§ 40-05-09 — Purchase of firefighting equipment - How paid - Limitations

Upon a declaration by resolution duly passed that an emergency exists and that it is
desirable and necessary that firefighting apparatus and equipment be acquired for municipal
purposes, the governing body of any municipality may enter into a contract or contracts for the
purchase of such property. The purchase price of such property may be payable in annual
installments, but all moneys paid annually under any such contract shall be available and shall
be paid from the authorized tax levy of the municipality. Under this section, contracts may not be
entered into which will create aggregate future obligations of the municipality in an amount in
excess of one percent of the value of all taxable property within the municipality and such
contracts shall not be in excess of ten thousand dollars.