Montana Code 7-7-4609. Presumptions of validity of refunding revenue bonds
7-7-4609. Presumptions of validity of refunding revenue bonds. (1) Refunding bonds bearing the signatures of officers of the municipality in office on the date of the signing thereof shall be valid and binding obligations of the municipality for all purposes, notwithstanding that before the delivery thereof, any or all of the persons whose signatures appear thereon shall have ceased to be officers of the municipality, the same as if such persons had continued to be officers of the municipality until after the delivery thereof.
Terms Used In Montana Code 7-7-4609
- Dependent: A person dependent for support upon another.
- Enterprise: means any work, undertaking, or project that the municipality is authorized to construct and from which the municipality derives revenue for the refinancing or the refinancing and improving of which enterprise refunding bonds are issued under this part. See Montana Code 7-7-4602
- Improving: means reconstructing, replacing, extending, repairing, bettering, equipping, developing, or embellishing. See Montana Code 7-7-4602
- Municipality: means any city or town of this state. See Montana Code 7-7-4602
- Refinancing: means funding, refunding, paying, or discharging, by means of refunding bonds or the proceeds received from the sale of refunding bonds, all or any part of any notes, bonds, or other obligations issued to finance or to aid in financing the acquisition, construction, or improving of an enterprise and payable solely from all or any part of the revenue of the refunding bonds, including interest on the refunding bonds in arrears or about to become due, whether or not represented by coupons or interest certificates. See Montana Code 7-7-4602
- Refunding bonds: means notes, bonds, certificates, or other obligations of a municipality issued pursuant to this part or pursuant to any other law as supplemented by or in conjunction with this part. See Montana Code 7-7-4602
- Revenue: means all fees, tolls, rates, rentals, and charges to be levied and collected in connection with an enterprise and all other income and receipts of whatever kind or character derived by the municipality from the operation of an enterprise or arising from an enterprise. See Montana Code 7-7-4602
(2)The validity of the authorization and issuance of the refunding bonds shall not be dependent on or affected in any way by proceedings taken for the improving of any enterprise for the refinancing and improving of which the refunding bonds are to be issued or by contracts made in connection with the improving of any such enterprise.
(3)Any resolution authorizing refunding bonds may provide that any such refunding bond may contain a recital that such refunding bond is issued pursuant to this part, and any refunding bond containing such recital under authority of any such resolution shall be conclusively deemed to be valid and to have been issued in conformity with the provisions of this part.