85-7-2014. Procedure after election, petition, or resolution filed. Upon an election, the filing of the petition pursuant to 85-7-2013, or the adoption of a resolution approving the levy of a special tax or assessment under 85-7-2048, the board of commissioners shall, by appropriate order or resolution:

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(1)authorize and direct the issuance of the bonds of the district to the amount and for the purpose or purposes specified in the election, petition, or resolution adopted pursuant to 85-7-2048;

(2)fix the numbers, denominations, and maturity or maturities of the bonds;

(3)specify the rate of interest on the bonds and whether it is payable annually or semiannually;

(4)designate the place and method of payment of the bonds and the interest on the bonds, within or outside the state of Montana;

(5)prescribe the form of the bonds; and

(6)provide for the levy of a special tax or assessment as provided in this chapter on all the lands in the district or for a levy on a subdistrict if the bonds are issued on behalf of the subdistrict, for the irrigation and benefit of which the district or subdistrict was organized and the bonds are issued or the contract is to be made, sufficient in an amount to pay the interest on and principal of the bonds when due and all amounts to be paid to the United States under any contract between the district and the United States for which bonds of the district have not been deposited with the United States as provided in 85-7-1906.