17-5-1612. Specific loan authorization.
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/mt/title-17/chapter-5/part-16/17-5-1612·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-5-1612 . Specific loan authorization. The legislature intends that individual state agencies may borrow from the program established in this part, as specifically authorized by the legislature under the following conditions:
(1)A loan for which the security is an enterprise or internal service fund source may be approved by a simple majority vote of the legislature.
(2)A loan for which the security is a general fund appropriation, a general fund revenue source, or any type of tax or fee imposed by the legislature must be approved by a two-thirds vote of the members of each house of the legislature and must include language authorizing the creation of a state debt under Article VIII, section 8, of the Montana constitution.