Montana Code 7-7-4610. Details relating to refunding revenue bonds
7-7-4610. Details relating to refunding revenue bonds. The refunding bonds may, as provided by resolution of the governing body of the municipality:
Terms Used In Montana Code 7-7-4610
- 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
- Governing body: means , in the case of a city or town, the council, commission, or other body, board, officer, or officers having charge of the finances of the city or town. See Montana Code 7-7-4602
- Municipality: means any city or town of this state. 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
(1)be issued in one or more series, bear such date or dates, and mature at such time or times, not exceeding the period of usefulness of the enterprise, as determined by the governing body in its discretion, and, in any event, not exceeding 40 years from their respective dates;
(2)bear interest at such rate or rates not exceeding the maximum rate of interest borne by the notes, bonds, or other obligations refinanced thereby, except that refunding bonds may bear interest in excess of the rate on the refunded bonds if the issuance of the refunding bonds, including the total costs of refunding the bonds, results in a reduction of total debt service cost to the municipality;
(3)be in such denomination or denominations and be in such form, either coupon or registered;
(4)carry such registration and conversion privileges;
(5)be executed in such manner;
(6)be payable in such medium of payment and at such place or places;
(7)be subject to such terms of redemption, with or without a premium;
(8)be declared or become due before the maturity date thereof;
(9)provide for the replacement of mutilated, destroyed, stolen, or lost bonds;
(10)be authenticated in such manner and upon compliance with such conditions; and
(11)contain such other terms and covenants.