The amount of bonds issued to provide funds for the district and outstanding at any time may not exceed 1.51% of the total assessed value of taxable property, determined as provided in 15-8-111, within the district, as ascertained by the last assessment for state and county taxes prior to the issuance of the bonds.
Limitation On Bonded Indebtedness
Mont. Code Ann. § 7-14-236, under Urban Transportation Districts.
Mont. Code Ann. § 7-14-236