7-13-3037. Loans from reserve fund to bond fund as lien. (1) Whenever a loan is made to the bond fund from the reserve fund, the reserve fund has a lien for the amount of the loan on:
(a) the land within the district that is delinquent in the payment of its assessments;
(b) unpaid assessments and installments of assessments on the district, whether delinquent or not; and
(c) money coming into the bond fund to the amount of the loan, together with interest on the loan from the time it was made at the rate or percentage payable by the bond or of interest on the bond for which the loan was made.
(2) If after all the bonds of the district have been fully paid and all money remaining in the bond fund has been transferred to the reserve fund, there still remains a debt from the district to the reserve fund, the governing body may foreclose the lien upon property within the district owing unpaid assessments to the district for the purpose of paying off the loan to the reserve fund.
History: En. Sec. 31, Ch. 282, L. 1991.
Structure Montana Code Annotated
Part 30. Consolidated Local Government Water Supply and Sewer Districts
7-13-3002. Authorization to create district
7-13-3003. Resolution of intention to create district
7-13-3004. Sufficiency of description in resolution of intention
7-13-3005. Notice of resolution of intention upon concurrence -- hearing
7-13-3007. Sufficient protest to bar proceedings
7-13-3009. and 7-13-3010 reserved
7-13-3011. Resolution creating district -- power to order improvements
7-13-3012. Governing body to administer district
7-13-3013. Change of boundaries -- limitations
7-13-3014. and 7-13-3015 reserved
7-13-3016. Adequate records to be maintained
7-13-3017. Assessment of costs
7-13-3018. Status of federal property within district
7-13-3019. Restriction on assessments following change of boundaries
7-13-3020. Resolution to assess and levy tax for making improvements
7-13-3021. Notice of resolution to assess and levy tax for making improvements -- protest
7-13-3022. Term of assessment for costs of construction
7-13-3024. Assessments and other charges as lien
7-13-3026. Charges for services
7-13-3027. Resolution to establish service charges -- hearing -- limitations and tax levy
7-13-3028. Hearing and notice on tax levy for operation and maintenance
7-13-3029. Preparation and filing of district budget
7-13-3031. Authorization to use federal funds
7-13-3032. Charges for costs when federal funding is sought
7-13-3034. Authorization for reserve fund
7-13-3035. Sources of money for reserve fund
7-13-3036. Transfers to reserve fund considered as loans
7-13-3037. Loans from reserve fund to bond fund as lien
7-13-3038. Limitation on repayment of loan to reserve fund
7-13-3039. Covenants to use and maintain reserve fund
7-13-3041. Acquisition of private water supply system
7-13-3043. Applicable provisions of laws relating to rural improvement districts