90-6-209. Limitations on grants and loans. (1) The board may commit itself to the expenditure of funds for more than 1 year for a single project, as long as the grant or loan does not extend over more than 10 years and does not exceed reasonable revenue expectations. The total amount of grants and loans to state agencies, except grants made pursuant to 90-6-205(5)(b), and Indian tribes may not exceed 7% of the total money allocated to the board during each fiscal year.
     (2) (a) No loan may be approved by the board if the source of money for repayment would be derived from property taxes. Repayment may be made from fees, rentals, admissions, use charges, and special assessments.
     (b) The repayment period for loans approved by the board may not exceed 20 years.
     (c) The board shall hold all loan contracts within its administrative offices. The board may not sell, assign, or pledge a loan contract to any other entity.
     (d) A local government unit or the governing body of a federally recognized Indian tribe receiving a loan from the board shall use or commit for use the loan money within 1 year of the date of the board's final approval of the loan.
     (e) If a local government unit or the governing body of a federally recognized Indian tribe fails to comply with subsection (2)(d), the entire loan must be repaid within 30 days following expiration of the 1-year period.
     (3) No loan or grant to an Indian tribe under 90-6-205 may be approved by the board unless, with respect to that loan or grant:
     (a) the governing body of the tribe has agreed:
     (i) to waive its immunity from suit on any issue specifically arising from the transaction of a loan or grant obtained under this part; and
     (ii) to the adjudication of any dispute arising out of the loan or grant transaction in the district court of the first judicial district of the state of Montana; and
     (b) approval of the transaction has been obtained from the secretary of the United States department of the interior whenever such approval is necessary.

     History: En. 50-1709 by Sec. 10, Ch. 502, L. 1975; R.C.M. 1947, 50-1809(part); amd. Sec. 4, Ch. 690, L. 1983; (2) En. Sec. 5, Ch. 690, L. 1983; (3) En. Sec. 6, Ch. 690, L. 1983; amd. Sec. 1, Ch. 420, L. 1985; amd. Sec. 3, Ch. 619, L. 1985.