This bill amends Section 7-15-4289 of the Montana Code Annotated to introduce a requirement for a public hearing before local governments can pledge tax increment financing (TIF) to the payment of bonds that would extend the termination of a TIF district beyond the 15-year limit. Specifically, the legislative body of the local government must hold a public hearing to determine if the urban renewal plan or targeted economic development district comprehensive development plan necessitates such a pledge. Additionally, the local government is required to notify the relevant county and school district about the public hearing.

The bill emphasizes transparency and public involvement in the decision-making process regarding the use of tax increments for bond payments, ensuring that stakeholders are informed and have the opportunity to voice their opinions. The new provisions will apply to any pledges made on or after the effective date of the act.

Statutes affected:
LC Text: 7-15-4289
HB0019_1(1): 7-15-4289
HB0019_1(2): 7-15-4289
HB0019_1(3): 7-15-4289
HB0019_1(4): 7-15-4289
HB0019_1(5): 7-15-4289
HB0019_1: 7-15-4289
HB0019_2(1): 7-15-4289
HB0019_2(2): 7-15-4289
HB0019_2(3): 7-15-4289
HB0019_2(4): 7-15-4289
HB0019_2(5): 7-15-4289
HB0019_2(6): 7-15-4289
HB0019_2(7): 7-15-4289
HB0019_2(8): 7-15-4289
HB0019_2: 7-15-4289
HB0019_X(1): 7-15-4289
HB0019_X(2): 7-15-4289
HB0019_X(3): 7-15-4289
HB0019_X(4): 7-15-4289
HB0019_X(5): 7-15-4289
HB0019_X(6): 7-15-4289
HB0019_X(7): 7-15-4289
HB0019_X(8): 7-15-4289
HB0019_X: 7-15-4289