Montana Code 18-4-227. Procurement and term contract rebate account — funding — use
18-4-227. Procurement and term contract rebate account — funding — use. (1) There is an account in the state special revenue fund established by 17-2-102 known as the procurement and term contract rebate account.
Terms Used In Montana Code 18-4-227
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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)All rebates credited to the department from using state procurement cards and term contracts must be deposited in the account.
(3)The money in the account may be used only to:
(a)administer the state’s procurement card programs;
(b)administer term contracts established by the department; and
(c)reimburse applicable funds to the federal government.
(4)The unreserved, unexpended balance of the funds collected under this section must be deposited in the general fund by the close of the fiscal year.