§ 23-11-20 — Bonds - Types which may be issued

North Dakota § 23-11-20

• Jurisdiction: North Dakota
• Title 23: Health and Safety
• Ch. 23-11: Housing Authorities Law

Text

1. An authority may issue any type of bond as the authority determines necessary for the
purpose of financing housing for persons of low or moderate income, including a bond
on which the interest and principal are payable:
a. Exclusively from the income and revenues of the housing project financed with
the proceeds of the bond or with the proceeds together with a grant from the
federal government in aid of the project;

b. Exclusively from the income and revenues of certain designated housing projects
whether the projects are financed in whole or in part with the proceeds of the
bond; or
c. From the authority's revenues generally.
2. The bonds and other obligations of the authority are not payable out of any funds or
properties other than those of the authority or funds of the city or county which has
pledged its general obligation pursuant to subsection 23 of section 23-11-24. These
bonds, however, may be secured additionally by a pledge of any loan, grant, or
contribution, or part of the same, from the federal government or other source of a
pledge of any income or revenues or by a mortgage on any housing project, projects,
or other property of the authority.