7-15-4512. Security for money deposited by housing authority. (1) The authority may by resolution provide that all money deposited by it shall be secured by:
(a) obligations of the United States or of the state of a market value equal at all times to the amount of such deposits;
(b) any securities in which savings banks may legally invest funds within their control; or
(c) an undertaking with such sureties as shall be approved by the authority to faithfully keep and pay over upon the order of the authority any such deposits and agreed interest thereon.
(2) All banks and trust companies are authorized to give any such security for such deposits.
History: En. Sec. 24, Ch. 140, L. 1935; re-en. Sec. 5309.24, R.C.M. 1935; R.C.M. 1947, 35-124.
Structure Montana Code Annotated
Chapter 15. Housing and Construction
Part 45. Municipal Housing Authorities Continued
7-15-4501. Authorization to issue bonds
7-15-4502. Powers related to loans
7-15-4503. Nature of bonded indebtedness
7-15-4504. Bonds and other obligations to be fully negotiable
7-15-4505. Housing authority bonds as legal investments
7-15-4506. Details relating to bonds
7-15-4508. Purchase of bonds by housing authority
7-15-4509. Interim certificates
7-15-4510. Validity and sufficiency of signatures on bonds
7-15-4511. Creation of special funds
7-15-4512. Security for money deposited by housing authority
7-15-4513. through 7-15-4520 reserved
7-15-4521. General powers related to bonds and lease obligations
7-15-4522. Redemption of bonds
7-15-4523. Amendment or abrogation of bond contracts
7-15-4524. Bond provisions related to determination and use of rents and fees
7-15-4525. Bond provisions related to management and use of property
7-15-4526. Power to mortgage property when government financing involved
7-15-4527. Provisions related to breach or default on bonds and bond covenants
7-15-4528. Use of bond trustee
7-15-4529. General remedies of an obligee of a housing authority
7-15-4530. Special remedies of an obligee resulting from mortgage or trust indenture