Montana Code 85-7-1415. Nature of revenue bonds
85-7-1415. Nature of revenue bonds. (1) No holder of any bonds issued under this part may compel the levy of any tax or assessment on property within the irrigation district to pay the bonds or interest thereon.
Terms Used In Montana Code 85-7-1415
- Irrigation district: means a district created pursuant to Title 85, chapter 7, part 1. See Montana Code 85-7-1402
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: means real and personal property. See Montana Code 1-1-205
- 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)Each bond issued under this part must recite in substance that:
(a)the bond, including interest thereon, is payable from the revenue pledged to the payment thereof or any other security pledged therefor, including a lien on the undertaking; and
(b)the bond does not constitute a debt of the irrigation district within the meaning of any constitutional or statutory limitation or provision.