Montana Code 85-7-1413. Authority to issue revenue bonds
85-7-1413. Authority to issue revenue bonds. An irrigation district may:
Terms Used In Montana Code 85-7-1413
- Irrigation district: means a district created pursuant to Title 85, chapter 7, part 1. See Montana Code 85-7-1402
- Undertaking: means any one or a combination of the following:
(a)water sources, water rights, irrigation canals, irrigation systems, including pumping facilities or gravity measure systems, reservoirs, reservoir sites, or small power production facilities that are:
(i)certified as such by the federal energy regulatory commission; and
(ii)are associated with federal reclamation projects;
(b)any real or personal property or water rights related to or necessary to provide, operate, and maintain an undertaking listed in subsection (4)(a). See Montana Code 85-7-1402
(1)issue its bonds to finance in whole or in part the acquisition, construction, or improvement of any undertaking; and
(2)pledge to the punctual payment of bonds issued under this part and interest thereon an amount of the revenue of the undertaking (including subsequent improvements or extensions) sufficient to pay the bonds and interest as they become due, and maintain reasonable reserves therefor.