§ 21-03-06.1 — School district voter approval of building authority or other indirect funding methods - Building construction project approval

North Dakota § 21-03-06.1

• Jurisdiction: North Dakota
• Title 21: Governmental Finance
• Ch. 21-03: Bonds

Text

funding methods - Building construction project approval.
1. Notwithstanding any other provision of law, a school board may not enter an
agreement pursuant to internal revenue service revenue ruling 63-20 under which
payments of any kind would be required by the school district to any building authority
or other entity that incurs indebtedness or other obligation in connection with
acquisition, improvements, or construction of any property or structure at a total cost of
four million dollars or more to be used by the school district unless the agreement has
been approved by a vote of a majority of the qualified electors of the school district
voting on the question at a regular or special school district election if the agreement is
for acquisition, improvements, or construction of any property or structure for which an
election would be required if the school district undertook the acquisition,
improvements, or construction project through issuance of bonds of the school district.
2. The school board of a school district may not enter an agreement pursuant to internal
revenue service revenue ruling 63-20 under which payments of any kind would be
required by the school district to any building authority or other entity that incurs
indebtedness or other obligation regarding construction, purchase, repair,
improvement, modernization, or renovation of any building or facility to be used by the
school district without approval by the superintendent of public instruction in the
manner provided in section 15.1-36-01, if the approval by the superintendent of public
instruction would be required for the project under section 15.1-36-01 if the school
district undertook the project itself.