7-7-4254. Procedure for sale of bonds. (1) Any bonds issued under the authority of this part may be sold at public or private sale, as determined by the city or town council or commission pursuant to 17-5-107. If the city or town council or commission conducts a public sale, it shall meet at the time and place fixed in the notice to consider bids for the bonds.
(2) The bonds may not be sold at less than the minimum bid specified for their sale with accrued interest to date of delivery, and each bidder shall specify the rate of interest and the purchase price at which the bidder will purchase the bonds. The council shall accept the bid that it judges most advantageous to the city or town. The council may reject any bids and sell the bonds at private sale if the council considers it in the best interests of the city or town.
(3) Consultant fees and attorney fees may be paid to any person or corporation for assisting in the proceedings, in the preparation of the bonds, or in negotiating the sale of the bonds.
History: En. Sec. 15, Ch. 160, L. 1931; re-en. Sec. 5278.15, R.C.M. 1935; amd. Sec. 8, Ch. 234, L. 1971; R.C.M. 1947, 11-2315; amd. Sec. 8, Ch. 212, L. 1979; amd. Sec. 6, Ch. 631, L. 1983; amd. Sec. 21, Ch. 423, L. 1995; amd. Sec. 11, 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