Montana Code 17-5-930. Tax exemption of bonds — legal investments
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17-5-930. Tax exemption of bonds — legal investments. (1) All bonds issued under this part, their transfer, and their income, including any profits made on their sale, are exempt from taxation by the state or any political subdivision or other instrumentality of the state, except for estate taxes.
Terms Used In Montana Code 17-5-930
- Board: means the board of examiners created under 2-15-1007. See Montana Code 17-5-903
- Bonds: means bonds, notes, or other evidences of indebtedness issued pursuant to this part as highway revenue bonds. See Montana Code 17-5-903
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)Bonds issued under this part are legal investments for any person or board charged with investment of public funds and are acceptable as security for any deposit of public money.