Montana Code 7-15-4528. Use of bond trustee
Current as of: 2023 | Check for updates
|
Other versions
7-15-4528. Use of bond trustee. In connection with the issuance of bonds or the incurring of any obligation under a lease and in order to secure the payment of the bonds or obligations, the authority may:
Terms Used In Montana Code 7-15-4528
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- Trustee: A person or institution holding and administering property in trust.
(1)vest in a trustee the right to enforce any covenant made to secure the payment of the bonds or obligations;
(2)provide for the powers and duties of the trustee and limit the trustee’s liabilities; and
(3)provide the terms and conditions upon which the trustee or a designated proportion of the holders of bonds may enforce any covenant.