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Montana Title 90. Planning, Research, and Development § 90-6-701. Montana coal endowment program created--definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

(1)(a) There is a Montana coal endowment program that consists of:

(i) the Montana coal endowment fund established in 17-5-703;

(ii) the infrastructure portion of the coal severance tax bond program provided for in 17-5-701(2).

(b) The Montana coal endowment program may borrow from the board of investments to provide additional financial assistance for local government infrastructure projects under this part, provided that no part of the loan may be made from retirement funds.

(2) Interest from the Montana coal endowment fund and from proceeds of the sale of bonds under 17-5-701(2) may be used to provide financial assistance for local government infrastructure projects under this part, to provide funding to the department of commerce for the administrative costs of the Montana coal endowment program, and to repay loans from the board of investments.

(3) As used in this part, the following definitions apply:

(a) “Infrastructure projects” means:

(i) drinking water systems;

(ii) wastewater treatment;

(iii) sanitary sewer or storm sewer systems;

(iv) solid waste disposal and separation systems, including site acquisition, preparation, or monitoring; or

(v) bridges.

(b) “Local government” means an incorporated city or town, a county, a consolidated local government, a tribal government, a county or multicounty water, sewer, or solid waste district, or an authority as defined in 75-6-304.

(c) “Montana coal endowment fund” means the coal severance tax infrastructure endowment fund established in 17-5-703(1)(b).

(d) “Montana coal endowment program” means the local government infrastructure investment program established in subsection (1).

(e) “Tribal government” means a federally recognized Indian tribe within the state of Montana.

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Cite this article: FindLaw.com - Montana Title 90. Planning, Research, and Development § 90-6-701. Montana coal endowment program created--definitions - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-90-planning-research-and-development/mt-st-90-6-701/

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