The bill aims to expand access to low-cost capital for 501(c)(3) entities and other public-benefit facilities in Montana by increasing the bond issuance cap for the Montana Facility Finance Authority from $500 million to $1.5 billion. Additionally, it introduces a provision for a biennial inflationary adjustment to this cap, starting July 1, 2027, with an increase of 3% each biennium. The bill amends several sections of the Montana Code Annotated (MCA) to incorporate these changes and clarify definitions related to eligible facilities, including those owned or supported by 501(c)(3) organizations.

Key amendments include the redefinition of "project" to include facilities owned or supported by 501(c)(3) entities, and the expansion of the definition of "institution" to explicitly include nonprofit organizations under section 501(c)(3) of the Internal Revenue Code. The bill also updates the procedures for financing qualified small bond issue projects and ensures that the financing aligns with public interest through required public hearings. Overall, the legislation seeks to enhance financial support for nonprofit and public-benefit facilities, thereby promoting community welfare and development.

Statutes affected:
LC Text: 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_1(1): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_1(2): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_1(3): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_1(4): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_1(5): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_1(6): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_1(7): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_1: 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_X(1): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_X(2): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_X(3): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_X(4): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_X(5): 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302
SB0104_X: 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302