(a) (1) The county executive may issue tax anticipation certificates for county property taxes.
(2) The amount of tax anticipation certificates issued in any fiscal year may not exceed five (5) percent of the amount of county property taxes levied for the previous fiscal year.
(b) The county executive may make tax anticipation certificates available at:
(1) Any county office that the county executive designates; and
(2) Any state or national bank in the county that offers to issue the certificates to the public.
(c) If warranted, the county executive may pay a bank for the service of issuing and accepting tax anticipation certificates.
(d) (1) Tax anticipation certificates are in the form that the county executive determines.
(2) A tax anticipation certificate may be purchased in fifty dollars ($50.00), one hundred dollars ($100.00), two hundred fifty dollars ($250.00), and five hundred dollars ($500.00) denominations.
(e) An owner of record of property that is located in this county may purchase a tax anticipation certificate under this section for surrender in payment of county property taxes on that property.
(f) Interest shall accrue on tax anticipation certificates in the amount that the county executive determines by regulation.
(g) The purchase of a tax anticipation certificate by a property owner:
(1) Is not payment of property tax; and
(2) Does not affect the time or manner of a tax sale of the property for which the certificate is purchased if the property tax is not paid as required by law.
(h) (1) A tax anticipation certificate is not negotiable.
(2) a. A tax anticipation certificate may be transferred by the purchaser of the certificate to the successor or assignee in ownership of the property for which the certificate was purchased.
b. A transfer of a tax anticipation certificate under this paragraph shall be registered at the county division of revenue and disbursements in the manner as the director of finance determines.
(i) (1) The county executive may adopt regulations to implement this section.
(2) A regulation adopted under this section shall be adopted under method (2) of section 2A-15 of this Code. (Mont. Co. Code 1965, § 84-10; 1969 L.M.C., ch. 40, § 8; 1984 L.M.C., ch. 24, § 50; 1984 L.M.C., ch. 35, § 1.)