Montana § 7-31-112 - Details Relating To Bonds

§ 7-31-112. Details Relating To Bonds

Details relating to bonds. (1) The bonds issued upon the conditions and under the provisions of this part must: (a) bear the date of their issuance; (b) be designated as sanitary coupon bonds of the county, city, or town issuing the bonds; (c) be of a denomination not less than $500 or more than $1,000 each; (d) be payable at a place in the discretion of the board or council issuing the bonds; (e) bear interest as provided in 17-5-102 , payable 30 years after the date of issuance, with the privilege of paying the interest at any time after 5 years from that date. The interest is payable semiannually at the place where the principal is payable, and interest coupons must be attached to the bonds. (2) If the bonds and coupons are issued by a county, they must be signed by the presiding officer of the board of county commissioners of that county and attested to by the county clerk and recorder and the clerk's seal must be attached to the bonds and coupons. If the bonds and coupons are issued by any incorporated city or town, they must be signed by the mayor and attested to by the city or town clerk and the clerk's seal must be attached to the bonds and coupons.