Title 61, Waters

Proceedings for the issuance of bonds by an irrigation district must be instituted by the adoption of an initial resolution by the board of directors of the district. The initial resolution must state: 1. The maximum principal amount of bonds proposed to be issued. 2. The purpose…

After the adoption of an initial resolution as provided in section 61-08-01, the board, by a resolution, shall provide for submitting to the electors of the district the question whether the initial resolution providing for the issuance of bonds shall be approved. The date of suc…

A notice of the election containing a complete copy of the initial resolution provided for in section 61-08-01 shall be given in the manner provided for a regular election of the district.

The ballot for a bond election shall be written or printed and shall state the question in substantially the following form: Shall the __________ irrigation district issue its bonds in the amount of not to exceed $__________ (here insert the amount) for the purpose of __________ …

If a majority of the votes cast at a bond election are in favor of the proposal to issue bonds as stated in the initial resolution, the board of directors shall proceed to sell, issue, and deliver such bonds as provided in this chapter.

Bonds issued by any irrigation district under the provisions of this chapter must be in the denominations and form, be subject to redemption with or without premium, and be subject to any other terms or conditions as the board of directors may determine, and must mature in not mo…

Every bond provided for in this chapter must be a negotiable instrument and must bear interest at a rate or rates resulting in an average annual net interest rate which must not exceed twelve percent per annum if the bonds are sold at private sale. There is no interest rate ceili…

The entire issue of bonds may be composed of bonds of a single denomination or of two or more denominations. Such bonds shall recite that they are payable in lawful money of the United States.

The bonds issued under the provisions of this chapter must be executed in the name of and for the district by the manual or facsimile signatures of the chairman and secretary of the board. The validity of every bond so executed is not impaired by the fact that a subscribing or at…

Bonds may be sold at private sale without notice or at public sale after a notice calling for bids has been published at least once in the official newspaper of each county in which the district is situated not less than fifteen days nor more than thirty days before the date spec…

At the time specified for opening the bids for bonds, the secretary of the board publicly shall open the bids in the presence of the board, and after the bids have been opened, the secretary shall enter in a permanent record the amount and rate of interest of each bid and the nam…

The board of directors shall award the sale of bonds to the bidder who agrees to purchase them upon the terms most favorable to the district, except that the board may reject any and all bids. No sale may be for less than ninety-eight percent of the par value and accrued interest…

In the discretion of the board, bonds may be secured by a trust indenture by and between the district and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside this state. The board may vest in the trustee the right to …

All money received from any bond issue must be placed in a fund and applied solely for the purpose for which it was borrowed and for no other purpose except that the money may be temporarily invested in securities approved by the board. A lien is granted upon the money until so a…

The board, in its discretion, may appoint a fiscal agent located in some city within or without this state. Every such fiscal agent shall be an incorporated bank or trust company authorized by the laws of the United States or of the state in which it is located to do a banking or…

Bonds issued by any irrigation district, and the interest thereon, and contracts not payable in bonds, made and entered into by the district for the acquisition of irrigation works already constructed, or for the establishment and construction of irrigation works, or any part the…

The county treasurer shall act as the custodian of sinking funds, or funds created for the payment of bonds, except that in case an irrigation district is located in more than one county the board, by recorded resolution, shall designate the county treasurer who shall act as the …

The district treasurer shall remit to the county treasurer all moneys received by the treasurer in payment of assessments levied for sinking funds or for the payment of bonds. The district treasurer also shall remit to the county treasurer moneys raised from water rentals or wate…

The county treasurer shall pay the principal of, premium, if any, and interest on the bonds upon maturity, redemption, or purchase in the open market from any moneys in the fund created for the payment thereof. The county treasurer may disburse moneys in the fund to the fiscal ag…

No claim, other than payments of principal of, premium, if any, or interest on bonds, shall be paid by the district treasurer until the claim has been allowed by the board, and only upon warrants signed by the president and countersigned by the secretary. If the treasurer does no…

The board may draw from time to time from the construction fund and deposit in the county treasury of the county where the office of the board is situated any sum in excess of the sum of twenty-five thousand dollars. The county treasurer shall receive and receipt for the same and…

The county treasurer shall report in writing to the district on the second Monday in each month the amount of money belonging to the district in the county treasury, the amount of receipts for the month preceding, and the amount of the moneys paid out and assessments against each…

The district treasurer shall report to the board in writing as often as the board may require in its bylaws, the amount of money in the district treasury, the amount of receipts since the previous report, and the amount and items of expenditures. Such report shall be verified and…

Each irrigation district in this state that has issued or shall issue bonds or improvement warrants purporting to have been issued for any purpose authorized by law, which bonds or improvement warrants have been sold and delivered to purchasers for value and constitute an existin…

When in the judgment of the board of directors of an irrigation district it is in the best interests of the irrigation district to issue its bonds for the purpose of refunding or paying outstanding indebtedness as provided in section 61-08-34, refunding bonds may be issued pursua…

All assessments made by an irrigation district for the payment of the bonds or improvement warrants to be refunded must inure to the benefit of the holders of the refunding bonds and the proceeds of the assessments must be utilized for the purpose of paying the interest and princ…

All provisions of law relating to the assessment in irrigation districts and the collection thereof for the purpose of raising funds for the payment of bonds of an irrigation district shall be applicable to bonds issued under the provisions of sections 61-08-34 through 61-08-39.

The acquisition, construction, reconstruction, improvement, betterment, or extension of any revenue-producing facility, and the issuance of revenue bonds in anticipation of the collection of the revenues of the facility, may be authorized by resolution adopted by the affirmative …

Revenue bonds issued under this chapter may not be payable from nor charged upon any funds other than the revenue pledged to the payment of the bonds, nor is the district issuing the bonds subject to any pecuniary liability on the bonds. A holder of the bonds does not have the ri…