85-7-1415. Nature of revenue bonds. (1) No holder of any bonds issued under this part may compel the levy of any tax or assessment on property within the irrigation district to pay the bonds or interest thereon.
(2) Each bond issued under this part must recite in substance that:
(a) the bond, including interest thereon, is payable from the revenue pledged to the payment thereof or any other security pledged therefor, including a lien on the undertaking; and
(b) the bond does not constitute a debt of the irrigation district within the meaning of any constitutional or statutory limitation or provision.
History: En. Sec. 8, Ch. 193, L. 1987.
Structure Montana Code Annotated
Chapter 7. Irrigation Districts
Part 14. Irrigation District Revenue Bond Act
85-7-1404. through 85-7-1410 reserved
85-7-1411. Authority to acquire, construct, maintain, operate, and lease various undertakings
85-7-1413. Authority to issue revenue bonds
85-7-1414. Determination of cost
85-7-1415. Nature of revenue bonds
85-7-1416. Undertakings to be self-supporting
85-7-1417. Use of revenue from undertaking
85-7-1418. Authorization for undertaking and issuance of bonds
85-7-1419. Covenants in resolution authorizing issuance of bonds
85-7-1420. through 85-7-1430 reserved
85-7-1432. Presumptions of validity of bonds
85-7-1433. Liens arising from bonds
85-7-1434. Security interest in undertaking
85-7-1435. Details relating to revenue bonds