Montana Statutes
§ 17-5-1624 — Trust Indenture
17-5-1624 . Trust indenture.
(1)In the discretion of the board, the bonds or notes of the board may be secured by a trust indenture between the board and a corporate trustee, which may be a trust company or bank having the power of a trust company inside or outside the state. A trust indenture may contain provisions for protecting and enforcing bondholders' rights and remedies that are reasonable and proper and not in violation of law, including covenants setting forth the duties of the board in relation to the exercise of its powers and the custody, safeguarding, and application of all money. The board may provide by a trust indenture for the payment of the proceeds of the bonds or notes and the revenues to the trustee under the trust indenture of another depository and for the method of
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Legislative History
En. Sec. 15, Ch. 620, L. 1983.
Nearby Sections
15
§ 17-5-1001
Action To Restrain Bond Issues§ 17-5-101
Definitions§ 17-5-105
Redemption Of Bonds -- Optional Method§ 17-5-106
Notice Of Public Bond Sale§ 17-5-108
Through 17-5-110 Reserved§ 17-5-1101
Short Title§ 17-5-1102
Definitions§ 17-5-1103
Declarations Of State Interest -- Purposes§ 17-5-1104
Construction§ 17-5-1105
Applicability -- Election -- Rescission§ 17-5-1106
Records -- No Public Inspection -- Locations