Montana Code 85-7-1416. Undertakings to be self-supporting
85-7-1416. Undertakings to be self-supporting. (1) An issuer issuing bonds pursuant to this part shall collect reasonable fees for the services, facilities, and commodities of the undertaking and shall revise the fees from time to time so that the undertaking remains self-supporting.
Terms Used In Montana Code 85-7-1416
- Issuer: means the board of commissioners of an irrigation district or a board of control created pursuant to Title 85, chapter 7, part 16. 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
(2)The fees prescribed must produce revenue at least sufficient to:
(a)pay when due all bonds and interest thereon for which the revenue is pledged, including reserves; and
(b)provide for all expenses of operation and maintenance of the undertaking, including reserves.