Montana § 85-7-1417 Use Of Revenue From Undertaking

Montana Statutes

§ 85-7-1417 — Use Of Revenue From Undertaking

Montana § 85-7-1417

Title 85WATER USE

Ch. 7IRRIGATION DISTRICTS

Part 14Irrigation District Revenue Bond Act

This text of Montana § 85-7-1417 (Use Of Revenue From Undertaking) 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. § 85-7-1417 (2026).

Text

85-7-1417 . Use of revenue from undertaking.

(1)An issuer of bonds pursuant to this part for the acquisition, construction, or improvement of any undertaking may apply the revenue of the undertaking for the following purposes:

(a)to pay when due all bonds and interest thereon for which the revenue is pledged, including reserves;

(b)to provide for all expenses of operation and maintenance of the undertaking, including reserves;

(c)to pay and discharge notes, bonds, or other obligations and interest thereon not issued under this part for which the revenue of the undertaking is pledged;

(d)to pay and discharge notes, bonds, or other obligations and interest thereon that do not constitute a lien or encumbrance on the revenue of the undertaking and which were issued for the purpose of fina

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85-7-1417 . Use of revenue from undertaking. (1) An issuer of bonds pursuant to this part for the acquisition, construction, or improvement of any undertaking may apply the revenue of the undertaking for the following purposes:
(a) to pay when due all bonds and interest thereon for which the revenue is pledged, including reserves;
(b) to provide for all expenses of operation and maintenance of the undertaking, including reserves;
(c) to pay and discharge notes, bonds, or other obligations and interest thereon not issued under this part for which the revenue of the undertaking is pledged;
(d) to pay and discharge notes, bonds, or other obligations and interest thereon that do not constitute a lien or encumbrance on the revenue of the undertaking and which were issued for the purpose of financing the acquisition, construction, or improvement of the undertaking; and
(e) to provide a reserve for improvements to the undertaking.
(2) Unless adequate provision has been made for the purposes listed in subsection (1), no irrigation district may transfer the revenue of the undertaking to its general fund.