Comprehensive Annual Financial Report for the Fiscal Year Ended 1994 Jun 30

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However, if the balance in the "Capital Reserve Account A" falls below the indenture requirement, the Governor is required to request the Legislature to appropriate funds to restore the balance. The Legislature may, but is not legally obligated to, appropriate funds to correct any such deficiency. Principal payments (accrued interest to be added) are due each March 1 5. Series 1985 J ($665,000) and Series 1 985 B ($775,000) were recalled on March 1 5 and December 1 5, 1 988, respectively, witho...ut a gain or loss on extinguishment. Series 1985 L ($325,000) was recalled in March 1992, without a gain or loss on extinguishment.
(2) These bonds were issued to obtain funds for the Board of Investments, State of Montana, to purchase the refunding bonds of participating Irrigation Districts for the purpose of prepaying the U.S. Department of Interior, Bureau of Reclamation Projects Loans. The Irrigation Bonds and the interest thereon are payable solely from the collection of a special tax or assessment levied against real property in the Irrigation District.


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