69-9-112. Use of bond proceeds. The Montana power authority shall use the proceeds of the bonds authorized in 69-9-111 to purchase the electrical generation facilities and associated water rights for those facilities, to build electrical energy generation facilities, to design and build new state-owned electrical energy transmission or distribution systems, or to pay capitalized interest during construction, to fund a debt service reserve, and to pay costs associated with the sale and security of the bonds. The Montana power authority may not acquire a facility or system that is associated with a superfund project.

     History: En. Sec. 26, Ch. 577, L. 2001.