Montana Code 90-4-1207. Nature of revenue bonds
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90-4-1207. Nature of revenue bonds. (1) A holder of a revenue bond issued pursuant to 90-4-1205 does not have the right to compel the governmental body to exercise its taxing power to pay off the bonds or the interest on those bonds.
Terms Used In Montana Code 90-4-1207
- 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
(2)Each revenue bond issued pursuant to 90-4-1205 must state that:
(a)the bond, including interest on the bond, is payable from the revenue pledged to the payment of the bond; and
(b)the bond does not constitute a debt of the governmental body within the meaning of any constitutional or statutory limitation or provision.