Montana Code 7-15-4511. Creation of special funds
7-15-4511. Creation of special funds. In connection with the issuance of bonds and/or the incurring of any obligation under a lease and in order to secure the payment of such bonds and/or obligations, the authority shall have power to:
Terms Used In Montana Code 7-15-4511
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1)create or authorize the creation of special funds in which there shall be segregated:
(a)the proceeds of any loan and/or grant;
(b)all of the rents, fees, and revenues of any housing project or projects or parts thereof;
(c)any money held for the payment of the costs of operation and maintenance of any such housing projects or as a reserve for the meeting of contingencies in the operation and maintenance thereof;
(d)any money held for the payment of the principal and interest on its bonds or the sums due under its leases and/or as a reserve for such payments; and
(e)any money held for any other reserves or contingencies; and
(2)covenant as to the use and disposal of the money held in such funds.