17-6-225. Loans to petroleum tank release compensation board. (1) The board of investments may loan funds to the petroleum tank release compensation board to cover temporary cash shortfalls. The total of all loans may not exceed the greater of $15 million or 80% of the fees that the office of budget and program planning projects will be collected under 75-11-314 during the next 3 fiscal years. A loan must be amortized, based on projected fee revenue, over a period of not more than 10 years.
(2) The board shall establish the interest rate on the loan, considering the security and the term of the loan.
History: En. Sec. 1, Ch. 115, L. 1997.
Structure Montana Code Annotated
Chapter 6. Deposits and Investments
17-6-201. Unified investment program -- general provisions
17-6-202. Investment funds -- general provisions
17-6-203. Separate investment funds
17-6-204. Short-term investment of local government funds
17-6-205. Long-term investment of local government funds
17-6-207. Investment of state cabin site sales
17-6-208. through 17-6-210 reserved
17-6-211. Preference to in-state investment firms -- commitment agreement with board of housing
17-6-212. State purchase of general fund warrants
17-6-213. Redemption of bonds before maturity
17-6-214. through 17-6-220 reserved
17-6-221. Handling securities -- custody of mortgages and repurchase agreements
17-6-223. and 17-6-224 reserved
17-6-225. Loans to petroleum tank release compensation board
17-6-226. through 16-6-229 reserved
17-6-230. Reports on retirement system trust fund investments and benefits