Montana Code 17-5-103. Rate of interest on special assessments determined by governing bodies — limitations
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17-5-103. Rate of interest on special assessments determined by governing bodies — limitations. All special assessments levied by a political subdivision must bear interest at a rate or rates determined by the political subdivision’s governing body, except that the rate may not exceed the greater of 7% per annum or, in the event that the special assessments are appropriated for the payment of principal and interest on bonds issued by the political subdivision, the rate of interest on the bonds plus an additional rate of interest, if any, on assessments authorized by statute to pay the principal and interest on those bonds.
Terms Used In Montana Code 17-5-103
- 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
- Statute: A law passed by a legislature.