17-5-1642. Credit of state not pledged. Obligations issued under the provisions of this part do not constitute a liability or obligation or a pledge of the faith and credit of the state but are payable solely from revenues or funds of the board generated or received for purposes of this part. An obligation issued under this part must contain on the face thereof a statement to the effect that the state of Montana is not liable on the obligation and the obligation is not a debt of the state and neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on the obligation.
History: En. Sec. 24, Ch. 620, L. 1983.
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