§ 40-27-05 — Special fund for payment of bonds issued for purchase of special assessment warrants - Tax levy

assessment warrants - Tax levy.
The governing body of a municipality which issues bonds for the purchase of special
assessment warrants shall create a special fund for the payment of the principal and interest of
such bonds as they become due and shall credit to such fund all special assessments collected
for the payment of the special assessment warrants purchased. The governing body shall make
a general tax levy annually on all the property in the municipality which, together with the special
assessments collected, shall be sufficient to pay the principal and interest of the bonds when
they become due. The levy imposed shall not be subject to any of the tax levy limitations
imposed by section 57-15-08 or acts amendatory thereof. If any money remains in the special
fund after the payment of the principal of all the bonds and the interest thereon, such balance
may be transferred to the general fund.