90-7-319. Maintenance of capital reserve account. (1) In order to ensure the maintenance of the capital reserve account, the presiding officer of the authority shall, on or before September 1 in each 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 sum of minimum capital reserve requirements. The governor shall include in the executive budget submitted to the legislature the sum required to restore the capital reserve account to the minimum capital reserve requirements. All funds appropriated by the legislature for maintenance of the capital reserve account must be deposited in the account as required in 90-7-317.
(2) All amounts appropriated to the authority under this section constitute advances to the authority and, subject to the rights of the holders of bonds or notes of the authority, must be repaid to the state general fund, without interest from available operating revenue of the authority in excess of amounts required for the payment of bonds, notes, or other obligations of the authority, for maintenance of the capital reserve account, and for operating expenses.
History: En. Sec. 4, Ch. 673, L. 1991; amd. Sec. 2876, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 90. Planning, Research, and Development
Chapter 7. Facility Finance Authority
90-7-302. Bonds and notes of authority
90-7-303. Procedure for issuance of bonds
90-7-304. Security of bondholders
90-7-305. Trust agreement to secure bonds
90-7-308. through 90-7-310 reserved
90-7-311. Pledge of state not to impair -- to administer
90-7-312. Pledge of revenue, money, or property -- validity
90-7-313. through 90-7-316 reserved
90-7-317. Capital reserve account
90-7-318. Administration of capital reserve account