17-5-1623. Nonimpairment by state. In accordance with the constitutions of the United States and the state of Montana, the state pledges that it will not in any way impair the obligations of any agreement between the board and an eligible government unit or between the board and the holders of notes and bonds issued by the board, including but not limited to an agreement to administer a loan program financed by the issuance of bonds and to employ a staff sufficient and competent for this purpose.
History: En. Sec. 14, Ch. 620, L. 1983; amd. Sec. 7, Ch. 208, L. 1995.
Structure Montana Code Annotated
Part 16. Municipal Finance Consolidation Act
17-5-1603. Liberal construction
17-5-1605. Board of investments to implement
17-5-1606. Bonds, bond anticipation notes, and notes of the board
17-5-1607. Participation voluntary
17-5-1608. Limitations on amounts
17-5-1609. Purchase of anticipation notes
17-5-1610. Refunding obligations
17-5-1611. Additional powers of the board
17-5-1612. Specific loan authorization
17-5-1613. through 17-5-1620 reserved
17-5-1621. Provisions of bond resolutions
17-5-1623. Nonimpairment by state
17-5-1625. Presumption of validity
17-5-1626. Signatures of board members
17-5-1627. Negotiability of bonds or notes
17-5-1628. Bonds or notes as legal investments
17-5-1629. Tax exemption of bonds
17-5-1631. Additional funds and accounts
17-5-1632. through 17-5-1640 reserved
17-5-1642. Credit of state not pledged
17-5-1643. Sale or exchange of securities
17-5-1644. Care and custody of bonds purchased by the board
17-5-1645. Insurance or guaranty
17-5-1647. Powers and duties of trustee on default