Montana Code 85-9-406. Directors’ powers over finance
85-9-406. Directors’ powers over finance. On behalf of the district, the directors may:
Terms Used In Montana Code 85-9-406
- Directors: means the board of directors of a conservancy district. See Montana Code 85-9-103
- District: means a conservancy district. See Montana Code 85-9-103
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Works: means all property, rights, easements, franchises, and other facilities, including but not limited to land, reservoirs, dams, canals, dikes, ditches, pumping units, mains, pipelines, waterworks systems, recreational facilities, facilities for fish and wildlife, and facilities to control and correct pollution. See Montana Code 85-9-103
(1)borrow money and incur indebtedness and issue bonds to finance works as provided by this chapter;
(2)in addition to all voted indebtedness, borrow money as necessary, but the amount may not at any one time exceed 0.23% of the total assessed value of taxable real property, determined as provided in 15-8-111, within the district, as ascertained by the last assessment for state and county taxes prior to the issuance of the bonds;
(3)mortgage property owned by the district if the terms of the mortgage are not inconsistent with the provisions of a resolution authorizing the sale of bonds;
(4)use any surplus funds to purchase outstanding bonds;
(5)refund bonded indebtedness incurred by the district as provided by this chapter;
(6)after a hearing held in accordance with 85-9-602, make assessments sufficient to meet the budgetary requirements for the coming year.