85-7-1432. Presumptions of validity of bonds. (1) Bonds bearing the signatures of officers in office on the date of the signing of the bonds are valid obligations, notwithstanding that before the delivery of the bonds and payment for the bonds, any of the persons whose signatures appear on the bonds have ceased to be officers.
(2) The validity of the bonds is not dependent on the validity or regularity of any proceedings relating to the acquisition, construction, or improvement of the undertaking for which the bonds are issued.
(3) The resolution authorizing the bonds may provide that the bonds must contain a recital that they are issued pursuant to this part, which recital is conclusive evidence of their validity and of the regularity of the issuance.
History: En. Sec. 14, 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