WHEREAS, the Montana State Legislature has authorized state agencies to incur debt by issuing notes, bonds, and certificates to the public to support a wide variety of activities in furtherance of various public purposes; and
WHEREAS, a coordinated approach to issuing obligations would enhance marketing of these obligations by the State of Montana; and
WHEREAS, it is necessary to present a coordinated strategy to finance Montana's capital investment to the rating agencies to enhance the credit ratings of obligations issued by the state; and
WHEREAS, it is desirable to communicate to investors, underwriters, and credit analysts the state's debt management policies and financial plans so that these market participants understand the state's management and control of debt issuance practices; and
WHEREAS, it is desirable to maintain a council whose purpose is to review, analyze, coordinate, and harmonize the borrowing patterns of the state.
NOW, THEREFORE, I, MARC RACICOT, Governor of the State of Montana, by virtue of the authority vested in me in accordance with Section 2-15-122, MCA, do hereby continue the Capital Finance Advisory Council.
As used in this Order, the following terms have the following meaning:
The Governor shall appoint 13 members to the Council. The members shall serve at the pleasure of the Governor. The names and addresses of the members shall be submitted by separate letter to the Secretary of State and the Department of Administration.
The Director of the Department of Administration shall chair the Council, and the Council is attached to the department for administrative purposes. Employees of the Department of Administration shall serve as staff to the Council as directed by the chairperson.
III. DUTIES OF THE ADVISORY COUNCIL
IV. DUTIES OF STATE AGENCIES
Members will be compensated as provided in Section 2-15-122(5), MCA. Each board, authority, corporation, or agency is responsible for the expenses incurred by its representative on the Council. The Department of Administration is responsible for the expenses incurred by legislative representatives.
The Council shall exist for a period of two years from the effective date of this Order unless otherwise ordered by subsequent Executive Order. This Order is effective immediately.
|GIVEN under my hand and the GREAT
SEAL of the State of Montana,
this ___ day of __________, 2000.
MARC RACICOT, Governor
MIKE COONEY, Secretary of State