Montana Code 17-5-102. Rate of interest on bonds to be determined by governing bodies
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17-5-102. Rate of interest on bonds to be determined by governing bodies. (1) Bonds of a political subdivision shall bear interest at such rate or rates as its governing body shall determine.
Terms Used In Montana Code 17-5-102
- Bonds: include bonds, notes, warrants, debentures, certificates of indebtedness, temporary bonds, temporary notes, interim receipts, interim certificates, and all instruments or obligations evidencing or representing indebtedness, evidencing or representing the borrowing of money, or evidencing or representing a charge, lien, or encumbrance on specific revenues, special assessments, income, or property of a political subdivision, including all instruments or obligations payable from a special fund. See Montana Code 17-5-101
- Governing body: means the board, council, commission, or other body charged with the general control of the issuance of bonds of a political subdivision. See Montana Code 17-5-101
- Political subdivision: includes a county, city, town, school district, irrigation district, drainage district, special improvement district, or any other governmental subdivision of the state. See Montana Code 17-5-101
(2)The provisions of this section establish the rate of interest on bonds of political subdivisions as defined in 17-5-101 and expressly supersede any other statutory limitation on the rate of interest to be borne by bonds of political subdivisions.