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Montana Title 7. Local Government § 7-15-4511. Creation of special funds

Current as of January 01, 2024 | Updated by Findlaw Staff

In connection with the issuance of bonds and/or the incurring of any obligation under a lease and in order to secure the payment of such bonds and/or obligations, the authority shall have power to:

(1) create or authorize the creation of special funds in which there shall be segregated:

(a) the proceeds of any loan and/or grant;

(b) all of the rents, fees, and revenues of any housing project or projects or parts thereof;

(c) any money held for the payment of the costs of operation and maintenance of any such housing projects or as a reserve for the meeting of contingencies in the operation and maintenance thereof;

(d) any money held for the payment of the principal and interest on its bonds or the sums due under its leases and/or as a reserve for such payments; and

(e) any money held for any other reserves or contingencies; and

(2) covenant as to the use and disposal of the money held in such funds.

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Cite this article: FindLaw.com - Montana Title 7. Local Government § 7-15-4511. Creation of special funds - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-7-local-government/mt-st-7-15-4511/

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