Montana Code 7-10-215. Covenants in resolution authorizing issuance of bonds
7-10-215. Covenants in resolution authorizing issuance of bonds. Any resolution or resolutions authorizing the issuance of bonds under this part may contain covenants as to:
Terms Used In Montana Code 7-10-215
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.
- project: means one or a combination of water systems, together with all parts of the systems and appurtenances to the systems, including but not limited to supply and distribution systems, reservoirs, dams, and treatment and disposal works. See Montana Code 7-10-201
- Property: means real and personal property. See Montana Code 1-1-205
(1)the purpose or purposes to which the proceeds of sale of the bonds may be applied and the disposition of the proceeds;
(2)the use and disposition of the revenue of the project for which the bonds are to be issued, including the creation and maintenance of reserves and including the pledge or appropriation of all or a portion of the property tax revenue referred to in 7-10-115;
(3)the transfer from the general fund of the regional resource authority to the account or accounts of the project of an amount equal to the cost of furnishing the regional resource authority or any of its departments or boards with the services, facilities, or commodities of the project;
(4)the issuance of other or additional bonds payable from the revenue of the project;
(5)the operation and maintenance of the project;
(6)the insurance to be carried on the project and the use and disposition of insurance money;
(7)books of account and the inspection and audit of the books; and
(8)the terms and conditions upon which the holders or trustees of the bonds or any proportion of the bonds are entitled to the appointment of a receiver by the district court having jurisdiction. The receiver may:
(a)enter and take possession of the project;
(b)operate and maintain the project;
(c)prescribe rates, fees, or charges, subject to the approval of the public service commission; and
(d)collect, receive, and apply all revenue arising from the project.