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School District

Judgment
New and used vehicles
New and used equipment
Real property purchase & improvements
Energy retrofit projects
Interim financing and cash-flow loans

 

Judgment

Repayment Option

Borrowing Statutes

Loan Term*

Vote Required?

Collateral

General Fund

2-9-316 & 20-9-471

10 year

No

N/A

General Obligation**

2-9-316 & 20-9-4

15 year

No

Full faith, credit & taxing power pledge

*Eligible governments must adhere to State law when financing capital projects and cannot finance projects for a longer term than allowed. Board staff will consider the maximum loan term authorized in statute, as well as the repayment ability of the eligible borrower, when reviewing loan requests. In addition, loan terms cannot exceed the useful life of the project being financed.

**Bond Counsel required.

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New and used vehicles

Repayment Option

Borrowing Statutes

Loan Term*

Vote Required?

Collateral

General Fund

20-9-471

10 year

No

First lien on vehicle

General Obligation**

20-9-4

15 year

Yes

Full faith, credit & taxing power pledge

*Eligible governments must adhere to State law when financing capital projects and cannot finance projects for a longer term than allowed. Board staff will consider the maximum loan term authorized in statute, as well as the repayment ability of the eligible borrower, when reviewing loan requests. In addition, loan terms cannot exceed the useful life of the project being financed.

**Bond Counsel required.

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New and used equipment

Repayment Option

Borrowing Statutes

Loan Term*

Vote Required?

Collateral

General Fund

20-9-471

10 year

No

Applicable equipment

General Obligation**

20-9-4

15 year

Yes

Full faith, credit & taxing power pledge

*Eligible governments must adhere to State law when financing capital projects and cannot finance projects for a longer term than allowed. Board staff will consider the maximum loan term authorized in statute, as well as the repayment ability of the eligible borrower, when reviewing loan requests. In addition, loan terms cannot exceed the useful life of the project being financed.

**Bond Counsel required.

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Real property purchase and improvements

Repayment Option

Borrowing Statutes

Loan Term*

Vote Required?

Collateral

General Fund
-Remodel within    
  existing walls

20-9-471

10 year

No

Applicable equipment

General Fund
– New Construction

20-9-471

10 year

Yes

Applicable equipment

Building Reserve Levy

20-9-502 & 20-9-503

5 year

Yes

Levy Pledge

General Obligation**

20-9-4

15 year

Yes

Full faith, credit & taxing power pledge

*Eligible governments must adhere to State law when financing capital projects and cannot finance projects for a longer term than allowed.  Board staff will consider the maximum loan term authorized in statute, as well as the repayment ability of the eligible borrower, when reviewing loan requests.  In addition, loan terms cannot exceed the useful life of the project being financed.

**Bond Counsel required.

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Energy retrofit projects

Repayment Option

Borrowing Statutes

Loan Term*

Vote Required?

Collateral

General Fund

20-9-471

10 year

No

Applicable equipment

Energy Cost Savings**

20-9-471

10 year

No

Applicable equipment

General Obligation***

20-9-4

15 year

Yes

Full faith, credit & taxing power pledge

*Eligible governments must adhere to State law when financing capital projects and cannot finance projects for a longer term than allowed. Board staff will consider the maximum loan term authorized in statute, as well as the repayment ability of the eligible borrower, when reviewing loan requests. In addition, loan terms cannot exceed the useful life of the project being financed.

**Certified report from a registered professional engineer licensed to practice in the State of Montana showing energy cost savings are sufficient to cover the debt service over a 10 year term.

***Bond Counsel required.

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Interim financing for construction or cash-flow loans

Repayment Option

Borrowing Statutes

Loan Term

Bond Counsel Required?

Collateral

Revenue Anticipation

7-6-11

Up to 1 year*

No

Tax/Revenue Pledge

Bond Anticipation

7-7-109

Up to 3 years

Yes

Written commitment**

Grant Anticipation

7-7-109

Up to 3 years

No

Written commitment**

* Revenue anticipation notes (RAN) must be repaid within the fiscal year they are borrowed.

**7-7-109(2)(b) Before the notes are issued, the political subdivision must receive a written commitment for the purchase of the bonds or for the grant or loan in an amount that in the aggregate is not less than the principal amount of the notes and shall by resolution agree to fulfill any conditions of the commitment.

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