Montana § 7-13-3037 Loans From Reserve Fund To Bond Fund As Lien

Montana Statutes

§ 7-13-3037 — Loans From Reserve Fund To Bond Fund As Lien

Montana·Title 7 LOCAL GOVERNMENT·Ch. 13 UTILITY SERVICES·Part 30 Consolidated Local Government Water Supply and Sewer Districts

7-13-3037 . Loans from reserve fund to bond fund as lien.

(1)Whenever a loan is made to the bond fund from the reserve fund, the reserve fund has a lien for the amount of the loan on:

(a)the land within the district that is delinquent in the payment of its assessments;

(b)unpaid assessments and installments of assessments on the district, whether delinquent or not; and

(c)money coming into the bond fund to the amount of the loan, together with interest on the loan from the time it was made at the rate or percentage payable by the bond or of interest on the bond for which the loan was made.

(2)If after all the bonds of the district have been fully paid and all money remaining in the bond fund has been transferred to the reserve fund, there still remains a debt from the district to the

Free access — add to your briefcase to read the full text and ask questions with AI

7-13-3037 . Loans from reserve fund to bond fund as lien. (1) Whenever a loan is made to the bond fund from the reserve fund, the reserve fund has a lien for the amount of the loan on:
(a) the land within the district that is delinquent in the payment of its assessments;
(b) unpaid assessments and installments of assessments on the district, whether delinquent or not; and
(c) money coming into the bond fund to the amount of the loan, together with interest on the loan from the time it was made at the rate or percentage payable by the bond or of interest on the bond for which the loan was made.
(2) If after all the bonds of the district have been fully paid and all money remaining in the bond fund has been transferred to the reserve fund, there still remains a debt from the district to the reserve fund, the governing body may foreclose the lien upon property within the district owing unpaid assessments to the district for the purpose of paying off the loan to the reserve fund.

Montana § 7-13-3037 (Loans From Reserve Fund To Bond Fund As Lien) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.