§ 40-27-06 — Refunding special assessment warrants or bonds - Purpose for which issuable

North Dakota § 40-27-06

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-27: Funding and Refunding Special Assessment Warrants

Text

issuable.
Any municipality having valid outstanding special assessment warrants or bonds issued
pursuant to this title which are due, or to become due within one year, in whole or in part as to
principal or interest or both or which are redeemable either at the option of the municipality or
with the consent of the warrantholders or bondholders may issue refunding special assessment
warrants or bonds if there is not sufficient money in the special improvement fund against which
such warrants or bonds are drawn to pay the principal or interest or both or if a deficiency is
likely to occur in the fund within one year for payment of principal or interest thereon. Such
refunding special assessment warrants or bonds may be issued for any of the following
purposes:
1. To extend the maturities of the special assessment warrants or bonds.
2. To reduce the rate of interest on the special assessment warrants or bonds.

3. To equalize the general tax which the municipality may be, or may become, obligated
to levy to discharge deficiencies in the fund against which the special assessment
warrants or bonds are drawn.
4. To consolidate two or more outstanding issues of warrants or bonds.