90-6-122. Refunding obligations -- sale. Refunding obligations issued as provided in 90-6-121 may be sold or exchanged for outstanding obligations issued under this part. The proceeds may be applied to the purchase, redemption, or payment of outstanding obligations. Pending the application of the proceeds of refunding obligations, with other available funds, to the payment of principal, accrued interest, and any redemption premium on the obligations being refunded and, if permitted in the resolution authorizing the issuance of the refunding obligations or in the trust agreement securing them, to the payment of interest on refunding obligations and expenses in connection with refunding, the proceeds may be invested as provided in Title 17, chapter 6.
History: En. 35-519 by Sec. 20, Ch. 461, L. 1975; R.C.M. 1947, 35-519.
Structure Montana Code Annotated
Title 90. Planning, Research, and Development
Chapter 6. Community Impact -- Planning and Abatement
90-6-102. Legislative declaration
90-6-104. General powers of the board
90-6-105. Meetings and acts of the board
90-6-107. Deposit and expenditure of funds
90-6-108. Financing programs of the board
90-6-109. Procedure prior to financing of housing developments
90-6-110. Supervision of housing sponsors
90-6-112. Provision of bond resolutions
90-6-115. Purchase of notes and bonds -- cancellation
90-6-117. Negotiability of bonds
90-6-118. Signatures of board members
90-6-119. Reserve funds and appropriations
90-6-120. Maintenance of capital reserve account
90-6-121. Refunding obligations -- issuance
90-6-122. Refunding obligations -- sale
90-6-123. Credit of state not pledged
90-6-125. Tax exemption of bonds
90-6-127. Allocation of state limit
90-6-128. through 90-6-130 reserved
90-6-131. Legislative declaration
90-6-133. Housing Montana fund -- administration
90-6-135. Coordination with other programs
90-6-136. Administrative rules
90-6-137. Alternate funding source for housing loans -- use of coal tax trust fund money