Montana § 85-1-303 Procedure In Case Of Insufficient Bond Proceeds

Montana Statutes

§ 85-1-303 — Procedure In Case Of Insufficient Bond Proceeds

Montana § 85-1-303

Title 85WATER USE

Ch. 1WATER RESOURCES

Part 3Finance

This text of Montana § 85-1-303 (Procedure In Case Of Insufficient Bond Proceeds) is published on Counsel Stack Legal Research, covering Montana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mont. Code Ann. § 85-1-303 (2026).

Text

85-1-303 . Procedure in case of insufficient bond proceeds. If the proceeds of the bonds, by error of calculation or otherwise, are less than the cost of the works, additional bonds may in like manner be issued to provide the amount of the deficit and, unless otherwise provided in the trust indenture or in the resolution authorizing the bonds, are considered to be of the same issue and are entitled to payment from the same fund, without preference or priority of the bonds first issued for the same works. If the proceeds of bonds issued for the works exceed the cost of the works, the surplus must be paid into the fund provided for the payment of principal and interest of the bonds. Prior to the preparation of definitive bonds, the department may, under like restrictions, issue temporary bon

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85-1-303 . Procedure in case of insufficient bond proceeds. If the proceeds of the bonds, by error of calculation or otherwise, are less than the cost of the works, additional bonds may in like manner be issued to provide the amount of the deficit and, unless otherwise provided in the trust indenture or in the resolution authorizing the bonds, are considered to be of the same issue and are entitled to payment from the same fund, without preference or priority of the bonds first issued for the same works. If the proceeds of bonds issued for the works exceed the cost of the works, the surplus must be paid into the fund provided for the payment of principal and interest of the bonds. Prior to the preparation of definitive bonds, the department may, under like restrictions, issue temporary bonds with or without coupons, exchangeable for definitive bonds when the bonds have been executed and are available for delivery. The bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions, and things that are specified and required by this chapter or by the constitution of the state.

Legislative History

En. Sec. 6, Ch. 35, Ex. L. 1933; re-en. Sec. 349.6, R.C.M. 1935; amd. Sec. 11-156, Ch. 264, L. 1963; R.C.M. 1947, 89-109(4); amd. Sec. 424, Ch. 418, L. 1995.