Montana § 85-7-1419 Covenants In Resolution Authorizing Issuance Of Bonds

Montana Statutes

§ 85-7-1419 — Covenants In Resolution Authorizing Issuance Of Bonds

Montana § 85-7-1419

Title 85WATER USE

Ch. 7IRRIGATION DISTRICTS

Part 14Irrigation District Revenue Bond Act

This text of Montana § 85-7-1419 (Covenants In Resolution Authorizing Issuance Of Bonds) 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. § 85-7-1419 (2026).

Text

85-7-1419 . Covenants in resolution authorizing issuance of bonds. A resolution authorizing the issuance of bonds under this part may contain covenants relating to:

(1)the purposes for which the proceeds of sale of the bonds may be applied and the use and disposition of the proceeds;

(2)the use and disposition of the revenue of the undertaking for which the bonds are to be issued, including the creation and maintenance of reserves;

(3)the issuance of other or additional bonds payable from the revenue of the undertaking;

(4)the operation and maintenance of the undertaking;

(5)the insurance to be carried on the undertaking and the use and disposition of insurance money;

(6)books of account and the inspection and audit of the books; and

(7)the terms and conditions upon which the holder

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85-7-1419 . Covenants in resolution authorizing issuance of bonds. A resolution authorizing the issuance of bonds under this part may contain covenants relating to:
(1) the purposes for which the proceeds of sale of the bonds may be applied and the use and disposition of the proceeds;
(2) the use and disposition of the revenue of the undertaking for which the bonds are to be issued, including the creation and maintenance of reserves;
(3) the issuance of other or additional bonds payable from the revenue of the undertaking;
(4) the operation and maintenance of the undertaking;
(5) the insurance to be carried on the undertaking and the use and disposition of insurance money;
(6) books of account and the inspection and audit of the books; and
(7) the terms and conditions upon which the holders of the bonds or any portion of them or any trustee is entitled to the appointment of a receiver by the district court, which court shall have jurisdiction in such proceedings and which receiver may:
(a) enter and take possession of the undertaking;
(b) operate and maintain the undertaking;
(c) prescribe fees, subject to the approval of the public service commission if such approval is required; and
(d) collect, receive, and apply all revenues in the same manner as the issuer itself might do.