7-7-4275. Refunding of bond issue held by state by exchange for amortization bonds. (1) Subject to the approval of the board of investments, the council of any city or town is hereby authorized to issue amortization bonds for the purpose of refunding any outstanding bonds of such city or town held by the state and which were not issued either as amortization or serial bonds and to exchange the same for such outstanding bonds.
(2) Such amortization bonds shall conform in all respects to the definition of amortization bonds as set forth in 7-7-4209 and shall bear interest at such rate as may be agreed upon between the council of such city or town and the board of investments pursuant to 17-5-102. Such amortization bonds may be issued and exchanged for such outstanding bonds without submitting the question of issuing the same at an election, and it shall not be necessary to publish any notice of sale of such bonds.
(3) This section shall not be construed so as to deprive city or town councils of the right to advertise, sell, and issue refunding bonds in the manner provided in part 43.
History: En. Sec. 29, Ch. 160, L. 1931; re-en. Sec. 5278.29, R.C.M. 1935; amd. Sec. 100, Ch. 326, L. 1974; R.C.M. 1947, 11-2329; amd. Sec. 3, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983.
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