§ 70-7. Same-Borrowing of money.

For the purpose of making the improvements provided for in section 70-4, or for making improvements from time to time other than maintenance and repairs, the citizens' committee is hereby authorized and empowered to borrow money at the legal rate of interest and otherwise contract indebtedness and obligate the Oakmont Subdivision in an initial amount not exceeding four thousand dollars ($4,000.00), and in subsequent amount not exceeding in total in any calendar year the sum of eight-tenths (0.8) percent of the assessed valuation of the real property other than operating real property of a public utility and two (2) percent of the assessed valuation of operating real property of a public utility within the Oakmont Subdivision. For these and other purposes set forth in this chapter, the Oakmont Subdivision is constituted a corporation, and the citizens' committee is empowered to act for the corporation. If there is default on bonds or other indebtedness incurred by the citizens' committee of the Oakmont Subdivision for the subdivision, it shall be the duty of the county council of Montgomery County to levy or have levied special general taxes against the real property of the Oakmont Subdivision to the extent only that such defaulted bonds or incurred indebtedness shall be liquidated. (Mont. Co. Code 1965, § 69-7; 1918, ch. 190, § 7; 1979, ch. 728, § 1; 2003, ch. 247.)