85-1-301. Water conservation revenue bonds. (1) The department may provide, by resolution, at one time or from time to time, for the issuance of water conservation revenue bonds of the state for the purpose of paying the cost, of any one or more public works. The principal and interest of the bonds are payable solely from the special fund provided for payment. The bonds must mature at the time or times, not more than 40 years from their date or dates, that may be fixed by the resolution but may be made redeemable before maturity at the option of the state, to be exercised by the department, at the price or prices and under the terms and conditions that may be fixed by the department prior to the issuance of the bonds. The department shall determine the rate of interest the bonds shall bear, the time or times of payment of interest, the form of the bonds and the interest coupons to be attached to the bonds, and the manner of executing the bonds and coupons and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside of the state.

(2) Provisions may be made for the registration of any of the bonds in the name of the owner as to principal alone or as to both principal and interest. The bonds authorized under the provisions of this section and 85-1-303 may be issued and sold from time to time and in amounts that may be determined by the department, and the department may sell the bonds in a manner and for a price as it may determine to be for the best interests of the state. The proceeds of the bonds must be used solely for the payment of the cost of the works and must be checked out in the manner and under the restrictions, if any, that the department may provide.

(3) Each resolution providing for the issuance of bonds must set forth the project or projects for which the bonds are to be issued, and the bonds authorized by each resolution constitute a separate series. The bonds of each series must be identified by a series letter or letters and may be sold and delivered at one time or from time to time.

History: En. Sec. 6, Ch. 35, Ex. L. 1933; re-en. Sec. 349.6, R.C.M. 1935; amd. Sec. 11-156, Ch. 264, L. 1963; R.C.M. 1947, 89-109(1), (3), (5); amd. Sec. 45, Ch. 505, L. 1981; amd. Sec. 423, Ch. 418, L. 1995.