85-1-304. Lien upon bond proceeds. All moneys received from any bonds issued pursuant to 85-1-301 and 85-1-303 shall be applied solely to the payment of the cost of the works or to the appurtenant debt service fund and to the "administration fund", as hereinafter provided, and there shall be and hereby is created and granted a lien upon such moneys, until so applied, in favor of the holders of the bonds or the trustee hereinafter provided for in respect of such bonds.
History: En. Sec. 7, Ch. 35, Ex. L. 1933; R.C.M. 1947, 89-110; amd. Sec. 30, Ch. 298, L. 1983.
Structure Montana Code Annotated
85-1-301. Water conservation revenue bonds
85-1-302. Limitations on state liability
85-1-303. Procedure in case of insufficient bond proceeds
85-1-304. Lien upon bond proceeds
85-1-305. Use of trust indenture to secure bonds
85-1-306. Provisions for protecting bondholders
85-1-307. Provisions to secure payment of bonds
85-1-308. Provisions for conveyance in trust or mortgage
85-1-309. Actions by trustee and bondholders
85-1-310. Refunding revenue bonds
85-1-311. through 85-1-320 reserved
85-1-322. Construction capital projects funds
85-1-324. through 85-1-330 reserved
85-1-331. Acceptance and use of appropriations and contributions