The proposed legislation aims to enhance access to low-cost capital for 501(c)(3) entities and other public-benefit facilities in Montana. A significant aspect of the bill is the increase of the bond issuance cap for the Montana Facility Finance Authority from $500 million to $1.5 billion. Additionally, the bill 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 expansion of the definition of "project" to include facilities owned or supported by 501(c)(3) entities, as well as adjustments to the definitions of "institution" and "eligible facility" to explicitly include nonprofit organizations under section 501(c)(3) of the Internal Revenue Code. The bill also modifies procedural requirements for financing projects, ensuring that public interest is considered through mandated public hearings. Overall, the legislation seeks to facilitate greater financial support for nonprofit and public-benefit initiatives in Montana.

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: 90-5-101, 90-7-102, 90-7-104, 90-7-225, 90-7-229, 90-7-302