17-5-1318. Terms of allocations. (1) Unless terminated earlier by the issuer, an allocation is valid for 90 days from the date the department mails the notice of approval. Prior to the expiration of the 90-day period, the department may extend the period of validity for an additional 30 days upon presentation of evidence that an agreement to purchase the state's volume cap bonds for which the allocation was given has been obtained from an entity legally authorized to purchase them.
(2) If the state's volume cap bonds are not issued within the period of validity as determined under subsection (1), the allocation automatically expires.
(3) All allocations expire on December 31 of the year in which they were made. However, this subsection does not limit the term of an allocation for which a valid carryforward election has been made.
History: En. Sec. 10, Ch. 190, L. 1987; amd. Sec. 6, Ch. 32, L. 2001.
Structure Montana Code Annotated
Part 13. Montana Unified Volume Cap Bond Allocation Plan Act
17-5-1303. through 17-5-1310 reserved
17-5-1311. State's volume cap and reservations -- department to adopt rule
17-5-1312. Allocation to state issuers
17-5-1313. Allocation to local issuers
17-5-1314. Authorization by the governor
17-5-1315. Carryforward elections
17-5-1316. Allocations by the department
17-5-1317. Notification of approval or disapproval by the department
17-5-1318. Terms of allocations
17-5-1319. and 17-5-1320 reserved
17-5-1321. Allocations not transferable
17-5-1325. Reassignment of bonding authority for agricultural purposes -- contingency