Montana Attorney General Opinion 15-103

Opinion No. 103 Taxation-School Bonds-Exemption. HELD: School bonds held by resi- llents of the county are not exempt fl·OIll taxation. March 8, Ul33. You have requested my opiniun as tu whether or not school bonds, held by residents uf the county, are exempt from taxation under Section 11)98, H. c. ~I. 11)21, as amended, or should he taxed and classified as provided for in flection 11)99, R. C. :\1. 1921. flection Hlf)8, as amended hy Chall- ter 98, Laws of 1931, does not alter the OPINIO»S OF THE ATTOR»EY GEl'iERAL 83 original section in regard to the mat- ter you submit. Cruse, et aI., Y. Fischl, County Treasurer, 55 Mont. 258. In Section 1999, covering the classi- fication of taxable property, the para- graph co,ering property in Class 5, is as follows: "All moneys and credits, secured or unsecured, including all state, county, school district and other municipal bonds, warrants and secur- ities without any deduction or offset; pro\'ided, however, that the terms, moneys, and credits as herein used sha 1I Ilot embrace the moneyed capital employed in the banking business by any banking corporation or individual in this state." It is therefore my opinion that school bonds held by residents of the county are not exempt from taxation.