Sec. 20-20. Bonds are exempt from state and local taxes.

   Any and all such bonds and the interest thereon and the income derived therefrom, in the hands of the holders thereof from time to time, shall be and are hereby declared to be exempt from state, county and city taxation of every kind and nature whatsoever in the state. (Mont. Co. Code 1965, § 2-117.)

Sec. 20-21. Provisions of article cumulative.

   The powers granted by this article are additional and cumulative and the bonds authorized by this division may be issued notwithstanding that other bond acts or laws may provide for the issuance of other bonds or the borrowing of money for the same or similar purposes on the same or other terms and conditions. (Mont. Co. Code 1965, § 2-119.)

Article V. Certificates of Indebtedness.

Sec. 20-22. Citation of article.

   This article may be cited as the "Montgomery County self-insurance certificates of indebtedness act." (Mont. Co. Code 1965, §5-1; 1978 L.M.C., ch. 36, § 1.)

Sec. 20-23. Definitions.

   (a)   Insurable losses. The term "insurable losses" as used in this article includes:

      (1)   Physical loss or damage, including flood and earthquake, to real and personal property of the county or any participating agency; and

      (2)   Liability of the county or of any participating agency for damage:

         a.   Due to injury or death of a person; or

         b.   To real and personal property due to the negligence or wrongful act of a public official, employee, or agent of the county or a participating agency while acting within the scope of their duties.

   (b)   Real and personal property; vehicles. The term "real property" shall include land and all improvements thereon. The term "personal property" shall include fixtures and all personal property located in or on such land or buildings. The term "vehicles" means vehicles running on land or tracks but not aircraft.

   (c)   Loss to real and personal property by riot, strike, etc. Loss by riot, riot attending a strike or civil commotion shall also include loss from pillage and looting attending or following such riot, riot attending a strike or civil commotion. Loss by aircraft includes loss caused by falling aircraft or objects falling from aircraft. Loss to real and personal property shall include all loss herein described, whether or not caused by the negligence of the county or the board of education or any other person. (Mont. Co. Code 1965, § 5-2; 1978 L.M.C., ch. 36, § 1; 1986 L.M.C., ch. 44, § 1.)

Sec. 20-24. Authority to borrow upon resolution.

   The county is hereby authorized, by resolution of the council, to borrow the sums from time to time upon its faith and credit as may be needed to cover the cost of reconstructing, replacing, repairing, or paying insurable losses, as that term is defined in this article, and to issue negotiable certificates of indebtedness therefor; provided, that the amount of certificates of indebtedness issued pursuant to this article and outstanding at any one (1) time must not exceed ten million dollars ($10,000,000.00). (Mont. Co. Code 1965, § 5-3; 1978 L.M.C., ch. 36, § 1; 1986 L.M.C., ch. 44, § 1.)

Sec. 20-25. Form; denomination; interest; maturity; exemption from state, etc., taxation.

   Certificates of indebtedness:

      (1)   Must be in fully registered form;

      (2)   May be issued in denominations of one hundred dollars ($100.00) or any multiple of one hundred dollars ($100.00);

      (3)   Must bear interest at the rate or rates and be payable as to principal and interest at the times that the county executive determines, provided that the certificates must not mature later than ten (10) years after date of issuance; and

      (4)   May be exempt from all state, county and city taxation of every kind and nature whatsoever in the state. (Mont. Co. Code 1965, § 5-4; 1969 L.M.C., ch. 37, § 1; 1978 L.M.C., ch. 36, § 1; 1986 L.M.C., ch. 44, § 1.)