90-4-1207. Nature of revenue bonds. (1) A holder of a revenue bond issued pursuant to 90-4-1205 does not have the right to compel the governmental body to exercise its taxing power to pay off the bonds or the interest on those bonds.
(2) Each revenue bond issued pursuant to 90-4-1205 must state that:
(a) the bond, including interest on the bond, is payable from the revenue pledged to the payment of the bond; and
(b) the bond does not constitute a debt of the governmental body within the meaning of any constitutional or statutory limitation or provision.
History: En. Sec. 7, Ch. 378, L. 2007.
Structure Montana Code Annotated
Title 90. Planning, Research, and Development
Chapter 4. Energy Development and Conservation
Part 12. Montana Clean Renewable Energy Bond Act
90-4-1203. Authority to acquire, construct, and operate projects
90-4-1204. Cooperation among governmental bodies
90-4-1205. Authority to issue revenue bonds
90-4-1206. Determination of cost
90-4-1207. Nature of revenue bonds
90-4-1208. Authority to issue other bonds
90-4-1209. Use of revenue from project
90-4-1210. Covenants in resolution of authorizing issuance of bonds
90-4-1211. through 90-4-1215 reserved
90-4-1217. Presumptions of validity of bonds
90-4-1218. Liens arising from bonds or contracts -- mortgages
90-4-1220. Interim receipts or certificates
90-4-1221. Requirements prior to project construction
90-4-1222. Prohibition on construction, ownership, and operation of powerlines