North Dakota § 40-34-13 Residue of money remaining after payment of bonds - Disposal

North Dakota Statutes

§ 40-34-13 — Residue of money remaining after payment of bonds - Disposal

North Dakota·Title 40 Municipal Government·Ch. 40-34 Sewage and Garbage Disposal

After the principal and interest on the bonds secured by a first mortgage or deed of trust on an improvement as provided in this chapter have been fully paid, as the governing body of the municipality or the respective governing bodies of the municipalities may direct by resolution, the revenues of such utility and improvement set apart for the payment of such bonds may be:

1.Used for the repair, improvement, or extension of such utility or improvement;

2.Credited to the interest and sinking fund established for the retirement and payment of the general liability bonds; or

3.Transferred to the general fund.

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After the principal and interest on the bonds secured by a first mortgage or deed of trust on
an improvement as provided in this chapter have been fully paid, as the governing body of the
municipality or the respective governing bodies of the municipalities may direct by resolution,
the revenues of such utility and improvement set apart for the payment of such bonds may be:
1. Used for the repair, improvement, or extension of such utility or improvement;
2. Credited to the interest and sinking fund established for the retirement and payment of
the general liability bonds; or
3. Transferred to the general fund.

North Dakota § 40-34-13 (Residue of money remaining after payment of bonds - Disposal) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.