Proposed Revision to 950.1 - Municipal Finance Consolidation Act
Board Policy:
a. Units Campuses of
the university system, vocational technical centers and
community colleges may finance projects through the state Board of Investments
under the Municipal Finance Consolidation Act (17-5-1601ff MCA)
according to the following procedures.
b. The commissioner is
authorized to enter into agreements with the state Board of Investments
necessary for the implementation of this policy.
Procedures:
1. Requests to finance
projects shall be submitted to the commissioner. A request shall include a description of the project, the cost of
the project, a project schedule, the amount to be financed, and the source of
repayment. The commissioner shall
review the project and may request any additional information relevant to the
project.
2. The commissioner may
approve project financing of $500,000 or less.
The commissioner shall regularly inform the Board of financings which he
has approved. Any financing in excess
of $500,000 may be forwarded to the Board with an evaluation by the
commissioner and is contingent upon approval by the Board of Regents.
3. If a financing is
approved pursuant to section 2 the commissioner shall forward the request to
the Board of Investments.
History:
Item 75-001A-R0592,
Municipal Finance Consolidation Act Participation, Montana Systems of Higher
Education, April 30, 1992.