Montana Code 2-17-1203. Authority to use state building construction loans
2-17-1203. Authority to use state building construction loans. (1) If a public agency is otherwise authorized to borrow money by obtaining a loan to finance the construction of one or more of its buildings, the public agency may obtain a state building construction loan in accordance with this part to finance all or a portion of the costs of the construction of one or more of its buildings.
Terms Used In Montana Code 2-17-1203
- Building: has the meaning given in 18-2-101. See Montana Code 2-17-1202
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Public agency: means a department, commission, council, board, bureau, committee, institution, agency, government corporation, or other entity, instrumentality, or official of the legislative, executive, or judicial branch of this state, including the board of regents and the Montana university system. See Montana Code 2-17-1202
- 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
- State building construction loan: means a loan from a financial institution to a public agency to finance construction of one or more buildings of the public agency, obtained pursuant to the terms and conditions of this part. See Montana Code 2-17-1202
(2)A public agency must obtain a state building construction loan by requesting interest rate proposals from multiple financial institutions that will not be acting as underwriters with respect to the state building construction loan.
(3)In the materials that solicit interest rate proposals for the state building construction loan, the public agency shall provide that it will evaluate the proposals based solely on interest rate and the solicitation materials must describe the provisions of 2-17-1204.