§ 40-33-07 — Issuance of bonds - Election required

No municipality shall issue its bonds as authorized by section 40-33-04 until the question of
issuing the bonds shall have been approved by a majority of the electors of the municipality
voting upon such question at an election called, held, and conducted as specified in section
40-33-02. The notice of the election shall specify the maximum amount, maximum interest rate,
purpose, and maturity of the bonds. The bonds shall be sold in the manner provided by chapter
21-03. At or before the issuance of the bonds, the municipality, by ordinance, shall levy a direct,
annual, and irrepealable tax upon all the taxable property in the municipality in the years and in
amounts sufficient to pay the principal and interest of the bonds when due.