Montana Code 7-7-4211. Citizen bonds authorized
7-7-4211. Citizen bonds authorized. (1) A city or town authorized to sell general obligation bonds under this chapter may issue and sell any portion of the bond in denominations of less than $5,000 by:
Terms Used In Montana Code 7-7-4211
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(a)competitive public sale, directly to members of the public, at preestablished interest rates; or
(b)private sale.
(2)Citizen bonds may be issued for any purpose for which a city or town may issue general obligation bonds.
(3)Bonds issued under 7-7-4211 through 7-7-4213 may be known as “citizen bonds”.
(4)An officer, employee, contracted financial consultant, or contracted advisor employed or retained by a city or town selling citizen bonds may not purchase those bonds.