The resolution or ordinance authorizing the issuance of revenue bonds under this chapter, or ordinances or resolutions adopted subsequent to the adoption of the original resolution or ordinance, shall prescribe: 1. The rate or rates of interest, payable semiannually. 2. Whether the bonds shall be in one or more series. 3. The date or dates which such bonds shall bear. 4. The time or times, not exceeding forty years from their respective dates, when such bonds shall mature. 5. The medium in which such bonds shall be payable. 6. The place or places where such bonds shall be payable. 7. Whether or not such bonds shall carry registration privileges, and what such privileges, if any, shall be. 8. The terms of redemption, if any, to which such bonds shall be subject. 9. The manner in which such bonds shall be executed. 10. The terms, covenants, and conditions which such bonds shall contain. 11. The form, either coupon or registered, in which such bonds shall be issued.
40-35-09. Sale of revenue bonds - When private sale authorized - Public sale and notice thereof. Revenue bonds shall be sold at not less than ninety-eight percent of par. The bonds may be sold at private sale without notice or at public sale after notice of the sale has been published once at least five days prior to the sale in a newspaper circulating in the municipality. Bonds sold at private sale shall bear interest at a rate or rates and be sold at a price resulting in an average net interest cost not exceeding twelve percent per annum. There is no interest rate ceiling on issues sold at public sale or to the state of North Dakota or any of its agencies or instrumentalities. As to any series or issue of bonds for which a notice of sale was published but for which no bids were received or all bids received were rejected, the governing body may, without readvertising the bonds for sale, negotiate the sale of all of the bonds to any person upon terms complying with those specified in the notice of sale theretofore published and, if bids were rejected, more favorable to the municipality than those specified in the rejected bid.
40-35-10. Bonds and receipts or certificates issued pending preparation of bonds - Negotiability. Pending the preparation of the definitive bonds, interim receipts or certificates, in the form and with the provisions the governing body may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this chapter. Said bonds and interim receipts or certificates shall be negotiable within the meaning of and for all the purposes specified in title 41.