75-6-325. Statutory mortgage lien. There is a statutory mortgage lien upon the water supply, wastewater transportation, or treatment system of the authority. The lien exists in favor of the holders of bonds authorized to be issued pursuant to this part, and each holder and the system remain subject to the statutory mortgage lien until payment in full of all principal of and interest on the bonds.
History: En. Sec. 15, Ch. 498, L. 1999.
Structure Montana Code Annotated
Title 75. Environmental Protection
Chapter 6. Public Water Supplies, Distribution, and Treatment
Part 3. Regional Water and Wastewater Authority Act
75-6-303. Liberal construction
75-6-307. through 75-6-309 reserved
75-6-310. Declaration of authority organization -- when public body, corporate and politic
75-6-311. Governing body -- appointments -- terms of members -- voting rights
75-6-312. Meetings of governing body -- annual audit
75-6-313. Powers of governing body
75-6-314. through 75-6-319 reserved
75-6-321. Items included in cost of properties
75-6-323. Sinking fund for revenue bonds
75-6-325. Statutory mortgage lien
75-6-326. Rates, fees, and charges -- establishment and changes
75-6-327. Refunding revenue bonds