7-12-4222. Sources of money for revolving fund. (1) For the purpose of providing funds for the revolving fund, the city or town council:
(a) may, from time to time, transfer to the revolving fund from the general fund of the city or town an amount as may be necessary. The amount transferred is a loan from the general fund to the revolving fund.
(b) shall, if the bonds or warrants are secured by the revolving fund pursuant to 7-12-4225, include in the cost of the improvement to be paid from the proceeds of the bonds or warrants an amount of at least 5% and not more than 10% of the principal amount of the bonds or warrants as provided in 7-12-4169; and
(c) shall, in addition to a transfer or transfers from the general fund or in lieu of a transfer, levy for the revolving fund a tax, declared to be for a public purpose, on all taxable property in the city or town as is necessary to meet the financial requirements of the revolving fund. A tax may not be levied if the balance in the revolving fund will exceed 10% or, with the amount levied by the tax, will exceed 10% of the principal amount of the then-outstanding special improvement district bonds and warrants secured by the revolving fund after all required transfers have been made to the district funds through fiscal yearend.
(2) Whenever there is money in the district fund that is not required for payment of any bond or warrant of the district secured by the revolving fund or of interest on the bond or warrant, as much of the money as may be necessary to pay the loan provided for in 7-12-4223 must, by order of the council, be transferred to the revolving fund. After all the bonds and warrants issued on any special improvement district or sidewalk, curb, and alley approach warrants secured by the revolving fund have been fully paid, all money remaining in the district fund must, by order of the council, be transferred to and become part of the revolving fund.
History: En. Secs. 2, 4, Ch. 24, L. 1929; re-en. Secs. 5277.2, 5277.4, R.C.M. 1935; amd. Secs. 2, 4, Ch. 255, L. 1971; R.C.M. 1947, 11-2270, 11-2272(part); amd. Sec. 5, Ch. 308, L. 1981; amd. Sec. 2, Ch. 435, L. 1981; amd. Sec. 7, Ch. 422, L. 1983; amd. Sec. 10, Ch. 229, L. 1995; amd. Sec. 6, Ch. 349, L. 2009.
Structure Montana Code Annotated
Chapter 12. Improvement Districts
Part 42. Special Improvement Districts Continued
7-12-4201. Use of bonds and warrants
7-12-4203. Details relating to special improvement district bonds and warrants
7-12-4204. Procedure to issue bonds and warrants
7-12-4205. Disposition of bond or warrant proceeds
7-12-4206. Redemption of bonds and warrants
7-12-4207. Investment of interest and sinking fund money
7-12-4208. through 7-12-4220 reserved
7-12-4221. Creation of special improvement district revolving fund
7-12-4222. Sources of money for revolving fund
7-12-4223. Loans from revolving fund to meet payments on bonds and warrants
7-12-4224. Lien arising due to loan from revolving fund
7-12-4226. Investment of surplus reserves
7-12-4227. Utilization of excess money in revolving fund
7-12-4228. Disposition of tax certificates and tax lien sale property
7-12-4229. Disposal of funds deposited in revolving fund
7-12-4230. through 7-12-4240 reserved
7-12-4241. Creation of supplemental revolving fund from parking meter revenue
7-12-4242. Application of provisions relating to supplemental revolving fund
7-12-4244. Issuance of bonds based upon supplemental revolving fund -- election
7-12-4245. Resolution for issuance of bonds
7-12-4246. Determination of cost of improvements
7-12-4247. Details relating to bonds
7-12-4248. Operation and use of supplemental revolving fund
7-12-4249. Meaning of term deficiency
7-12-4250. Obligations of municipalities to bondholders
7-12-4251. Enforcement of bondholders' rights
7-12-4252. Judicial determination of validity of proceedings -- petition
7-12-4253. Nature of court proceedings
7-12-4254. Hearing on petition -- notice
7-12-4255. Contents of notice of hearing -- protest
7-12-4256. Decision of district court