The bill aims to revise the Department of Commerce laws in Montana to enhance access to low-cost capital for specific eligible projects and entities. Key amendments include updating definitions related to educational facilities and providers, as well as expanding the types of projects eligible for financing. Notably, the bond issuance cap for the Montana Facility Finance Authority is increased from $500 million to $1 billion, allowing for greater financial flexibility. The bill also introduces new public notice requirements for certain public hearings, ensuring that local governments are involved in the financing process and that the public is adequately informed.

In terms of specific legal language changes, the bill adds definitions for "education facilities" and "education providers," while removing previous references to "higher education facilities" and "institutions of higher education." Additionally, it clarifies the types of projects that can be financed, including those related to nonprofit corporations organized under section 501(c)(3) of the Internal Revenue Code. The bill is set to take effect immediately upon passage and approval, reflecting a proactive approach to support economic development and community services in Montana.

Statutes affected:
Introduced: 90-5-101, 90-5-108, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302