Montana Code 80-12-312. Reserve funds and appropriations
80-12-312. Reserve funds and appropriations. (1) The authority shall pay into one or more capital reserve accounts any:
Terms Used In Montana Code 80-12-312
- Authority: means the department of agriculture provided for in 2-15-3001. See Montana Code 80-12-102
- Bonds: means bonds or bond anticipation notes issued by the authority under the provisions of this chapter. See Montana Code 80-12-102
- 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
(a)money appropriated and made available by the state for the purpose of the fund;
(b)proceeds of sale of bonds to the extent provided in the resolutions of the authority authorizing their issuance or in any trust indenture securing their repayment; and
(c)other money that may be available to the authority for the purpose of such a fund from any other source.
(2)All amounts held in a capital reserve account must be used solely for the payment of principal, interest, and a redemption premium with respect to bonds secured in whole or in part by the account. Funds in an account may not be withdrawn at any time in an amount that reduces the amount of the account to less than the minimum capital reserve requirement established for the account except for the purpose, with respect to bonds secured in whole or in part by the account, of making payment, when due, of principal, interest, or redemption premiums for the payment of which other money pledged is not available.