North Dakota Statutes
§ 21-02-15 — Certificate of indebtedness exempt from state taxation - Review for exemption from federal taxation
exemption from federal taxation.
Payments of the principal of and interest on a certificate of indebtedness issued under this
chapter are exempt from all taxes, except inheritance, estate, and transfer taxes, imposed by
this state, any county or city, or any other political subdivision. However, a political subdivision
shall review, or cause to be reviewed, federal tax laws and regulations to determine the federal
tax-exempt status of interest payments on a certificate of indebtedness prior to the issuance and
sale of the certificate on a purported federally tax-exempt basis.
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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