17-5-1325. Reassignment of bonding authority for agricultural purposes -- contingency, MCA

Montana Code Annotated 2019

TITLE 17. STATE FINANCE

CHAPTER 5. PUBLIC BOND ISSUES

Part 13. Montana Unified Volume Cap Bond Allocation Plan Act

Reassignment Of Bonding Authority For Agricultural Purposes -- Contingency

17-5-1325. Reassignment of bonding authority for agricultural purposes -- contingency. If, at some time in the future, federal taxation laws allow the use of tax-exempt bonds to provide loans for the acquisition of farm or ranch land, a downpayment on the acquisition of farm or ranch land, or the acquisition or construction of depreciable property used in the operation of a farm or ranch, the allocation of bonding authority originally assigned to the Montana agricultural loan authority must be reassigned to the Montana board of investments to provide those loans.

History: En. Sec. 3, Ch. 168, L. 1991.