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Montana Title 85. Water Use § 85-7-1419. Covenants in resolution authorizing issuance of bonds

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

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.

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Cite this article: FindLaw.com - Montana Title 85. Water Use § 85-7-1419. Covenants in resolution authorizing issuance of bonds - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-85-water-use/mt-st-85-7-1419/

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