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North Dakota Statutes, Title 40

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Title 40, Municipal Government

85 chapters · 1,001 sections in this title.

All chapters in Title 401,001 Ch 40-48, Municipal Master Plans and Planning …39 Ch 40-22, Improvements by Special Assessment M…33 Ch 40-33, Municipal Utilities30 Ch 40-46, Employees' Pensions in Cities28 Ch 40-08, Governing Body and Executive Officer…27 Ch 40-23, Assessment of Benefits27 Ch 40-45, Police Pensions in Cities27 Ch 40-01, General Provisions26 Ch 40-05, Powers of Municipalities26 Ch 40-18.1, Municipal Courts26 Ch 40-49, Parks and Park Districts25 Ch 40-24, Special Assessment Funds and Disburs…23 Ch 40-58, Urban Renewal Law21 Ch 40-34, Sewage and Garbage Disposal20

20 sections·Filtered byTitle 40✕Ch 40-36✕

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. § 40-36-03 Municipalities may refinance enterprise - Borrow money - Issue refunding bonds
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Any municipality may refinance any enterprise, and for such purpose it may borrow money and issue refunding bonds from time to time.
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.

N.D.C.C. § 40-36-08 Provisions that may be inserted in resolution authorizing issuance of refunding bonds

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The governing body of any municipality, in addition to the other powers conferred by this chapter, may insert in any resolution authorizing the issuance of refunding bonds, such resolution to be a part of the contract with the holders of the refunding bonds, provisions relating t…

N.D.C.C. § 40-36-09 Refunding bonds secured by a lien upon revenues of enterprise - Pledging fixed amount as security

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Refunding bonds shall be special obligations of the issuing municipality and shall be payable from, and secured by a lien upon, the revenues of the enterprise as shall be described more fully in the resolution of the governing body authorizing the issuance of the refunding bonds.…

N.D.C.C. § 40-36-10 Additional security for refunding bonds - Contents of bonds with additional security

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As additional security for any issue of refunding bonds, or any part thereof, issued under this chapter, any municipality, by a resolution of its governing body, may confer upon the holders of the refunding bonds all rights, powers, and remedies which said holders would be entitl…

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. § 40-36-12 Refunding bonds not a debt of municipality - Refunding bond to recite fund from which payable

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Refunding bonds and the interest thereon shall not be a debt of the municipality nor a charge, lien, or encumbrance, legal or equitable, upon any property of the municipality or upon any income, receipts, or revenues of the municipality other than such of the revenues of the ente…

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. § 40-36-14 Recourse to general fund to pay refunding bonds prohibited - Credit or taxing power not pledged to payment

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No recourse shall be had to the general fund of any municipality for the payment of refunding bonds or interest thereon, or any part thereof. The credit or taxing power of any municipality shall not be deemed to be pledged to the payment of refunding bonds.

N.D.C.C. § 40-36-15 Municipalities may appoint fiscal agent - Make rules and regulations governing

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Any municipality, in connection with the issuance of refunding bonds, may appoint a fiscal agent, provide for the fiscal agent's powers, duties, functions, and compensation, limit the fiscal agent's liabilities, prescribe a method for the fiscal agent's resignation, removal, merg…

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. § 40-36-18 Waiver of default or breach of duty or contract not to extend to subsequent default or breach of duty or contract

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No waiver of any default or breach of duty or contract, whether such waiver is by a holder of refunding bonds or by a trustee therefor, shall extend to or affect any subsequent default or breach of duty or contract, nor shall any such waiver impair any rights or remedies on the b…

N.D.C.C. § 40-36-19 Limitations on authorizations contained in chapter - Effect of chapter on bonds issued prior to March 12, 1937

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Nothing in this chapter shall be deemed in any way to: 1. Alter the terms of any agreements made with the holders of any outstanding notes, bonds, or other obligations of the municipality, prior to March 12, 1937; 2. Authorize the municipality to alter the terms of any such agree…

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…