Montana Code 90-7-111. Credit of state not pledged — statement on obligation required
90-7-111. Credit of state not pledged — statement on obligation required. (1) Obligations issued under the provisions of this chapter do not constitute a debt, liability, obligation, or pledge of the faith and credit of the state but are payable solely from the revenue or assets of the institution being financed.
Terms Used In Montana Code 90-7-111
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Institution: means any public or private:
(i)nonprofit hospital, corporation, or other organization authorized to provide or operate an eligible facility in this state;
(ii)nonprofit prerelease center, corporation, or other organization authorized to operate a prerelease center in this state; or
(iii)for-profit or nonprofit corporation or other organization authorized to provide for or to operate a project or a facility with qualified small issue bond financing pursuant to section 144(a) of the Internal Revenue Code, 26 U. See Montana Code 90-7-102
- 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.
- Revenue: means , with respect to eligible facilities, the rents, fees, charges, interest, principal repayments, and other income received or to be received by the authority from any source on account of the eligible facilities. See Montana Code 90-7-102
- 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
(2)An obligation issued under this chapter must contain on the face of the obligation a statement to the effect that the state of Montana is not liable on the obligation, the obligation is not a debt of the state, and neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on the obligation.