Montana Code 85-9-623. Issuance of bonds — resolution and election
85-9-623. Issuance of bonds — resolution and election. When the directors find it necessary to issue bonds, the directors shall:
Terms Used In Montana Code 85-9-623
- Directors: means the board of directors of a conservancy district. See Montana Code 85-9-103
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(1)pass a resolution that includes:
(a)the purpose or purposes for which the bonds will be issued;
(b)the maximum amount and term of the bonds;
(c)the maximum interest rate that the bonds will bear; and
(d)whether the bonds will be repaid from revenue, assessments, or both;
(2)give notice in accordance with 7-1-2121 that must include the resolution adopted by the directors and the location of polling places unless the election is conducted by mail ballot, as provided in Title 13, chapter 19; and
(3)hold an election conducted in accordance with Title 13, chapter 1, part 5.