1. MCA Contents
  2. TITLE 7
  3. CHAPTER 7
  4. Part 1
  5. 7-7-124 Limitation on investment of sinking funds

TITLE 7. LOCAL GOVERNMENT

CHAPTER 7. DEBT MANAGEMENT

Part 1. General Provisions Related to Local Governments

Limitation On Investment Of Sinking Funds

7-7-124. Limitation on investment of sinking funds. If any of the bonds for which the sinking fund was established are not yet due but are then redeemable under optional provisions, the money in the sinking fund is not subject to investment but shall be used and applied in payment and redemption of the bonds.

History: En. Sec. 1, Ch. 86, L. 1923; re-en. Sec. 4622.1, R.C.M. 1935; amd. Sec. 1, Ch. 37, L. 1939; amd. Sec. 1, Ch. 11, L. 1963; amd. Sec. 68, Ch. 348, L. 1974; R.C.M. 1947, 16-2001(part); amd. Sec. 2, Ch. 256, L. 1979.