Terms Used In Montana Code > Title 2 > Chapter 9 > Part 5 - General Provisions Related to Official Bonds

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affidavit: means a sworn written declaration made before an officer authorized to administer oaths or an unsworn written declaration made under penalty of perjury as provided in 1-6-105. See Montana Code 1-1-203
• Agreement: shall mean contract and shall include renewals and alterations of a contract. See Montana Code 17-3-301
• Allocation: means an allocation of a part of the state's volume cap to an issuer pursuant to this part. See Montana Code 17-5-1302
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Approving authority: means :

  (a)in the case of a state agency, the approving authority as defined in 17-7-102;

  (b)in the case of a local government entity, the local government entity's governing body. See Montana Code 17-2-301

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized officer: means , with respect to any certificated public obligation:

  (i)an individual whose signature to the certificated public obligation is required or permitted; or

  (ii)an individual who may be permitted by an authorized officer, either alone or with the concurrence of another or others, to affix the individual's signature to the certificated public obligation and who is so permitted in writing by the authorized officer with any required concurrence. See Montana Code 17-5-1102

• Bequest: Property gifted by will.
• Board: means the board of examiners provided for in 2-15-1007. See Montana Code 17-5-801
• Board: means the board of examiners created under 2-15-1007. See Montana Code 17-5-903
• Board: means the board of examiners. See Montana Code 17-5-1302
• Bond act: means an act approved by the vote of two-thirds of the members of each house of the legislature or by a majority of the electors voting thereon, authorizing the issuance of bonds for the purpose set forth therein and adopting this part by reference. See Montana Code 17-5-801
• Bonds: include bonds, notes, warrants, debentures, certificates of indebtedness, temporary bonds, temporary notes, interim receipts, interim certificates, and all instruments or obligations evidencing or representing indebtedness, evidencing or representing the borrowing of money, or evidencing or representing a charge, lien, or encumbrance on specific revenues, special assessments, income, or property of a political subdivision, including all instruments or obligations payable from a special fund. See Montana Code 17-5-101
• Bonds: includes bonds, notes, warrants, debentures, certificates of indebtedness, temporary bonds, temporary notes, interim receipts, interim certificates, and all instruments or obligations evidencing or representing indebtedness or evidencing or representing the borrowing of money or evidencing or representing a charge, lien, or encumbrance on specific revenues, income, or property of a public body, including all instruments or obligations payable from a special fund. See Montana Code 17-5-202
• Bonds: means general obligation bonds, notes, or other evidences of indebtedness issued in accordance with the provisions of this part. See Montana Code 17-5-801
• Bonds: means bonds, notes, or other evidences of indebtedness issued pursuant to this part as highway revenue bonds. See Montana Code 17-5-903
• Bonds: means bonds, notes, or other interest-bearing obligations of an issuer. See Montana Code 17-5-1302
• Cap bonds: means those private activity bonds and that portion of governmental bonds for which a part of the volume cap is required to be allocated pursuant to the tax act. See Montana Code 17-5-1302
• Capital projects account: means a separate general obligation bond and note account created within the capital projects fund type established in 17-2-102. See Montana Code 17-5-801
• Certificated public obligation: means an obligation that is:

  (a)issued pursuant to a system of registration;

  (b)represented by an instrument; and

  (c)either one of a class or series or by its terms is divisible into a class or series of obligations. See Montana Code 17-5-1102

• charge: means a fee, charge, levy, or other assessment that is established by state agency rule or local government entity ordinance and that is:

  (i)charged by the state agency or local government entity to a user of a service provided by the state agency or local government entity;

  (ii)charged by the state agency or local government entity in exchange for a license, permit, or other type of grant of authority by the state agency or local government entity; or

  (iii)collected exclusively to provide promotional or marketing services to the person on whom the charge is levied and that is not assessed or collected pursuant to Title 15. See Montana Code 17-2-301

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Costs: includes those expenses related to acquiring land; planning, design, and construction of capital projects and of buildings as defined in 18-2-101; or any other administrative expenses of the department, including legal fees, incurred in the performance of its duties under Title 18, chapter 2. See Montana Code 17-5-801
• Customary: means according to usage. See Montana Code 1-1-206
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debt service account: means a separate general obligation bond and note account created within the debt service fund type established in 17-2-102. See Montana Code 17-5-801
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: shall mean the department of revenue of the state of Montana. See Montana Code 17-3-301
• Department: means the department of administration created in 2-15-1001. See Montana Code 17-5-801
• Department: means the department of transportation provided for in Title 2, chapter 15, part 25. See Montana Code 17-5-903
• Department: means the department of administration. See Montana Code 17-5-1302
• Devise: To gift property by will.
• Donor: The person who makes a gift.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• 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.
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• Facsimile seal: means the reproduction by engraving, imprinting, stamping, or other means of the seal of the issuer, official, or official body. See Montana Code 17-5-1102
• Facsimile signature: means the reproduction by engraving, imprinting, stamping, or other means of the manual signature of an authorized officer. See Montana Code 17-5-1102
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal assistance programs: means any financial assistance made to a state agency by an agency of the United States government, whether a grant, loan, gift, contract, or in any other form. See Montana Code 17-3-102
• Fiduciary: A trustee, executor, or administrator.
• Financial intermediary: means a bank, broker, clearing corporation, or trust company or the nominee of any of them or other person or nominee that in the ordinary course of its business maintains public obligation accounts for its customers. See Montana Code 17-5-1102
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the:

  (a)board of county commissioners in the case of a county;

  (b)municipal commission in the case of a municipality;

  (c)commission in the case of a consolidated government; or

  (d)town meeting legislative body in the case of a town. See Montana Code 17-2-301

• Governing body: means the board, council, commission, or other body charged with the general control of the issuance of bonds of a political subdivision. See Montana Code 17-5-101
• Governmental bonds: means bonds other than private activity bonds. See Montana Code 17-5-1302
• Grantee agency: means any agency of state government receiving federal funds. See Montana Code 17-3-102
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Highway projects: means the construction, reconstruction, maintenance, and repair of commission-designated highway systems and state highways as those terms are defined in 60-1-103. See Montana Code 17-5-903
• Highway revenues: means the revenues specified in Article VIII, section 6, of the Montana constitution and 15-70-126 and 15-70-128 as revenues from gross vehicle weight fees and excise and license taxes (except general sales and use taxes, if any) on gasoline, fuel, and other energy sources used to propel vehicles on public highways and any other revenues, taxes, or receipts credited to the department in the state special revenue fund and the federal special revenue fund. See Montana Code 17-5-903
• 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}
• Internal Revenue Code: has the meaning provided in 15-30-2101. See Montana Code 17-5-1102
• Issuer: means a public entity that:

  (a)executes a certificated public obligation to evidence its duty to perform an obligation represented by the certificated public obligation;

  (b)undertakes to perform an obligation that is an uncertificated public obligation; or

  (c)becomes responsible for or in place of a public entity described as an issuer in this subsection (7). See Montana Code 17-5-1102

• Issuer: means a state issuer or local issuer. See Montana Code 17-5-1302
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legislative audit division: means the legislative audit division established by 5-13-301. See Montana Code 17-2-301
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• local fund: means an accounting fund maintained by a local government entity for which the exclusive source of revenue is one or more charges for services or interest or other income on the fund. See Montana Code 17-2-301
• Local government entity: means a county, city, consolidated government, or town. See Montana Code 17-2-301
• Local issuer: means a city, town, county, or other political subdivision of the state authorized to issue private activity bonds or governmental bonds. See Montana Code 17-5-1302
• Local portion: means that portion of the state's volume cap reserved for local issuers. See Montana Code 17-5-1302
• 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.
• Obligation: means an agreement of an issuer to pay principal and interest and includes a share, participation, or other interest in the agreement. See Montana Code 17-5-1102
• Official actions: means the actions by statute, order, ordinance, resolution, contract, or other authorized means by which the issuer provides for issuance of a public obligation. See Montana Code 17-5-1102
• Official or official body: means :

  (a)the officer or body that is empowered under the laws of one or more states, including this state, to provide for original issuance of a public obligation of the issuer by defining the obligation and its terms, conditions, and other incidents;

  (b)the successor or successors of the official or official body; and

  (c)any other person or group of persons who are assigned duties of the official or official body under applicable law. See Montana Code 17-5-1102

• Operating plan: means the financial plan used by a state agency or local government entity showing in detail the purposes for which the state agency's or local government entity's operating revenue will be spent in the current fiscal year of the state agency or local government entity and the fund from which the expenditures will be made. See Montana Code 17-2-301
• Original issuance: means the first transfer of a public obligation by an issuer to a purchaser. See Montana Code 17-5-1102
• 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
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Political subdivision: includes a county, city, town, school district, irrigation district, drainage district, special improvement district, or any other governmental subdivision of the state. See Montana Code 17-5-101
• Printing: means the act of reproducing a design on a surface by any process. See Montana Code 1-1-203
• Project: shall mean any resettlement project or rural rehabilitation project for resettlement purposes of the United States, located within this state, and shall include persons inhabiting such project. See Montana Code 17-3-301
• Property: means real and personal property. See Montana Code 1-1-205
• Public body: includes a county, city, town, school district, irrigation district, drainage district, special improvement district, or any other political or governmental subdivision of the state or any commission, authority, or agency of a political or governmental subdivision, and also includes the board of public education, the board of regents of higher education, the board of examiners, the department of natural resources and conservation, the state transportation commission, or any other governmental agency of this state. See Montana Code 17-5-202
• Public entity: means any entity, department, or agency that is empowered under the laws of one or more states, including this state, to issue obligations, any interest with respect to which may under any provision of law be provided an exemption from the income tax referred to in the Internal Revenue Code. See Montana Code 17-5-1102
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public obligation: means either a certificated or an uncertificated public obligation. See Montana Code 17-5-1102
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Right of offset: Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. ^{Source: OCC}
• Services: shall mean such public and state functions as are performed for property in and persons residing within this state. See Montana Code 17-3-301
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Several: means two or more. See Montana Code 1-1-201
• State: shall mean the state of Montana. See Montana Code 17-3-301
• 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
• State agency: means an agency as defined in 17-7-102. See Montana Code 17-2-301
• State agency: means any agency of state government eligible to apply for and receive federal funds. See Montana Code 17-3-102
• state fund: means an account within the special revenue fund established by 17-2-102 for which the exclusive source of revenue is one or more charges for services or interest or other income on the fund. See Montana Code 17-2-301
• State issuer: means the state and any agency, board, or authority of the state authorized to issue private activity bonds. See Montana Code 17-5-1302
• State portion: means that portion of the state's volume cap reserved for state issuers. See Montana Code 17-5-1302
• Statute: A law passed by a legislature.
• Tax act: means the latest limitation enacted by the United States congress on the amount of cap bonds that may be issued by a state or local issuer. See Montana Code 17-5-1302
• Treasurer: means the ex officio state treasurer, referred to in 2-15-1002. See Montana Code 17-5-801
• Trustee: A person or institution holding and administering property in trust.
• Uncertificated public obligation: means an obligation that is:

  (a)issued pursuant to a system of registration;

  (b)not represented by an instrument; and

  (c)either one of a class or series or by its terms divisible into a class or series of obligations. See Montana Code 17-5-1102

• 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: shall mean the United States of America. See Montana Code 17-3-301
• United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
• Volume cap: means , with respect to each calendar year, the principal amount of cap bonds that may be issued in the state in a calendar year as determined under the provisions of the tax act. See Montana Code 17-5-1302
• Writing: includes printing. See Montana Code 1-1-203