Montana § 85-7-1415 Nature Of Revenue Bonds

Montana Statutes

§ 85-7-1415 — Nature Of Revenue Bonds

Montana·Title 85 WATER USE·Ch. 7 IRRIGATION DISTRICTS·Part 14 Irrigation District Revenue Bond Act

85-7-1415 . Nature of revenue bonds.

(1)No holder of any bonds issued under this part may compel the levy of any tax or assessment on property within the irrigation district to pay the bonds or interest thereon.

(2)Each bond issued under this part must recite in substance that:

(a)the bond, including interest thereon, is payable from the revenue pledged to the payment thereof or any other security pledged therefor, including a lien on the undertaking; and

(b)the bond does not constitute a debt of the irrigation district within the meaning of any constitutional or statutory limitation or provision.

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85-7-1415 . Nature of revenue bonds. (1) No holder of any bonds issued under this part may compel the levy of any tax or assessment on property within the irrigation district to pay the bonds or interest thereon.
(2) Each bond issued under this part must recite in substance that:
(a) the bond, including interest thereon, is payable from the revenue pledged to the payment thereof or any other security pledged therefor, including a lien on the undertaking; and
(b) the bond does not constitute a debt of the irrigation district within the meaning of any constitutional or statutory limitation or provision.

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