Montana Code 85-7-1419. Covenants in resolution authorizing issuance of bonds
85-7-1419. Covenants in resolution authorizing issuance of bonds. A resolution authorizing the issuance of bonds under this part may contain covenants relating to:
Terms Used In Montana Code 85-7-1419
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Revenues: means any fees, charges, rates, rents, or lease payments. See Montana Code 85-7-1402
- Trustee: A person or institution holding and administering property in trust.
- 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)the purposes for which the proceeds of sale of the bonds may be applied and the use and disposition of the proceeds;
(2)the use and disposition of the revenue of the undertaking for which the bonds are to be issued, including the creation and maintenance of reserves;
(3)the issuance of other or additional bonds payable from the revenue of the undertaking;
(4)the operation and maintenance of the undertaking;
(5)the insurance to be carried on the undertaking and the use and disposition of insurance money;
(6)books of account and the inspection and audit of the books; and
(7)the terms and conditions upon which the holders of the bonds or any portion of them or any trustee is entitled to the appointment of a receiver by the district court, which court shall have jurisdiction in such proceedings and which receiver may:
(a)enter and take possession of the undertaking;
(b)operate and maintain the undertaking;
(c)prescribe fees, subject to the approval of the public service commission if such approval is required; and
(d)collect, receive, and apply all revenues in the same manner as the issuer itself might do.