Title 61 — Waters
57 chapters · 825 sections in this title.
N.D.C.C. § 61-37-01 Definitions
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In this chapter, unless the context or subject matter requires otherwise: 1. "Bond" means an evidence of indebtedness of the program issued by the commission. 2. "Bondholder" or any similar term, when used with reference to a bond of the program, means any person who is the beare…
N.D.C.C. § 61-37-02 Creation of program
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The North Dakota irrigation district finance program is established under the operation, management, and control of the commission. The program is constituted as an instrumentality of the state exercising public and governmental functions.
N.D.C.C. § 61-37-03 Participation voluntary - Agreement to participate
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Participation in the program by an irrigation district is voluntary and no irrigation district may be required to sell its municipal security issues to the program. Notwithstanding any other law, an irrigation district that wishes to participate in the program may enter into an a…
N.D.C.C. § 61-37-04 Guarantee, lending, and borrowing powers
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The program may guarantee municipal securities issued by an irrigation district. The program may lend money to irrigation districts through the purchase and holding of municipal securities which are eligible for purchase by the program, under this chapter, according to the terms …
N.D.C.C. § 61-37-05 How bonds or guarantees may be secured
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A bond or guarantee issued by the program may be secured by works or lands and the income derived from those works or lands.
N.D.C.C. § 61-37-06 Powers
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The program has the following powers: 1. To sue and be sued. 2. To make and enforce bylaws and rules for the conduct of its affairs and business and for use of its services. 3. To acquire, hold, use, and dispose of its income, revenue, funds, and moneys in accordance with law. 4.…
N.D.C.C. § 61-37-07 Guarantee of the program
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A guarantee by the program of municipal securities of an irrigation district must be authorized by resolution of the commission and must be evidenced by a written agreement approved by the commission.
N.D.C.C. § 61-37-08 Bonds of the program
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Bonds of the program must be authorized by resolution of the commission and may be issued in the form, with dates, interest rates, denominations, rights of conversion, registration, priority of payment, manner, location, and form of payment, terms of redemption, at public or priv…
N.D.C.C. § 61-37-09 Pledges
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Any pledge of revenue made by the commission as security for a program guarantee or program bonds is valid and binding from the time when the pledge is made. The revenues or other moneys so pledged and thereafter received by the program are immediately subject to the lien of the …
N.D.C.C. § 61-37-10 Reserve fund
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1. The program shall establish and maintain a reserve fund in which there must be deposited all moneys appropriated by the state for the purpose of the fund, all proceeds of bonds required to be deposited by terms of any contract between the program and its bondholders or any res…
N.D.C.C. § 61-37-11 Additional reserves and funds
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The program may establish additional reserves, funds, or accounts as it deems necessary to further the program or to comply with any agreement made by, or any resolution of, the program. 61-37-12. Personal liability - Purchase of bonds - Bonds as legal investments - Security. 1. …
N.D.C.C. § 61-37-13 Tax exemptions - Exemption of property from execution sale
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1. All property of the program and all bonds issued under this chapter are deemed to be serving essential public and governmental purposes and the property and the bonds issued, their transfer and their income, including any profits made on their sale, are exempt from all state, …
N.D.C.C. § 61-37-14 Insurance or guaranty
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The program is authorized and empowered to obtain from any department or agency of the United States or from nongovernmental insurer any insurance or guaranty, or from a financial institution a letter of credit to the extent the insurance, guaranty, or letter of credit available …
N.D.C.C. § 61-37-15 Remedies on default of municipal securities
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In the event of a default by an irrigation district in the payment of interest on or principal of any municipal securities owned or held by the program, the program may proceed to enforce payment, pursuant to law, of the interest or principal or other amount then due and payable.
N.D.C.C. § 61-37-16 Form of municipal securities and investments
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All municipal securities held by the program as permitted or provided for under this chapter must at all times be purchased and held in fully marketable form, subject to provision for any registration in the name of the program. All municipal securities at any time purchased, hel…
N.D.C.C. § 61-37-17 Presumption of validity
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After issuance, all bonds of the program are conclusively presumed to be fully authorized and issued under the laws of this state, and any person or governmental unit is estopped from questioning their authorization, sale, issuance, execution, or delivery by the program.
N.D.C.C. § 61-37-18 Protection of service during term of guarantee or loan
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1. The service provided or made available by an irrigation district through the construction or acquisition of an improvement, or the improvement revenues, financed in whole or in part with a guarantee or loan to the irrigation district from the program or any other state agency …