Terms Used In Montana Code > Title 2 > Chapter 9 > Part 6 - Bonds of State Officers and Employees

• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• 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
• Bonds: means crossover refunding bonds. See Montana Code 17-5-2101
• 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.
• 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
• 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
• 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.
• 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.
• 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
• 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
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• 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}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• 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
• 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: 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.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• 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.
• Process: means a writ or summons issued in the course of judicial proceedings. See Montana Code 1-1-202
• 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

• Property: means real and personal property. See Montana Code 1-1-205
• 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
• Reserve fund: means the municipal finance consolidation act reserve fund created in 17-5-1630. See Montana Code 17-5-1604
• 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
• 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.
• Trustee: A person or institution holding and administering property in trust.
• 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
• Writing: includes printing. See Montana Code 1-1-203