90-6-120. Maintenance of capital reserve account. (1) In order to ensure the maintenance of the capital reserve account, the presiding officer of the board shall on or before September 1 in the year preceding the convening of the legislature deliver to the governor a certificate stating the sum, if any, required to restore the capital reserve account to the minimum capital reserve requirement. The governor shall include in the executive budget submitted to the legislature the sum required to restore the capital reserve account to the sum of minimum capital reserve requirements. All sums appropriated by the legislature must be deposited in the capital reserve account.
(2) All amounts appropriated to the board by the legislature under this section constitute advances to the board and, subject to the rights of the holders of any bonds or notes of the board, must be repaid to the state's general fund, without interest from available operating revenues of the board in excess of amounts required for the payment of bonds, notes, or other obligations of the board, for maintenance of the capital reserve account, and for operating expenses.
History: En. 35-517 by Sec. 18, Ch. 461, L. 1975; R.C.M. 1947, 35-517; amd. Sec. 2873, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 90. Planning, Research, and Development
Chapter 6. Community Impact -- Planning and Abatement
90-6-102. Legislative declaration
90-6-104. General powers of the board
90-6-105. Meetings and acts of the board
90-6-107. Deposit and expenditure of funds
90-6-108. Financing programs of the board
90-6-109. Procedure prior to financing of housing developments
90-6-110. Supervision of housing sponsors
90-6-112. Provision of bond resolutions
90-6-115. Purchase of notes and bonds -- cancellation
90-6-117. Negotiability of bonds
90-6-118. Signatures of board members
90-6-119. Reserve funds and appropriations
90-6-120. Maintenance of capital reserve account
90-6-121. Refunding obligations -- issuance
90-6-122. Refunding obligations -- sale
90-6-123. Credit of state not pledged
90-6-125. Tax exemption of bonds
90-6-127. Allocation of state limit
90-6-128. through 90-6-130 reserved
90-6-131. Legislative declaration
90-6-133. Housing Montana fund -- administration
90-6-135. Coordination with other programs
90-6-136. Administrative rules
90-6-137. Alternate funding source for housing loans -- use of coal tax trust fund money