Title 40 — Municipal Government
85 chapters · 759 sections in this title.
N.D.C.C. § 40-57-01 Short title
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This chapter may be cited as the Municipal Industrial Development Act of 1955.
N.D.C.C. § 40-57-02 Definitions
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As used in this chapter, unless a different meaning clearly appears from the context: 1. "Municipality" means counties as well as municipalities of the types listed in subsection 4 of section 40-01-01 and, in the case of parking projects, municipal parking authorities created pur…
N.D.C.C. § 40-57-03 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 whether by purchase, lease, or gift, from any source whatsoever, any real property, buildings, improvements on real property or buildings, including eas…
N.D.C.C. § 40-57-05 Approval of public officer not required
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The consent of any governmental body or public officer of the state is not required to authorize the issuance or sale of bonds or the making of any mortgage in connection therewith.
N.D.C.C. § 40-57-06 Certificate of convenience or necessity not required
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It shall not be necessary for any municipality proceeding under this chapter to obtain any certificate of convenience or necessity, franchise, license, permit, or other authorization from any bureau, board, commission, or other instrumentality of the state in order to acquire, co…
N.D.C.C. § 40-57-07 Cost of project - How determined
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In determining the cost of a project, the governing body may include all costs and estimated costs of the issuance of the revenue bonds; all engineering, inspection, fiscal, and legal expenses; any bond reserves and the interest that it is estimated will accrue during the constru…
N.D.C.C. § 40-57-08 Excess revenues not to revert to general fund of municipality - Exception
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Any revenues of any and all projects in excess of the amount required to pay interest upon all bonds issued hereunder, to create a sinking fund to pay the principal of such bonds, when due, to provide for the operation, maintenance, insurance, taxes, and depreciation of such proj…
N.D.C.C. § 40-57-09 Provisions governing revenue bonds
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The resolution or ordinance authorizing the issuance of revenue bonds under this chapter, or ordinance or resolution adopted subsequent to the adoption of the original resolution or ordinance, shall prescribe: 1. The rate or rates of interest which such bonds shall bear; 2. Wheth…
N.D.C.C. § 40-57-10 Sale of revenue bonds
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Revenue bonds shall be sold at not less than ninety-five percent of par plus any accrued interest. Such bonds may be sold at private sale, or such bonds may be sold at public sale after notice of such sale has been published once at least five days prior to such sale in a newspap…
N.D.C.C. § 40-57-12 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 th…
N.D.C.C. § 40-57-13 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. 40-57-14. Covenants that may be inserted in ordinance or resolution authorizing bonds. 1. Any ordinance or resolution autho…
N.D.C.C. § 40-57-16 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. § 40-57-17 Exemptions from taxation
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Repealed by S.L. 1975, ch. 387, § 6.
N.D.C.C. § 40-57-18 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…
N.D.C.C. § 40-57-19 General obligation bonds - Issuance - Levy
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Repealed by S.L. 2015, ch. 439, § 104.
N.D.C.C. § 40-57-19.1 Refunding bonds
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Repealed by S.L. 2015, ch. 439, § 104.
N.D.C.C. § 40-57-19.2 Refunding bonds
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1. Any municipality may provide for the issuance of refunding bonds to refund, in whole or in part, bonds previously issued by the municipality under the authority of this chapter for any of the following purposes: a. To extend the maturities of the outstanding bonds. b. To conso…
N.D.C.C. § 40-57-20 Declaration and finding of public purpose
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The legislative assembly declares and finds that it is and has been the purpose of this chapter to sanction, authorize, and encourage activities in the public interest and for the welfare of the state, its municipal subdivisions, and people by assisting establishment of additiona…