North Dakota Statutes
§ 23-11-21 — Bonds - Liability - Tax exempt
Neither the commissioners of an authority nor any person executing bonds of the authority
is liable personally on the bonds by reason of the issuance of the bonds. The bonds and other
obligations of an authority are not a debt of the city, county, or state, nor of any political
subdivision, unless a city or county pledges its general obligation to the payment of the bonds
under subsection 23 of section 23-11-24. The bond obligations are declared to be issued for an
essential public and governmental purpose and to be public instrumentalities and the bonds,
together with the interest on the bonds and income from the bonds are exempt from taxation.
The tax exemption provisions of this chapter are considered part of the contract for the security
of the bond obligations authorized by this chapt
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