Montana HB61 revises inter-entity loan procedures, allowing certain funds to have a negative cash balance under specific conditions.
Montana HB61 amends inter-entity loan procedures to allow federal special revenue funds to have a negative cash balance when reimbursed by federal funds. It permits temporary loans from other funds if income is sufficient to repay within one year. The bill mandates written justifications and repayment plans for loan extensions and requires reports to the legislature for entities with negative balances. It also sets conditions for loan interest rates and prohibits loans to entities owed third-party funds without proper billing certification.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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