Terms Used In Montana Code > Title 17 > Chapter 6 > Part 3 - Montana In-State Investment

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the board of investments created in 2-15-1808. See Montana Code 17-6-302
• Clean and healthful environment: means an environment that is relatively free from pollution that threatens human health, including as a minimum, compliance with federal and state environmental and health standards. See Montana Code 17-6-302
• Coal-fired generating unit: means an individual unit of a coal-fired electrical generating facility located in Montana that has a generating capacity greater than or equal to 100 megawatts. See Montana Code 17-6-302
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-6-302
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Existing infrastructure: means public improvements, including but not limited to:

  (a)drinking water systems;

  (b)wastewater treatment;

  (c)sanitary sewer or storm sewer systems;

  (d)solid waste disposal and separation systems;

  (e)roads;

  (f)bridges; or

  (g)any public improvements authorized by Title 7, chapter 11, part 10; Title 7, chapter 12, parts 41 through 45; Title 7, chapter 13, parts 42 and 43; and Title 7, chapter 14, part 47. See Montana Code 17-6-302

• Financial institution: includes but is not limited to a state-chartered or federally chartered bank or a savings and loan association, credit union, or development corporation created pursuant to Title 32, chapter 4. See Montana Code 17-6-302
• 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.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• 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}
• Intermediary loan: means a loan provided to a local economic development organization with a revolving loan fund to be used to provide matching funds for the U. See Montana Code 17-6-302
• Lien: A claim against real or personal property in satisfaction of a debt.
• Loan participation: means loans or portions of loans bought from a financial institution. See Montana Code 17-6-302
• Local economic development organization: means :

  (a)(i) a private, nonprofit corporation, as provided in Title 35, chapter 2, that is exempt from taxation under section 501(c)(3) or 501(c)(6) of the Internal Revenue Code, 26 U. See Montana Code 17-6-302

• Montana economy: means any business activities in the state of Montana, including those that continue existing jobs or create new jobs in Montana. See Montana Code 17-6-302
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Owner: means an entity certified as an exempt wholesale generator pursuant to 42 U. See Montana Code 17-6-302
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Property: means real and personal property. See Montana Code 1-1-205
• 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.
• Service fees: means the fees normally charged by a financial institution for servicing a loan, including amounts charged for collecting payments and remitting amounts to the fund. See Montana Code 17-6-302
• Several: means two or more. See Montana Code 1-1-201
• 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