§ 40-27-01 — Municipality may issue bonds to purchase special assessment warrants

A municipality may issue bonds for the purchase of outstanding special assessment
warrants of the municipality before or after their maturity, at the best price obtainable, but not
exceeding sixty percent of the par value thereof and the interest accrued to the date of
purchase. The rate of interest on the bonds shall not exceed the rate of interest on the special
assessment warrants for the purchase of which the bonds are issued, and such bonds shall not
be sold for less than the par value thereof plus the interest accrued thereon.