North Dakota Statutes
§ 21-02-07 — Authorizing resolution - Sinking fund
When a political subdivision issues a certificate of indebtedness under this chapter, the
political subdivision, by resolution authorizing the issuance of the certificate of indebtedness,
shall establish a sinking fund for the retirement of the certificate of indebtedness, including
interest, on its due date. The resolution must also provide for the regular accumulation of money
in the sinking fund from the revenues pledged to the payment of the certificate of indebtedness.
Upon the accumulation of sufficient money in the sinking fund to pay the principal and interest
which will be due and owing on the maturity date of the certificate of indebtedness, no additional
revenues may be credited to the sinking fund.
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Nearby Sections
15
§ 21-01-01
Definitions§ 21-01-02
Warrant - Order of payment§ 21-01-03
Maximum amount of warrants or indebtedness - Violation of provisions - Liability - Penalty§ 21-01-04
Warrants for current expenses§ 21-01-05
Warrants for salaries and official publications - Payable one-half in cash prior to other warrants§ 21-01-07
Warrant register - By whom kept - Form§ 21-01-10
Cashbook and register open to inspection§ 21-02-01
Definitions§ 21-02-03
Certificate of county auditor§ 21-02-04
Signing false certificates - Penalty