7-7-4303. Term of refunding general obligation bonds. (1) Except as provided in subsection (2), when bonds are issued for the purpose of refunding bonds theretofore issued and outstanding, such bonds shall not be issued for a longer term than 10 years.
(2) If the unexpired term of the bonds to be refunded shall be more than 10 years, the refunding bonds may be issued for such unexpired term.
History: En. Sec. 4, Ch. 160, L. 1931; amd. Sec. 1, Ch. 34, L. 1933; re-en. Sec. 5278.4, R.C.M. 1935; amd. Sec. 2, Ch. 62, L. 1945; amd. Sec. 4, Ch. 234, L. 1971; amd. Sec. 1, Ch. 284, L. 1973; R.C.M. 1947, 11-2304(part).
Structure Montana Code Annotated
Part 43. Municipal Refunding General Obligation Bonds
7-7-4301. Authorization to issue refunding general obligation bonds
7-7-4302. Applicability of certain other bond provisions
7-7-4303. Term of refunding general obligation bonds
7-7-4304. Interest rate on refunding general obligation bonds
7-7-4305. through 7-7-4310 reserved
7-7-4311. Procedure to issue refunding general obligation bonds
7-7-4312. Disposition of proceeds of refunding bonds