7-7-4423. Nature of revenue bonds. (1) No holder or holders of any bonds issued under this part shall ever have the right to compel any exercise of taxing power of the municipality to pay said bonds or the interest thereon.
(2) Each bond issued under this part shall recite in substance that:
(a) said bond, including interest thereon, is payable from the revenue pledged to the payment thereof; and
(b) said bond does not constitute a debt of the municipality within the meaning of any constitutional or statutory limitation or provision.
History: En. Sec. 8, Ch. 126, L. 1939; R.C.M. 1947, 11-2408.
Structure Montana Code Annotated
Part 44. Municipal Revenue Bonds
7-7-4403. Interpretation of part
7-7-4404. Authority to acquire, construct, maintain, and operate various undertakings
7-7-4406. Cooperation among municipalities
7-7-4407. Role of state agencies
7-7-4408. through 7-7-4420 reserved
7-7-4421. Authority to issue revenue bonds
7-7-4422. Determination of cost
7-7-4423. Nature of revenue bonds
7-7-4424. Undertakings to be self-supporting
7-7-4425. Use of revenue from undertaking
7-7-4426. Authorization for undertaking and issuance of bonds
7-7-4428. Covenants in resolution authorizing issuance of bonds
7-7-4430. Presumptions of validity of bonds
7-7-4431. Liens arising from bonds
7-7-4432. Details relating to revenue bonds