85-1-301. Water conservation revenue bonds. (1) The department may provide, by resolution, at one time or from time to time, for the issuance of water conservation revenue bonds of the state for the purpose of paying the cost, of any one or more public works. The principal and interest of the bonds are payable solely from […]
85-1-302. Limitations on state liability. All bonds issued under 85-1-301 and 85-1-303 shall contain a statement on their face that the state shall not be obligated to pay the same or the interest thereon except from the special fund hereinafter set forth. In case any of the officers whose signatures appear on the bonds or coupons […]
85-1-303. Procedure in case of insufficient bond proceeds. If the proceeds of the bonds, by error of calculation or otherwise, are less than the cost of the works, additional bonds may in like manner be issued to provide the amount of the deficit and, unless otherwise provided in the trust indenture or in the resolution authorizing […]
85-1-304. Lien upon bond proceeds. All moneys received from any bonds issued pursuant to 85-1-301 and 85-1-303 shall be applied solely to the payment of the cost of the works or to the appurtenant debt service fund and to the “administration fund”, as hereinafter provided, and there shall be and hereby is created and granted a […]
85-1-305. Use of trust indenture to secure bonds. In the discretion of the department, a series of the bonds may be secured by a trust indenture by and between the department and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside of the state. […]
85-1-306. Provisions for protecting bondholders. Either the resolution providing for the issuance of bonds or the trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders as are reasonable, proper, and not in violation of law, including covenants setting forth the duties of the state and the department in relation […]
85-1-307. Provisions to secure payment of bonds. In connection with the issuance of the bonds for the purpose of paying in whole (or as supplemented by a grant from the United States or any instrumentality or agency of the United States) the cost of the works or project or in order to secure the payment of […]
85-1-308. Provisions for conveyance in trust or mortgage. In the discretion of the department, any trust indenture executed by it as security for a series of bonds may contain provisions for conveying in trust or mortgaging the works, the project, or any part of the works or project, including all water rights that are a part […]
85-1-309. Actions by trustee and bondholders. (1) Any holder of any bonds issued under 85-1-301 or 85-1-303 or any of the coupons attached to the bonds and the trustee, if any, except to the extent the rights may be restricted by resolution passed before the issuance of the bonds or by the trust indenture, may: (a) either […]
85-1-310. Refunding revenue bonds. The department may issue refunding revenue bonds under the provisions of Title 7, chapter 7, part 46. For this purpose, in Title 7, chapter 7, part 46, references to “governing body” mean the “department” and references to “municipality” mean the “department”. History: En Sec. 11, Ch. 212, L. 1979; amd. Sec. 430, Ch. […]
85-1-311 through 85-1-320 reserved.
85-1-321. Funds in general. The department shall create a fund to be known as the “administration fund” and shall also create three separate funds in respect of the bonds of each series, one fund to be known as the “construction fund, series….”, another fund to be known as the “water fund, series….”, and another fund to […]
85-1-322. Construction capital projects funds. The proceeds of the bonds of each series issued under 85-1-301 and 85-1-303 shall be placed to the credit of the appropriate construction capital projects fund, which fund shall at all times be kept segregated and set apart from all other funds. There shall also be credited to the appropriate construction […]
85-1-323. Debt service funds. (1) The department shall provide, in the proceedings authorizing the issuance of each series of bonds or in the trust indenture securing the bonds, for the paying into the appropriate debt service fund at stated intervals all money then remaining in the water fund after paying all costs of operation, maintenance, and […]
85-1-324 through 85-1-330 reserved.
85-1-331. Acceptance and use of appropriations and contributions. The department may receive and accept appropriations and contributions from any source of either money or property or other things of value to be held, used, and applied for the purposes in this chapter. History: En. Sec. 16, Ch. 35, Ex. L. 1933; re-en. Sec. 349.17, R.C.M. 1935; amd. […]
85-1-332. Disposition of money collected. (1) For the purpose of carrying out the provisions of this chapter and other water resource authority, powers, and duties that are conferred upon the department by law, the following money must be deposited in the water storage state special revenue account created by 85-1-631: (a) all gifts, donations, bequests, and devises […]
85-1-333. Repealed. Sec. 52, Ch. 505, L. 1981. History: En. Sec. 2, Ch. 169, L. 1935; re-en. Sec. 349.64, R.C.M. 1935; amd. Sec. 80, Ch. 147, L. 1963; amd. Sec. 154, Ch. 253, L. 1974; R.C.M. 1947, 89-402(part).
85-1-334. Repealed. Sec. 52, Ch. 505, L. 1981. History: En. Sec. 1, Ch. 148, L. 1951; amd. Sec. 78, Ch. 147, L. 1963; amd. Sec. 130, Ch. 253, L. 1974; R.C.M. 1947, 89-116.1.
