Montana Code 7-2-4918. Tax levy in event of insolvency
7-2-4918. Tax levy in event of insolvency. (1) If, at any time after the disincorporation of a city or town, there is insufficient money in the treasury to the credit of the special fund provided for in 7-2-4912 with which to pay any indebtedness of the corporation, the board of county commissioners shall, subject to 15-10-420, levy and collect from the territory formerly included within the city or town a tax or taxes sufficient in amount to pay the indebtedness of the corporation as the indebtedness becomes due.
Terms Used In Montana Code 7-2-4918
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: means real and personal property. See Montana Code 1-1-205
(2)The tax or taxes, assessments, and collections must be made in the same manner and at the same time that other taxes of the county are levied and collected and are an additional tax upon the property included within the territory or portions of territory of the disincorporated city or town for the payment of the debts. For the purposes of 15-10-420, the levy is considered a levy on the property in the city or town until the debt is paid.
(3)All money paid into the county treasury under the provisions of this part must be credited to the special fund.