Montana Code 17-5-924. Provisions for protecting bondholders
17-5-924. Provisions for protecting bondholders. The resolution of the board providing for the issuance of bonds or the trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the state, the board, and the departments, boards, or agencies of state government in relation to the construction, reconstruction, improvement, maintenance, and repair of the highway projects financed with the proceeds of the bonds and the custody, safeguarding, and application of all money. The trust indenture may set forth the rights and remedies of the bondholders customary in trust indentures, deeds of trusts, and mortgages securing bonds or debentures of corporations. No enumeration of particular powers granted by this section impairs any general grant of power contained in this part.
Terms Used In Montana Code 17-5-924
- Board: means the board of examiners created under 2-15-1007. See Montana Code 17-5-903
- Bonds: means bonds, notes, or other evidences of indebtedness issued pursuant to this part as highway revenue bonds. See Montana Code 17-5-903
- Customary: means according to usage. See Montana Code 1-1-206
- Highway projects: means the construction, reconstruction, maintenance, and repair of commission-designated highway systems and state highways as those terms are defined in 60-1-103. See Montana Code 17-5-903
- 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