7-7-4606. Nature of refunding revenue bonds. (1) No recourse shall be had for the payment of the refunding bonds, interest thereon, or any part thereof against the general fund of any municipality, nor shall the credit or taxing power of any municipality be deemed to be pledged thereto.
(2) The refunding bonds and interest thereon shall not be a debt of the municipality or a charge, lien, or encumbrance, legal or equitable, upon any property of the municipality or upon any income, receipts, or revenues of the municipality, other than such of the revenues of the enterprise as shall have been pledged to the payment thereof. Every refunding bond shall recite in substance that said bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that the municipality is under no obligation to pay the same except from said revenues.
History: En. Sec. 9, Ch. 121, L. 1937; R.C.M. 1947, 79-1909.
Structure Montana Code Annotated
Part 46. Municipal Refunding Revenue Bonds Option 2
7-7-4604. Interpretation of part
7-7-4605. Authorization for refinancing and refunding revenue bonds
7-7-4606. Nature of refunding revenue bonds
7-7-4607. Exemption from certain taxes for refunding revenue bonds
7-7-4608. Refunding revenue bonds to be fully negotiable
7-7-4609. Presumptions of validity of refunding revenue bonds
7-7-4610. Details relating to refunding revenue bonds
7-7-4611. through 7-7-4620 reserved
7-7-4621. Resolution for issuance of refunding revenue bonds
7-7-4622. Permissible covenants for refunding revenue bonds
7-7-4623. Security for refunding revenue bonds
7-7-4625. Sale or exchange of refunding revenue bonds
7-7-4626. Details relating to sales of refunding revenue bonds
7-7-4627. Details relating to exchanges of refunding revenue bonds
7-7-4629. Management of enterprise
7-7-4630. Right to receivership upon default
7-7-4632. Procedure to return enterprise from receiver to municipality