Montana Code 7-7-4204. Nature of general obligation bonds
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7-7-4204. Nature of general obligation bonds. All bonds issued under the provisions of this part shall be legal and valid obligations of the city or town issuing the same, and the full faith and credit of such city or town are hereby irrevocably pledged for the prompt payment of both principal and interest thereof as the same become due.
Terms Used In Montana Code 7-7-4204
- 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.