Montana Code 7-7-4428. Covenants in resolution authorizing issuance of bonds
7-7-4428. 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 7-7-4428
- 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.
- Municipality: means a city or town, however organized. See Montana Code 7-7-4402
- Property: means real and personal property. See Montana Code 1-1-205
- Undertaking: means one or a combination of the following:
(a)water and sewer 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 sewage treatment and disposal works;
(b)public airport construction and public airport building;
(c)convention facilities;
(d)public recreation facilities;
(e)streets and roads;
(f)public parking facilities, solid waste management systems, or other revenue-producing facilities and services authorized for cities and towns; and
(g)public transportation systems, including passenger buses, trolleys, passenger trains and lines, light rail trains and lines, and the facilities associated with those systems. See Montana Code 7-7-4402
(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 undertaking 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 and resort tax revenue referred to in 7-7-4424;
(3)the transfer, from the general fund of the municipality to the account or accounts of the undertaking, of an amount equal to the cost of furnishing the municipality or any of its departments, boards, or agencies with the services, facilities, or commodities of the undertaking;
(4)the issuance of other or additional bonds payable from the revenue of the undertaking;
(5)the operation and maintenance of the undertaking;
(6)the insurance to be carried on the undertaking 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 undertaking;
(b)operate and maintain the undertaking;
(c)prescribe rates, fees, or charges, subject to the approval of the public service commission; and
(d)collect, receive, and apply all revenue thereafter arising from the undertaking in the same manner as the municipality itself might do.