corporation, or trust company or the nominee of any of them or other person or nominee that in the ordinary course of its business maintains public obligation accounts for its customers. See Montana Code 17-5-1102
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the board or body that exercises the legislative power of the public body. See Montana Code 17-5-2101
• Governing body: means the board, council, commission, or other body charged with the general control of the issuance of bonds of a political subdivision. See Montana Code 17-5-101
• Governmental bonds: means bonds other than private activity bonds. See Montana Code 17-5-1302
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Highway projects: means the construction, reconstruction, maintenance, and repair of commission-designated highway systems and state highways as those terms are defined in 60-1-103. See Montana Code 17-5-903
• Highway revenues: means the revenues specified in Article VIII, section 6, of the Montana constitution and 15-70-126 and 15-70-128 as revenues from gross vehicle weight fees and excise and license taxes (except general sales and use taxes, if any) on gasoline, fuel, and other energy sources used to propel vehicles on public highways and any other revenues, taxes, or receipts credited to the department in the state special revenue fund and the federal special revenue fund. See Montana Code 17-5-903
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Internal Revenue Code: has the meaning provided in 15-30-2101. See Montana Code 17-5-1102
• Issuer: means a public entity that:

  (a)executes a certificated public obligation to evidence its duty to perform an obligation represented by the certificated public obligation;

  (b)undertakes to perform an obligation that is an uncertificated public obligation; or

  (c)becomes responsible for or in place of a public entity described as an issuer in this subsection (7). See Montana Code 17-5-1102

• Issuer: means a state issuer or local issuer. See Montana Code 17-5-1302
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Lien: A claim against real or personal property in satisfaction of a debt.
• Local government: means the city in which the project is located, if the project is located within an incorporated municipality, or the county if the project is located within the county but outside the boundaries of an incorporated municipality. See Montana Code 17-5-1503
• Local issuer: means a city, town, county, or other political subdivision of the state authorized to issue private activity bonds or governmental bonds. See Montana Code 17-5-1302
• Local portion: means that portion of the state's volume cap reserved for local issuers. See Montana Code 17-5-1302
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Obligation: means an agreement of an issuer to pay principal and interest and includes a share, participation, or other interest in the agreement. See Montana Code 17-5-1102
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Official actions: means the actions by statute, order, ordinance, resolution, contract, or other authorized means by which the issuer provides for issuance of a public obligation. See Montana Code 17-5-1102
• Official or official body: means :

  (a)the officer or body that is empowered under the laws of one or more states, including this state, to provide for original issuance of a public obligation of the issuer by defining the obligation and its terms, conditions, and other incidents;

  (b)the successor or successors of the official or official body; and

  (c)any other person or group of persons who are assigned duties of the official or official body under applicable law. See Montana Code 17-5-1102

• Original issuance: means the first transfer of a public obligation by an issuer to a purchaser. See Montana Code 17-5-1102
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Political subdivision: includes a county, city, town, school district, irrigation district, drainage district, special improvement district, or any other governmental subdivision of the state. See Montana Code 17-5-101
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Printing: means the act of reproducing a design on a surface by any process. See Montana Code 1-1-203
• Project: means a project as defined in 90-5-101. See Montana Code 17-5-1503
• Project costs: means the costs of acquiring or improving any project, including the following:

  (a)the actual cost of acquiring or improving real estate for any project;

  (b)the actual cost of construction of all or any part of a project, including architects' and engineers' fees;

  (c)all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition or improvement;

  (d)bond reserves and premiums for insurance or guaranty of loan payments or lease rentals pledged to pay the bonds;

  (e)the interest on such bonds for a reasonable time prior to construction, during construction, and not exceeding 6 months after completion of construction; and

  (f)working capital for agricultural enterprise projects for a period not to exceed 1 year. See Montana Code 17-5-1503

• Public body: means any political subdivision of the state and includes but is not limited to a county, city, town, or school district. See Montana Code 17-5-2101
• Public body: includes a county, city, town, school district, irrigation district, drainage district, special improvement district, or any other political or governmental subdivision of the state or any commission, authority, or agency of a political or governmental subdivision, and also includes the board of public education, the board of regents of higher education, the board of examiners, the department of natural resources and conservation, the state transportation commission, or any other governmental agency of this state. See Montana Code 17-5-202
• Public entity: means any entity, department, or agency that is empowered under the laws of one or more states, including this state, to issue obligations, any interest with respect to which may under any provision of law be provided an exemption from the income tax referred to in the Internal Revenue Code. See Montana Code 17-5-1102
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public obligation: means either a certificated or an uncertificated public obligation. See Montana Code 17-5-1102
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Reserve fund: means the municipal finance consolidation act reserve fund created in 17-5-1630. See Montana Code 17-5-1604
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Several: means two or more. See Montana Code 1-1-201
• State issuer: means the state and any agency, board, or authority of the state authorized to issue private activity bonds. See Montana Code 17-5-1302
• State portion: means that portion of the state's volume cap reserved for state issuers. See Montana Code 17-5-1302
• Statute: A law passed by a legislature.
• Tax act: means the latest limitation enacted by the United States congress on the amount of cap bonds that may be issued by a state or local issuer. See Montana Code 17-5-1302
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Treasurer: means the ex officio state treasurer, referred to in 2-15-1002. See Montana Code 17-5-801
• Trustee: A person or institution holding and administering property in trust.
• Uncertificated public obligation: means an obligation that is:

  (a)issued pursuant to a system of registration;

  (b)not represented by an instrument; and

  (c)either one of a class or series or by its terms divisible into a class or series of obligations. See Montana Code 17-5-1102

• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Volume cap: means , with respect to each calendar year, the principal amount of cap bonds that may be issued in the state in a calendar year as determined under the provisions of the tax act. See Montana Code 17-5-1302