Montana Statutes
§ 7-7-4423 — Nature Of Revenue Bonds
7-7-4423 . Nature of revenue bonds.
(1)No holder or holders of any bonds issued under this part shall ever have the right to compel any exercise of taxing power of the municipality to pay said bonds or the interest thereon.
(2)Each bond issued under this part shall recite in substance that:
(a)said bond, including interest thereon, is payable from the revenue pledged to the payment thereof; and
(b)said bond does not constitute a debt of the municipality within the meaning of any constitutional or statutory limitation or provision.
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Legislative History
En. Sec. 8, Ch. 126, L. 1939; R.C.M. 1947, 11-2408.
Nearby Sections
15
§ 7-7-101
Repealed§ 7-7-102
Repealed§ 7-7-103
Repealed§ 7-7-109
Definitions -- Sale Of Notes In Anticipation Of Federal Or State Revenue Or Issuance Of Bonds§ 7-7-110
Authorization Of Bonds§ 7-7-111
Bond Election -- Impact On Value§ 7-7-112
Through 7-7-120 Reserved§ 7-7-121
Misconduct In Relation To Bond Funds§ 7-7-122
Prosecution For Misconduct