Montana § 85-7-1419 - Covenants In Resolution Authorizing Issuance Of Bonds

§ 85-7-1419. Covenants In Resolution Authorizing Issuance Of Bonds

Covenants in resolution authorizing issuance of bonds. A resolution authorizing the issuance of bonds under this part may contain covenants relating to: (1) the purposes for which the proceeds of sale of the bonds may be applied and the use and disposition of the proceeds; (2) the use and disposition of the revenue of the undertaking for which the bonds are to be issued, including the creation and maintenance of reserves; (3) the issuance of other or additional bonds payable from the revenue of the undertaking; (4) the operation and maintenance of the undertaking; (5) the insurance to be carried on the undertaking and the use and disposition of insurance money; (6) books of account and the inspection and audit of the books; and (7) the terms and conditions upon which the holders of the bonds or any portion of them or any trustee is entitled to the appointment of a receiver by the district court, which court shall have jurisdiction in such proceedings and which receiver may: (a) enter and take possession of the undertaking; (b) operate and maintain the undertaking; (c) prescribe fees, subject to the approval of the public service commission if such approval is required; and (d) collect, receive, and apply all revenues in the same manner as the issuer itself might do.