Terms Used In Montana Code > Title 17 > Chapter 5 > Part 15 - Economic Development Bonds

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the board of investments created in 2-15-1808. See Montana Code 17-5-1503
• Bond: means any bond, note, debenture, interim certificate, or other evidence of financial indebtedness issued by the board pursuant to this part. See Montana Code 17-5-1503
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Department: means the department of commerce provided for in 2-15-1801. See Montana Code 17-5-1503
• Devise: To gift property by will.
• 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.
• Finance: means to supply capital and, in the case of agricultural enterprises, to refinance a project and project costs. See Montana Code 17-5-1503
• Financial institution: means any bank, savings and loan association, credit union, development credit corporation, insurance company, investment company, trust company, savings institution, or other financial institution approved by the board. See Montana Code 17-5-1503
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Local government: means the city in which the project is located, if the project is located within an incorporated municipality, or the county if the project is located within the county but outside the boundaries of an incorporated municipality. See Montana Code 17-5-1503
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• 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.
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Personal property: All property that is not real property.
• Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Project: means a project as defined in 90-5-101. See Montana Code 17-5-1503
• Project costs: means the costs of acquiring or improving any project, including the following:

  (a)the actual cost of acquiring or improving real estate for any project;

  (b)the actual cost of construction of all or any part of a project, including architects' and engineers' fees;

  (c)all expenses in connection with the authorization, sale, and issuance of the bonds to finance such acquisition or improvement;

  (d)bond reserves and premiums for insurance or guaranty of loan payments or lease rentals pledged to pay the bonds;

  (e)the interest on such bonds for a reasonable time prior to construction, during construction, and not exceeding 6 months after completion of construction; and

  (f)working capital for agricultural enterprise projects for a period not to exceed 1 year. See Montana Code 17-5-1503

• Property: means real and personal property. See Montana Code 1-1-205
• 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
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201