The council is hereby authorized and empowered, by resolution duly adopted in executive session, to provide for the issuance, sale, redemption and acceptance, in payment of taxes, of certificates of the county to be known as tax anticipation certificates. In such resolution the council shall have full and complete authority and discretion, subject to the provisions of this section, to fix and determine the form and tenor of such certificates, including denominations, the date upon which the certificates shall be sold, the manner of selling and issuance, the manner of redemption, and the value to be given to the certificates when used in payment of taxes, and generally all matters incident or necessary to the issuance, sale, redemption and delivery thereof.
The certificates shall be issued only for the purpose of sale to the public to be used by members of the public for payment of county taxes. Such certificates shall be sold only at face value, shall not bear interest and shall be redeemable in cash by the county, or its designated agents, only at face value of the certificate. Such certificates shall not be negotiable and shall be transferable by the holder only to his successor or assign in ownership of property subject to county taxation, and then only by registration of the transfer at the division of revenue and disbursements, or other county agency as directed in the council resolution.
Certificates may be authorized to be accepted by the county at above face value only in payment of outstanding due and owing ad valorem county tax bills, and in no event shall the increased value allowed for payment of taxes and interest on such taxes exceed the amount, on a pro rata basis by denomination, of five dollars ($5.00) per one hundred dollars ($100.00) of the face amount of the certificate. The allowed increased value for tax payment purposes shall be prorated in equal monthly amounts from July 1 of the year in which the taxes become due and payable through the next succeeding February.
No increase in value for any purpose whatsoever shall be allowed prior to July 1 of the year in which the taxes become due and payable nor shall any additional increase in value for any purpose be allowed after the next succeeding February. No certificates shall be sold in February of any year but may be sold in every other month of the year at the discretion of the council. (Mont. Co. Code 1965, § 2-124.)