17-5-702. Purpose and intent. (1) The purpose of the coal severance tax trust fund bond provisions of this part is to establish the authority to issue and sell coal severance tax bonds that have been approved by an act of the legislature for financing specific renewable resource projects in the state authorized by the legislature and to guarantee redemption of the bonds by revenue derived from the receipts from the coal severance tax imposed by Title 15, chapter 35, part 1, and other money that the legislature may from time to time determine.
(2) The legislature intends that projects to be financed by coal severance tax bonds include renewable resource projects as part of the program established in Title 85, chapter 1, part 6. The legislature further intends that the income from renewable resource projects in excess of the amount required for debt service and operation and maintenance of those projects and activities be deposited in the natural resources projects state special revenue account established in 15-38-302.
History: En. Sec. 25, Ch. 505, L. 1981; amd. Sec. 17, Ch. 298, L. 1983; amd. Sec. 6, Ch. 478, L. 1993; amd. Sec. 6, Ch. 432, L. 2007.
Structure Montana Code Annotated
Part 7. Coal Severance Tax Bonds -- Water Development
17-5-701. State of Montana coal severance tax bonds
17-5-703. Coal severance tax trust funds
17-5-705. Pledge of coal severance tax bond fund
17-5-706. Authority to issue coal severance tax bonds
17-5-707. Board of examiners to issue bonds
17-5-708. Special fund revenues
17-5-709. Continued tax deposit limit on additional bonds
17-5-710. Form -- principal and interest -- fiscal agent -- deposit of proceeds
17-5-712. Provisions for protecting bondholders
17-5-713. Personal liability -- suit to compel performance
17-5-714. Negotiability of bonds
17-5-715. Signatures of board members
17-5-716. Refunding obligations
17-5-718. Tax exemption of bonds -- legal investments
17-5-719. Limitation on amount of coal severance tax bonds issued
17-5-720. Authorization to issue revenue bonds
17-5-721. Authorization to issue revenue bonds
17-5-722. through 17-5-730 reserved
17-5-731. Bond anticipation notes -- when issued -- payment of principal and interest