§ 40-33-18 — Resolution authorizing contract - Payment solely through net revenue - Issuance of revenue bonds or of certificates evidencing indebtedness under contract

North Dakota § 40-33-18

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-33: Municipal Utilities

Text

Issuance of revenue bonds or of certificates evidencing indebtedness under contract.
Any such contract shall be authorized by resolution or resolutions duly adopted by the
governing body of the city. Such resolutions and contract shall provide that the cost of the plant
shall be paid solely out of the net revenue thereof, to be derived from special rates and charges
imposed and collected for the service thereof to users of the municipal waterworks system, after
payment of the reasonable and current expenses of operation and maintenance of such plant.
The governing body may provide for the payment of such cost by the issuance of revenue
bonds in accordance with the provisions of chapter 40-35, which bonds may be sold as provided
in said chapter or may be delivered to the contractor in payment of the contract price, or it may
be provided in said resolutions and contract that such price shall be payable in stated
installments over a period not exceeding ten years, with interest at a rate not exceeding eight
percent per annum, payable annually or semiannually. Said payments may be evidenced by
certificates executed by the executive and recording officers, and such certificates may have
interest coupons attached.