17-5-710. Form -- principal and interest -- fiscal agent -- deposit of proceeds.
348 words·~2 min read·
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17-5-710 . Form -- principal and interest -- fiscal agent -- deposit of proceeds.
(1)Subject to the limitations contained in this part, each series of coal severance tax bonds must be issued by the board of examiners at public or private sale. The bonds may be issued in the denominations and form, whether payable to bearer or registered as to principal or both principal and interest, with provisions for conversion or exchange, bearing interest at a rate or rates, maturing at times not exceeding 40 years from date of issue, subject to redemption at earlier times and prices and on notice, and payable at the office of the fiscal agency of the state as the board of examiners determines.
(2)In all other respects the board of examiners is authorized to prescribe the form and terms of the bonds and shall do whatever is lawful and necessary for their issuance and payment.
(3)Coal severance tax bonds and any interest coupons appurtenant to the bonds must be signed by the members of the board of examiners, and the bonds must be issued under the great seal of the state of Montana. The bonds and coupons may be executed with facsimile signatures and seal in the manner and subject to the limitations prescribed by law. The state treasurer shall keep a record of all bonds issued and sold.
(4)The board of examiners may employ a fiscal agent to assist in the performance of its duties.
(5)All proceeds of a state of Montana coal severance tax bonds issue must be deposited in a capital projects fund or a state special revenue account established for that bond issue, except that:
(a)bond proceeds used to pay interest on the bonds and accrued interest received must be deposited in a debt service fund established for that bond issue;
(b)any premiums received may be deposited in a debt service fund established for that bond issue; and
(c)bond proceeds used to pay the cost of issuance may be deposited in a separate account within the state special revenue account.