20-9-443. Disposition of remaining debt service fund. (1) Except as provided in subsection (2), when all of the bonds, bond interest, and special improvement district obligations of a school district have been fully paid, all money remaining in the debt service fund for the school district and all money that may come into the debt service fund from the payment of the delinquent taxes must be transferred by the county treasurer to the building reserve levy fund, the technology acquisition and depreciation fund, or the general fund as designated by the school district if the subsequent use of the funds by the school district is limited to constructing, equipping, or enlarging school buildings or purchasing land needed for school purposes in the district.
(2) Any federal impact aid funding remaining in the debt service fund of a school district that has fully repaid the bonds and bond interest must revert to the district's impact aid fund established pursuant to 20-9-514.
History: En. 75-7132 by Sec. 333, Ch. 5, L. 1971; R.C.M. 1947, 75-7132; amd. Sec. 4, Ch. 480, L. 2001; amd. Sec. 3, Ch. 549, L. 2001; amd. Sec. 19, Ch. 462, L. 2005; amd. Sec. 25, Ch. 44, L. 2007.
Structure Montana Code Annotated
20-9-401. Applicable laws for school district bonding
20-9-402. Definition of school district for bonding purposes
20-9-403. Bond issues for certain purposes
20-9-404. Contracts and bonds for joint construction
20-9-405. Proportional joint ownership -- disposition of money
20-9-407. Industrial facility agreement for bond issue in excess of maximum
20-9-408. Definition of forms of bonds
20-9-410. Limitation of term and interest -- timing for redemption
20-9-411. Dates of issue and payments
20-9-412. Issuance of refunding bonds without election
20-9-413. through 20-9-420 reserved
20-9-422. Additional requirements for trustees' resolution calling bond election
20-9-423. Form, contents, and circularization of petition proposing school district bond election
20-9-424. Validation of petition -- election administrator's certificate
20-9-425. Trustees' consideration of validated petition proposing bond election
20-9-426. Preparation and form of ballots for bond election
20-9-427. Notice of bond election by separate purpose
20-9-428. Determination of approval or rejection of proposition at bond election
20-9-429. Trustees' resolution to issue school district bonds pursuant to public sale
20-9-430. Sale of school district bonds and notice of public sale
20-9-431. Publication of notice of sale of school district bonds
20-9-432. Sale of school district bonds
20-9-433. Form and execution of school district bonds
20-9-434. Registration of school district bonds by county treasurer and copy for preservation
20-9-435. Delivery of school district bonds and disposition of sale money
20-9-436. County attorney to assist in proceedings
20-9-437. School district liable on bonds
20-9-438. Preparation of general obligation debt service fund budget -- operating reserve
20-9-440. Payment of debt service obligations -- termination of interest
20-9-441. Redemption of bonds -- investment of debt service fund money
20-9-442. Entries of payments and notification of school district
20-9-443. Disposition of remaining debt service fund
20-9-444. Liability of officers for failure to provide fund for payment of bonds
20-9-445. Liability for misuse of bond payment fund
20-9-446. Duty of county attorney to prosecute
20-9-447. through 20-9-450 reserved
20-9-457. through 20-9-460 reserved
20-9-464. Statute of limitations -- action to test validity
20-9-465. Action to restrain bond issue -- time for bringing
20-9-468. through 20-9-470 reserved
20-9-471. Issuance of obligations -- authorization -- conditions
20-9-472. Security for impact aid revenue bonds -- agreement of state
20-9-473. Security for oil and natural gas revenue bonds
20-9-474. Oil and natural gas revenue bond debt service reserve account