A picture of a board room setup for a meeting

School District INTERCAP Loans

  • JUDGMENT
Repayment Option Borrowing Statutes Loan Term* Vote Req'd? 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

  • NEW & USED VEHICLE/EQUIPMENT
Repayment Option Borrowing Statutes Loan Term* Vote Req'd? 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

  • REAL PROPERTY PURCHASES & IMPROVEMENTS
Repayment Option Borrowing Statutes Loan Term* Vote Req'd? 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

  • INTERIM FINANCING FOR CONSTRUCTION OR CASH-FLOW LOANS

* 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.

 


  • ENERGY RETROFIT PROJECTS
Repayment Option Borrowing Statutes Loan Term* Vote Req'd? 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.

** Bond Counsel required.

*** 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.


MONTANA BOARD OF INVESTMENTS | MONTANA DEPARTMENT OF COMMERCE
2401 COLONIAL DR, 3RD FLOOR | PO BOX 200126 | HELENA, MT 59620-0126 | P: 406-444-0001 | F: 406-449-6579 | TDD: 406-841-2702