Montana Code 17-5-1646. Default in payment
17-5-1646. Default in payment. If the board or eligible government unit defaults in the payment of principal or interest on an issue of notes or bonds after they become due, whether at maturity or upon call for redemption, and the default continues for 30 days or if the board or eligible government unit fails or refuses to comply with this part or defaults in an agreement made with the holders of an issue of notes or bonds, the holders of 25% of the aggregate principal amount of the outstanding notes or bonds of that issue have the right, upon proper application to a court of competent jurisdiction, to have a trustee appointed to represent the holders of those notes or bonds for the purposes provided in this part.
Terms Used In Montana Code 17-5-1646
- Board: means the board of investments created in 2-15-1808. See Montana Code 17-5-1604
- Eligible government unit: means :
(a)any municipal corporation or political subdivision of the state, including without limitation any city, town, county, school district, authority as defined in 75-6-304, or other special taxing district or assessment or service district authorized by law to borrow money;
(b)the state, any board, agency, or department of the state, or the board of regents of the Montana university system when authorized by law to borrow money; or
(c)an Indian tribal government, in accordance with 17-1-702. See Montana Code 17-5-1604
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trustee: A person or institution holding and administering property in trust.