7-14-2753. Details relating to bonds. (1) Each bond must provide that the holder may not demand payment until it comes due. The bond must bear interest payable annually and must have interest coupons for each interest payment attached.
     (2) Each bond and coupon must bear the date of issuance and be made payable to the bearer. Each bond must be signed by the presiding officer of the board and attested by the county clerk and recorder. The seal of the board must be affixed to each bond.
     (3) Bonds must be issued in denominations of not less than $100 or more than $1,000.
     (4) Each bond must contain a reference to the district for which it is issued and to the order and record authorizing the issue. The bond must state that it is payable only out of the local improvement funds created by special assessment and not otherwise.
     (5) On its face, each bond must bear the designation of the district: "local improvement district No. .... in .... County, Montana".
     (6) The board may also direct in the order providing for issuance of the bonds that they be sold by the treasurer at a value not less than par and accrued interest.

     History: (1) thru (5)En. Sec. 5-423, Ch. 197, L. 1965; amd. Sec. 28, Ch. 234, L. 1971; Sec. 32-3123, R.C.M. 1947; (6)En. Sec. 5-426, Ch. 197, L. 1965; Sec. 32-3126, R.C.M. 1947; R.C.M. 1947, 32-3123(2) thru (6), 32-3126(part); amd. Sec. 595, Ch. 61, L. 2007.