§ 40-29-15 — Warrants - Payable - Interest - Contents - Signed - Uses

North Dakota § 40-29-15

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-29: Sidewalks

Text

All sidewalk assessment warrants shall be payable as specified and in such amounts as in
the judgment of the governing body will be provided by the taxes and assessments. The
warrants shall bear interest at a rate or rates and be sold at a price resulting in an average net
interest cost not to exceed twelve percent per annum if sold at private sale. There is no interest
rate ceiling on warrants sold at public sale or to the state of North Dakota or any of its agencies
or instrumentalities. The warrants must state on their face the purpose for which they were
issued and from what fund they are payable and must be signed by the executive officer and
countersigned by the city auditor under the seal of the municipality. The warrants may be used
in making payment on contracts for making the improvements or may be sold for cash at not
less than ninety-eight percent of the par value thereof and the proceeds credited to the special
fund and used to pay for such improvements.