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 to the payment of bonds that would extend the termination of a tax increment financing district beyond the 15th year. Specifically, the legislative body of the local government that approved the tax increment provision must hold a public hearing to assess whether the fulfillment of 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 aims to enhance transparency and public involvement in the decision-making process regarding the use of tax increment financing for bond payments. It establishes that this new public hearing requirement 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: 7-15-4289