Montana Code 90-7-303. Procedure for issuance of bonds
90-7-303. Procedure for issuance of bonds. (1) The authority may not finance any eligible facility unless, prior to the issuance of any bonds or notes, the members find that the facility is an eligible facility and will be operated by an institution for the purpose of providing services contemplated by this chapter.
Terms Used In Montana Code 90-7-303
- Authority: means the Montana facility finance authority created in 2-15-1815. See Montana Code 90-7-102
- Eligible facility: means any eligible facility as defined in 90-7-104. See Montana Code 90-7-102
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- 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)The authority may not allow the proceeds of any bonds or notes to be expended for any eligible facility that is a health care facility unless the facility has been reviewed and approved by the appropriate regional and state health planning boards and has received any approval required by Title 50, chapter 5, part 3.
(3)The authority may not allow the proceeds of any bonds or notes to be expended for any eligible facility unless the institution provides evidence that the eligible facility is financially feasible and that the institution reasonably expects that it will generate sufficient revenue to pay principal and interest payments when they become due.