90-4-1218. Liens arising from bonds or contracts -- mortgages. (1) A resolution or contract must specify and define the revenue or portion of the revenue that is appropriated and pledged for the security and payment of the bonds or amounts payable under the contract and the relative security of liens on the revenue in favor of bonds of one or more series or issues, whether issued concurrently or at different times, or in favor of different contracts, whether entered into concurrently or at different times.
(2) A governmental body may mortgage, pledge, and assign any or all of the real and personal property comprising a project to secure payment of bonds, contracts, or other obligations issued or incurred under this part.
History: En. Sec. 13, 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