7-6-1105. Refunding and renewal of short-term obligations. (1) Gross proceeds obligations may, from time to time, be renewed or refunded by the issuance of gross proceeds obligations. Gross proceeds obligations may not be renewed or refunded to a date later than 5 years from the end of the fiscal year in which the original short-term obligation was issued.
(2) Short-term obligations may, from time to time, be renewed or refunded by the issuance of short-term obligations. Short-term obligations may not be renewed or refunded to a date later than 6 months from the end of the fiscal year in which the original short-term obligation was issued.
History: En. Sec. 4, Ch. 481, L. 1985; amd. Sec. 6, Ch. 145, L. 2021.
Structure Montana Code Annotated
Chapter 6. Financial Administration and Taxation
Part 11. Tax and Revenue Anticipation Notes
7-6-1102. Gross proceeds and short-term obligations authorized
7-6-1103. Issuance and sale of gross proceeds obligations and short-term obligations -- procedure
7-6-1105. Refunding and renewal of short-term obligations
7-6-1106. through 7-6-1110 reserved
7-6-1111. Gross proceeds and short-term obligations -- security
7-6-1112. Funds for payment of principal and interest
7-6-1113. and 7-6-1114 reserved
7-6-1115. Local government debt limitations not to apply to short-term obligations