7-6-1111. Gross proceeds and short-term obligations -- security. (1) Gross proceeds obligations are not general obligations of the local government and are collectible only from the collection of coal gross proceeds taxes, interest, and penalties pursuant to 15-23-708.
(2) Short-term obligations are general obligations of the local government and must be secured by the taxes and revenues in anticipation of which the short-term obligations were issued and in such other manner as set forth in the ordinance authorizing their issuance.
History: En. Sec. 5, Ch. 481, L. 1985; amd. Sec. 7, 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