Montana Code Annotated
Part 14. Irrigation District Revenue Bond Act
85-7-1419. Covenants in resolution authorizing issuance of bonds

85-7-1419. Covenants in resolution authorizing issuance of bonds. A resolution authorizing the issuance of bonds under this part may contain covenants relating to:
(1) the purposes for which the proceeds of sale of the bonds may be applied and the use and disposition of the proceeds;
(2) the use and disposition of the revenue of the undertaking for which the bonds are to be issued, including the creation and maintenance of reserves;
(3) the issuance of other or additional bonds payable from the revenue of the undertaking;
(4) the operation and maintenance of the undertaking;
(5) the insurance to be carried on the undertaking and the use and disposition of insurance money;
(6) books of account and the inspection and audit of the books; and
(7) the terms and conditions upon which the holders of the bonds or any portion of them or any trustee is entitled to the appointment of a receiver by the district court, which court shall have jurisdiction in such proceedings and which receiver may:
(a) enter and take possession of the undertaking;
(b) operate and maintain the undertaking;
(c) prescribe fees, subject to the approval of the public service commission if such approval is required; and
(d) collect, receive, and apply all revenues in the same manner as the issuer itself might do.
History: En. Sec. 12, Ch. 193, L. 1987.

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