Title 40 — Municipal Government
85 chapters · 759 sections in this title.
N.D.C.C. § 40-35-01 Short title
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This chapter may be cited as the revenue bond law.
N.D.C.C. § 40-35-02 Undertaking defined
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The term "undertaking", as used in this chapter, unless a different meaning clearly appears from the context: 1. Means systems, plants, works, instrumentalities, and properties used in revenue-producing undertakings, or any combination of two or more of such undertakings, which a…
N.D.C.C. § 40-35-03 Powers of municipality
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Any municipality, in addition to the powers prescribed elsewhere by the laws of this state, shall have the power to: 1. Acquire by gift, purchase, or, subject to chapter 32-15, the exercise of the right of eminent domain, property required to construct, reconstruct, improve, bett…
N.D.C.C. § 40-35-04 Resolution authorizing undertaking and the issuance of revenue bonds
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The acquisition, construction, reconstruction, improvement, betterment, or extension of any undertaking, and the issuance of bonds in anticipation of the collection of the revenues of such undertaking to provide funds to pay the cost thereof, may be authorized by an ordinance or …
N.D.C.C. § 40-35-05 Cost of undertaking - How determined
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In determining the cost of an undertaking, the governing body may include all cost and estimated cost of the issuance of the revenue bonds, all engineering, inspection, fiscal, and legal expenses, any bond reserves, and the interest which it is estimated will accrue during the co…
N.D.C.C. § 40-35-07 Form of ballot - When question submitted
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The question provided for in section 40-35-06 shall be submitted to the electors on a ballot separate from all other ballots and in substantially the following form: Shall the ______________ (name of municipality) issue revenue bonds in the amount of not to exceed $__________ (ma…
N.D.C.C. § 40-35-08 Provisions governing revenue bonds
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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 t…
N.D.C.C. § 40-35-11 Validity of bonds
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Revenue bonds bearing the signatures of the appropriate officers who are in office on the date of the signing thereof shall be valid and binding obligations notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear the…
N.D.C.C. § 40-35-12 Bonds exempt from taxation - Exception
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Bonds issued under the provisions of this chapter and the income therefrom shall be exempt from any taxes, except inheritance, estate, and transfer taxes. 40-35-13. Covenants that may be inserted in ordinance or resolution authorizing bonds. Any ordinance or resolution authorizin…
N.D.C.C. § 40-35-15 Remedies of bondholders in general
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Subject to any contractual limitations binding upon the holders of any issue of revenue bonds, or a trustee therefor, including the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds, or any trustee therefor, for…
N.D.C.C. § 40-35-16 Receiver of undertaking - When appointed
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If the municipality shall default in the payment of the principal or interest on any of the revenue bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or if the municipality or the g…
N.D.C.C. § 40-35-17 Powers and duties of receiver of undertaking
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A receiver appointed under the provisions of section 40-35-16, directly or by the receiver's agents and attorneys, shall enter into and upon and take possession of the undertaking and each and every part thereof immediately and may exclude therefrom the municipality, its governin…
N.D.C.C. § 40-35-18 Court may direct receiver to surrender possession of undertaking
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After all that is due upon the revenue bonds, including the interest thereon, and upon any other notes, bonds, or other obligations, including the interest thereon, which are a charge, lien, or encumbrance on the revenues of the undertaking under any of the terms of any covenants…
N.D.C.C. § 40-35-19 Receiver subject to jurisdiction of court - Jurisdiction of court
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In the exercise of the powers conferred upon a receiver by this chapter, a receiver shall act under the direction and supervision of the court by which the receiver was appointed and shall be subject at all times to the orders and decrees of such court and may be removed by it. N…
N.D.C.C. § 40-35-20 Construction
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The powers conferred by this chapter shall be in addition and supplemental to and not in substitution for, and the limitations imposed by this chapter shall not affect the powers conferred by, any other law. Revenue bonds may be issued under this chapter without regard to any oth…