North Dakota Statutes
§ 21-03-38.1 — Disposal of bond proceeds
North Dakota § 21-03-38.1
This text of North Dakota § 21-03-38.1 (Disposal of bond proceeds) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
N.D. Cent. Code § 21-03-38.1 (2026).
Text
The proceeds of any municipal bond sale, which have not been used for the purpose issued within three years after date of issue, may be disposed of by the governing body of the municipality as follows:
1.Sufficient funds must be transferred to the sinking fund of the issue in an amount equal
to the principal of bonds outstanding and the interest requirements.
2.The governing body may, by a two-thirds vote of all its members, transfer the funds to
any or all other debt sinking funds of the municipality.
3.The governing body, upon approval by a majority vote of the qualified electors, voting
on the question at an election called therefor, may use the funds for some other
purpose authorized by law.
If any funds remain, they must be transferred to the general fund of the municipality.
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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 - PenaltyCite This Page — Counsel Stack
Bluebook (online)
North Dakota § 21-03-38.1, Counsel Stack Legal Research, https://law.counselstack.com/statute/nd/21-03-38.1.