36.23.110    GENERAL OBLIGATION BONDS

(1) The department may accept general obligation bonds issued by a municipality, upon the following terms:

(a) the bond will not cause the municipality to exceed its statutory indebtedness limitation;

(b) all statutory requirements for the issuance of such bonds shall have been met prior to the issuance of the bonds; and

(c) the election authorizing the issuance of the bonds has been conducted by the date of a binding commitment unless such requirement is waived by the department.

(2) The department may accept general obligation bonds issued by county water and sewer districts upon the following terms:

(a) all statutory requirements for the issuance of such bonds shall have been met prior to the issuance of the bonds; and

(b) the election authorizing the issuance of the bonds has been conducted by the date of a binding commitment unless such requirement is waived by the department.

History: 75-6-205, MCA; IMP, 75-6-222, MCA; NEW, 1998 MAR p. 1412, Eff. 5/29/98; AMD, 2004 MAR p. 2288, Eff. 9/24/04.