Montana Code 85-7-1433. Liens arising from bonds
85-7-1433. Liens arising from bonds. The resolution authorizing the bonds must specify and define the revenues or portion of the undertaking‘s revenues that is appropriated and pledged for the security and payment of the bond principal and interest and the relative security of liens on the revenues in favor of bonds of one or more series or issues, whether issued concurrently or at different times.
Terms Used In Montana Code 85-7-1433
- Revenues: means any fees, charges, rates, rents, or lease payments. 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