Montana Code 7-10-219. Details relating to revenue bonds
7-10-219. Details relating to revenue bonds. (1) Bonds authorized to be issued under this part:
Terms Used In Montana Code 7-10-219
- 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
(a)must bear interest at a rate or rates not exceeding the limitation of 17-5-102;
(b)may be issued in one or more series;
(c)may bear a date or dates;
(d)may mature at a time or times not exceeding 40 years from their respective dates of issue;
(e)may be payable in a place or places;
(f)may carry registration privileges;
(g)may be subject to terms of redemption;
(h)may be executed;
(i)may contain terms, covenants, and conditions; and
(j)may be in coupon or registered form, as provided by the initial resolution or subsequent resolutions.
(2)The regional resource authority may fix the minimum price for the bonds in an amount less than the principal amount of the bonds but not less than 97% of the principal amount if it determines that a sale at that price is in the best interests of the project.