Montana Code 7-6-4011. Use of bond proceeds and borrowed money
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7-6-4011. Use of bond proceeds and borrowed money. (1) Except as otherwise provided by law, money borrowed by a local government may be used only for the purpose for which the money was borrowed. Unless restricted by law, surplus borrowed money may be used to redeem the debt for which the money was borrowed.
Terms Used In Montana Code 7-6-4011
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Governing body: means the elected body responsible for the administration of a local government. See Montana Code 7-6-4002
- Local government: has the meaning provided in 7-6-602. See Montana Code 7-6-4002
(2)The authorization of bonds by the electors or the governing body constitutes the appropriation of the bond proceeds for the purpose for which the bonds are authorized.