Montana Code 17-5-912. Pledge of highway revenues
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17-5-912. Pledge of highway revenues. All or any portion of highway revenues may be pledged to the payment of the principal, interest, and redemption premium, if any, on particular issues of state highway revenue bonds, and the pledge is and remains at all times a first lien and prior charge upon the pledged highway revenues credited to the highway revenue bond debt service account, subject to the pledge of particular highway revenues to secure particular issues of highway revenue bonds.
Terms Used In Montana Code 17-5-912
- Bonds: means bonds, notes, or other evidences of indebtedness issued pursuant to this part as highway revenue bonds. See Montana Code 17-5-903
- Highway revenues: means the revenues specified in Article VIII, section 6, of the Montana constitution and 15-70-126 and 15-70-128 as revenues from gross vehicle weight fees and excise and license taxes (except general sales and use taxes, if any) on gasoline, fuel, and other energy sources used to propel vehicles on public highways and any other revenues, taxes, or receipts credited to the department in the state special revenue fund and the federal special revenue fund. See Montana Code 17-5-903
- Lien: A claim against real or personal property in satisfaction of a debt.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201