Montana Code 7-7-4432. Details relating to revenue bonds
7-7-4432. Details relating to revenue bonds. (1) Bonds authorized to be issued under this part:
Terms Used In Montana Code 7-7-4432
- Governing body: means a body or board that has charge of finances and management of a municipality. See Montana Code 7-7-4402
- 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
(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 governing body 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 undertaking.