Terms Used In Montana Code > Title 90 > Chapter 6 - Community Impact -- Planning and Abatement

• Affected local government unit: means a local government unit that will experience a need to increase services or facilities as a result of the commencement of large-scale mineral development or within which a large-scale mineral development is located in accordance with an impact plan adopted pursuant to 90-6-307. See Montana Code 90-6-402
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• 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 housing created in 2-15-1814. See Montana Code 90-6-103
• Board: means the hard-rock mining impact board established in 2-15-1822. See Montana Code 90-6-402
• Board: means the board of housing provided for in 2-15-1814. See Montana Code 90-6-602
• Bond: means any bonds, notes, debentures, interim certificates, or other evidences of financial indebtedness issued by the board pursuant to this part, including those on which interest payments are taxable and those on which interest payments are tax exempt. See Montana Code 90-6-103
• Budget authority: Authority provided by law to enter into obligations that will result in outlays of Federal funds. Budget authority may be classified by the period of availability (one-year, multiyear, no-year), by the timing of congressional action (current or permanent), or by the manner of determining the amount available (definite or indefinite).
• Capital reserve account: means the capital reserve account provided for in 90-6-107. See Montana Code 90-6-103
• 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.
• Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. ^{Source: OCC}
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the department of commerce provided for in Title 2, chapter 15, part 18. See Montana Code 90-6-103
• Eligible veteran: means an individual who is a Montana resident and who:

  (a)is or has been a member of the Montana national guard;

  (b)is or has been a member of the federal reserve forces of the armed forces of the United States, serving pursuant to Title 10 of the United States Code;

  (c)is serving or has served on federal active duty pursuant to Title 10 of the United States Code;

  (d)is an unremarried spouse of an individual who was otherwise an eligible veteran and was killed in the line of duty;

  (e)is an eligible veteran as defined by the board pursuant to 90-6-605(2); or

  (f)if previously a member of the armed forces, was discharged under honorable conditions. See Montana Code 90-6-602

• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Federally insured mortgage: means a mortgage loan for land development or residential housing insured or guaranteed by the United States or a governmental agency or instrumentality of the United States or a commitment by the United States or a governmental agency or instrumentalities of the United States to insure a mortgage. See Montana Code 90-6-103
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• First-time home buyer: means an individual determined by the board to be a first-time home buyer pursuant to rules adopted by the board. See Montana Code 90-6-602
• 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.
• Governmental agency: means any department, division, public corporation, public agency, political subdivision, or other public instrumentality of the state, the federal government, any other state or public agency, or any two or more of the entities listed in this subsection. See Montana Code 90-6-103
• 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.
• Housing development: means single-family homes, multifamily projects, housing for the elderly projects, nursing home projects, personal-care projects, and any work or undertaking financed in whole or in part under this part for the primary purpose of acquiring, constructing, or rehabilitating accommodations for persons or families of lower income in need of housing. See Montana Code 90-6-103
• Housing development costs: means the sum total of all costs incurred in a housing development approved by the board as reasonable and necessary, including but not limited to:

  (a)cost of land acquisition and any buildings on the land, including payments for options, deposits, or contracts to purchase properties on the proposed housing development site or payments for the purchase of properties;

  (b)cost of site preparation, demolition, and clearing;

  (c)architectural, engineering, legal, accounting, corporation, and other fees paid or payable in connection with the planning, execution, and financing of the housing development and the finding of an eligible mortgagee or mortgagees for the housing development;

  (d)cost of necessary studies, surveys, plans, and permits;

  (e)insurance, interest, financing, tax and assessment costs, and other operating and carrying costs during construction;

  (f)cost of construction, rehabilitation, reconstruction, fixtures, furnishings, equipment, machinery, apparatus, and similar facilities related to the real property;

  (g)cost of land improvements, including landscaping and offsite improvements, whether or not the costs have been paid in cash or in a form other than cash;

  (h)necessary expenses in connection with initial occupancy of the housing development;

  (i)a reasonable profit and risk fee in addition to job overhead to the general contractor and, if applicable, a limited-profit housing sponsor;

  (j)an allowance established by the board for working capital and contingency reserves and reserves for any anticipated operating deficits during construction and initial occupancy;

  (k)cost of other items, including tenant relocation, that the board determines to be reasonable and necessary for the housing development, less any net rents and other net revenue received from the operation of the real and personal property on the development site during the construction. See Montana Code 90-6-103

• Housing sponsor: means individuals, joint ventures, partnerships, limited partnerships, trusts, firms, associations, corporations, governmental agencies, limited-profit housing sponsors, nonprofit corporations, or other legal entities or any combination of the entities listed in this subsection that are:

  (a)approved by the board;

  (b)qualified to either own, construct, acquire, rehabilitate, operate, manage, or maintain a housing development;

  (c)subject to the rules of the board and other terms and conditions set forth in this part. See Montana Code 90-6-103

• Infrastructure projects: means :

  (i)drinking water systems;

  (ii)wastewater treatment;

  (iii)sanitary sewer or storm sewer systems;

  (iv)solid waste disposal and separation systems, including site acquisition, preparation, or monitoring; or

  (v)bridges. See Montana Code 90-6-701

• 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}
• Jurisdictional revenue disparity: means property tax revenues resulting from a large-scale hard-rock mineral development that are inequitably distributed among affected local government units as finally determined by the board in an approved impact plan. See Montana Code 90-6-402
• 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}
• Lending institution: means any public or private entity or governmental agency approved by the board maintaining an office in this state and authorized by law to make or participate in making residential mortgages in the state. See Montana Code 90-6-103
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Local government: means an incorporated city or town, a county, a consolidated local government, a tribal government, a county or multicounty water, sewer, or solid waste district, or an authority as defined in 75-6-304. See Montana Code 90-6-701
• Montana coal endowment fund: means the coal severance tax infrastructure endowment fund established in 17-5-703(1)(b). See Montana Code 90-6-701
• Montana coal endowment program: means the local government infrastructure investment program established in subsection (1). See Montana Code 90-6-701
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means a mortgage deed, deed of trust, or other instrument that constitutes a valid lien on real property in fee simple or on a leasehold under a lease having a remaining term at the time that the mortgage is acquired that does not expire for at least that number of years beyond the maturity date of the obligation secured by the mortgage established by the board as necessary to protect its interest as mortgagee. See Montana Code 90-6-103
• Mortgage: means a mortgage as defined in 90-6-103. See Montana Code 90-6-503
• Mortgage loan: means an interest-bearing obligation secured by a mortgage on land and improvements in the state. See Montana Code 90-6-103
• Mortgage loan: means a loan for the purchase of real property with any improvements located within this state that is to be used for residential purposes and that is based upon a written instrument approved by a federal agency and that is written in the form of a trust indenture. See Montana Code 90-6-602
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagee: means the holder of a mortgage or its assignee. See Montana Code 90-6-503
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means a person:

  (a)who is of lower income as determined by the board. See Montana Code 90-6-503

• 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.
• Participating financial institution: means a corporate lender or other loan originator approved by the board for originating and servicing loans pursuant to this part. See Montana Code 90-6-602
• 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.
• Persons and families of lower income: means persons and families with insufficient personal or family income or other financial resources who require assistance under this part, as determined by the board, taking into consideration:

  (a)the amount of the total personal and family income, assets, and other financial resources available for housing needs;

  (b)the size of the family;

  (c)the eligibility of persons and families under federal housing assistance of any type based on lower income or a functional or physical disability;

  (d)the ability of persons and families to compete successfully in the normal housing market and to pay the amount at which private enterprise is providing decent, safe, and sanitary housing;

  (e)the availability and cost of housing in particular areas; and

  (f)needs of particular persons or families because of age or physical disabilities. See Montana Code 90-6-103

• 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
• program: means the program created in 90-6-603. See Montana Code 90-6-602
• Rehabilitation: means the repair, reconstruction, or improvement of an existing structure to provide decent, safe, and sanitary housing or to conform housing with state or local health, building, fire prevention, and safety codes as determined by the board. See Montana Code 90-6-103
• Resident: means an individual who maintains a permanent place of abode within Montana and who has not established a residence elsewhere even though the individual may be temporarily absent from the state. See Montana Code 90-6-602
• Reverse annuity mortgage loan: means a loan in which loan proceeds are advanced to the mortgagor to provide a monthly tax-free cash payment for 10 years. See Montana Code 90-6-503
• Single-family dwelling: means a one- to four-family living unit. See Montana Code 90-6-503
• 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.
• Tribal government: means a federally recognized Indian tribe within the state of Montana. See Montana Code 90-6-701
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• trust fund: means the trust fund created pursuant to Article IX, section 5, of the Montana constitution. See Montana Code 90-6-602
• Trust indenture: has the meaning provided in 71-1-303. See Montana Code 90-6-602
• Trustee: A person or institution holding and administering property in trust.
• Under honorable conditions: means a discharge or separation from military duty characterized by the armed forces as under honorable conditions. See Montana Code 90-6-602
• 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
• Usual: means according to usage. See Montana Code 1-1-206