§ 40-33-20 — Indebtedness not general obligation of municipality - Conditional sales authorized

North Dakota § 40-33-20

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

Text

authorized.
No indebtedness on the general credit of the municipality shall be deemed to be incurred by
reason of any covenant or agreement contained in said contract or in the resolutions of the city
with reference thereto. No revenues received from taxes or any other source, other than the
revenues derived from said plant as hereinabove provided, shall be pledged for the payment of
any contract executed or revenue bonds or certificates issued under the provisions of sections
40-33-17 through 40-33-21. Such contract, bonds, or certificates shall not constitute a lien or
charge on any property of the city, except that if the contract price is not paid by the issuance of
revenue bonds, title to the plant or any specified portion thereof may be retained by the
contractor as security for the purchase price, with right of repossession in the manner provided
for property sold under a conditional sales contract, until full payment of the purchase price.