Title 40 — Municipal Government
85 chapters · 759 sections in this title.
N.D.C.C. § 40-36-01 Short title
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This chapter may be cited as the revenue bond refinancing law.
N.D.C.C. § 40-36-02 Definitions
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In this chapter, unless the context or subject matter otherwise requires: 1. "Enterprise" means any work, undertaking, or project which the municipality is authorized to construct and from which the municipality has derived or may derive revenues and for the refinancing of which …
N.D.C.C. § 40-36-04 Refunding bonds authorized by resolution - Adoption - Taking effect
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Refunding bonds shall be authorized by resolution of the governing body of a municipality. Such resolution may be adopted at a regular or special meeting, and at the same meeting at which it is introduced, by the affirmative vote of a majority of all of the members of the governi…
N.D.C.C. § 40-36-05 Provisions governing issuance of refunding bonds
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The resolution of the governing body authorizing the issuance of refunding bonds may provide: 1. Whether the bonds shall be in one or more series; 2. The date or dates which such bonds shall bear; 3. The time or times, not exceeding the period of usefulness of the enterprise as d…
N.D.C.C. § 40-36-06 Validity of refunding bonds
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Refunding bonds bearing the signatures of officers of the municipality in office on the date of the signing thereof shall be valid and binding obligations of the municipality for all purposes, notwithstanding that before the delivery of the bonds any or all of the persons whose s…
N.D.C.C. § 40-36-07 Refunding bonds exempt from taxation - Exception
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Refunding bonds issued under the provisions of this chapter and the income therefrom shall be exempt from any taxes, except inheritance, estate, and transfer taxes. 40-36-08. Provisions that may be inserted in resolution authorizing issuance of refunding bonds. The governing body…
N.D.C.C. § 40-36-11 No priority in refunding bonds of same issue
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All refunding bonds of the same issue shall be secured equally and ratably, without priority by reason of number, date of bonds, date of sale, date of execution, or date of delivery, by a lien upon the revenues of the enterprise in accordance with the provisions of this chapter a…
N.D.C.C. § 40-36-13 Exchange or sale of refunding bonds
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Refunding bonds may be sold or exchanged in installments at different times, or an entire issue or series may be sold or exchanged at one time. Any issue or series of refunding bonds may be exchanged in part or sold in part in installments at different times or at one time, and s…
N.D.C.C. § 40-36-16 Duties of municipality and officers
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In order that the payment of refunding bonds and interest thereon shall be secured adequately, any municipality issuing refunding bonds pursuant to this chapter, and the proper officers, agents, and employees thereof, shall: 1. Pay or cause to be paid punctually the principal of …
N.D.C.C. § 40-36-17 General remedies of holders of refunding bonds - Receiver of enterprise
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The holders of bonds issued under this chapter, or a trustee for such holders, may exercise any or all of the general remedies provided in section 40-35-15, subject, however, to the restrictions and limitations contained in that section. A receiver for an enterprise may be appoin…
N.D.C.C. § 40-36-20 Construction - Procedure in issuance of refunding bonds
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This chapter shall constitute full and complete authority for the issuance of refunding bonds. No procedure or proceedings, publications, notices, consents, approvals, orders, acts, or things by any governing body of any municipality, or of any board, officer, commission, departm…