(a) For any County borrowing authorized bylaw on the full faith and credit of the County to finance the public facilities defined in Section 20-14, the County must evidence that borrowing or indebtedness by issuing general obligation serial maturity bonds. Subject to the terms and conditions in this Section, the County Executive must determine the terms and conditions of any such bonds, the interest payable thereon, and the advertising for their sale.
(c) General obligation serial maturity bonds may be used to fund a project that is not a public facility as defined in Section 20-14 if the Council finds that:
(1) the facility for which the bonds would be used is an integral part of a facility that would qualify for bonds under this Article;
(2) the facility is necessary to serve a public purpose; and
(3) the recipient of bond funds agrees:
(A) not to sell, lease, exchange, give away, or otherwise transfer or dispose of any interest in the property that was acquired, constructed, extended, improved, enlarged, altered, repaired, or modernized with bond funds without County approval for 20 years; and
(B) if the County permits the transfer or disposition of the property, to repay the County the percentage of the proceeds allocable to the bond funds used to acquire, construct, extend, improve, enlarge, alter, repair, or modernize the property.
(d) Any action taken under this Article must be by order of the County Executive. The County Executive must send a correct copy of every such order to the Clerk of the County Council, who must keep a permanent record of each order. Certification by the Clerk is evidence of the authenticity of each order. (Mont. Co. Code 1965, § 2-112; 1971 L.M.C., ch. 23, § 2; 1998 L.M.C., ch 24, § 1; 2010 L.M.C., ch. 48, § 1.)