75-6-232. Insurance and guarantee program. (1) The revolving fund may be used to purchase insurance for or guarantee the timely payment of principal and interest on a debt obligation issued by a municipality if the department of natural resources and conservation determines that the guarantee or insurance would improve the credit market access of the municipality or reduce the interest rate on the municipal obligation.
(2) The department of natural resources and conservation shall adopt rules setting forth the conditions under which the program will guarantee or insure municipal obligations, including the amount of fees to be charged for the guarantee or the purchase of insurance and the amount of reserves, if any, to be established in the fund to cover any guarantee. The program may not be used to guarantee a municipal obligation for a project or municipality not meeting the requirements of 75-6-224, except to the extent that they are inconsistent with the guarantee.
History: En. Sec. 22, Ch. 538, L. 1997.
Structure Montana Code Annotated
Title 75. Environmental Protection
Chapter 6. Public Water Supplies, Distribution, and Treatment
Part 2. Drinking Water State Revolving Fund Act
75-6-203. Drinking water state revolving fund program
75-6-204. Authorization of agreement -- content
75-6-205. Rulemaking authority
75-6-206. through 75-6-210 reserved
75-6-212. Use of revolving fund
75-6-214. Use of funds -- statutory appropriation
75-6-216. through 75-6-220 reserved
75-6-221. General loan and assistance program
75-6-222. Evaluation of projects and loan applications
75-6-223. Applications for loans
75-6-225. Authorization of bonds -- allocation of proceeds
75-6-226. Loan subsidy for disadvantaged communities
75-6-228. through 75-6-230 reserved
75-6-231. Intended use plan -- advisory committee
75-6-232. Insurance and guarantee program
75-6-233. through 75-6-235 reserved
75-6-236. Projects funded by federal government appropriations