7-7-4236. Resolution to sell bonds pursuant to public sale. (1) If issuing of bonds has been approved as provided in 7-7-4235 and the city or town council conducts a public sale, the city or town council shall pass a resolution calling for the sale of the bonds.
(2) The resolution calling for the sale of the bonds must state:
(a) the purpose for which the bonds are to be issued;
(b) the amount of the bonds to be issued;
(c) the minimum purchase price of the bonds;
(d) the date that the bonds will bear;
(e) the period of time through which the bonds are payable;
(f) the optional redemption provisions, if any;
(g) that a bond may be redeemed in full, at the option of the city or town, on any interest payment date after expiration of one-half of the term for which the bond was issued; and
(h) a form of notice of the sale of the bonds.
(3) The resolution must, except in a bond issue of citizen bonds, fix the denomination of serial bonds in case it is found advantageous to issue bonds in that form. The council may in its discretion provide that the bonds may be issued and sold in two or more series or installments.
(4) The city or town council may fix the minimum price for the bonds in an amount not less than 97% of the face value if the city or town council determines that the sale is in the best interests of the city or town.
History: En. Sec. 12, Ch. 160, L. 1931; re-en. Sec. 5278.12, R.C.M. 1935; R.C.M. 1947, 11-2312(part); amd. Sec. 7, Ch. 212, L. 1979; amd. Sec. 4, Ch. 336, L. 1989; amd. Sec. 7, Ch. 511, L. 1989; amd. Sec. 20, Ch. 423, L. 1995; amd. Sec. 8, Ch. 253, L. 2011.
Structure Montana Code Annotated
Part 42. Municipal General Obligation Bonds
7-7-4201. Limitation on amount of bonded indebtedness
7-7-4202. Special provisions relating to water and sewer systems
7-7-4203. What constitutes a single purpose
7-7-4204. Nature of general obligation bonds
7-7-4205. Term of general obligation bonds
7-7-4208. Types of general obligation bonds
7-7-4211. Citizen bonds authorized
7-7-4212. Citizen bonds -- procedural requirements prior to issuance
7-7-4213. Citizen bonds -- procedure when issue not fully subscribed
7-7-4214. Zero-coupon and capital appreciation bonds
7-7-4215. through 7-7-4220 reserved
7-7-4221. Election on question of incurring indebtedness -- exception
7-7-4222. Election required for bond issue relating to water and sewer systems
7-7-4223. Procedure to call election on question of bonded indebtedness
7-7-4224. Petition to request election
7-7-4225. Presentation of petition to city or town clerk -- clerk's certificate
7-7-4226. Resolution to submit question of issuing bonds to voters
7-7-4235. Percentage of electors required to authorize issuing of bonds
7-7-4236. Resolution to sell bonds pursuant to public sale
7-7-4237. through 7-7-4250 reserved
7-7-4251. Form of notice of sale of bonds
7-7-4252. Publication of notice of sale
7-7-4254. Procedure for sale of bonds
7-7-4255. Form and execution of bonds
7-7-4257. Registration of bonds
7-7-4258. Copy of bond to be kept by city treasurer
7-7-4260. Disposition of sale proceeds
7-7-4261. Maintenance of accounts for bond issues
7-7-4262. Payment of principal and interest
7-7-4263. Interest on late payments of principal and interest
7-7-4264. Statement as to amount of principal and interest due and payable on bonds
7-7-4265. Tax levy for payment of bonds
7-7-4266. Procedure in case of insufficient tax levy -- individual liability of council members
7-7-4269. Order of redemption of bonds
7-7-4270. Authority to buy outstanding bonds
7-7-4272. Cancellation of bonds and coupons
7-7-4273. Cancellation of warrants and refunded general obligation bonds
7-7-4274. Closing of accounts and transfer of money to other funds
7-7-4275. Refunding of bond issue held by state by exchange for amortization bonds