North Dakota § 40-36-09 Refunding bonds secured by a lien upon revenues of enterprise - Pledging fixed amount as security

North Dakota Statutes

§ 40-36-09 — Refunding bonds secured by a lien upon revenues of enterprise - Pledging fixed amount as security

North Dakota·Title 40 Municipal Government·Ch. 40-36 Revenue Bond Refinancing Law

fixed amount as security.
Refunding bonds shall be special obligations of the issuing municipality and shall be
payable from, and secured by a lien upon, the revenues of the enterprise as shall be described
more fully in the resolution of the governing body authorizing the issuance of the refunding
bonds. Having due regard to the cost of operation and maintenance of the enterprise and the
amount or proportion, if any, of the revenues of the enterprise previously pledged, a municipality,
by a resolution of its governing body, may pledge for the security of the refunding bonds a fixed
amount without regard to any fixed proportion of the gross revenues of the enterprise.

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fixed amount as security.
Refunding bonds shall be special obligations of the issuing municipality and shall be
payable from, and secured by a lien upon, the revenues of the enterprise as shall be described
more fully in the resolution of the governing body authorizing the issuance of the refunding
bonds. Having due regard to the cost of operation and maintenance of the enterprise and the
amount or proportion, if any, of the revenues of the enterprise previously pledged, a municipality,
by a resolution of its governing body, may pledge for the security of the refunding bonds a fixed
amount without regard to any fixed proportion of the gross revenues of the enterprise.

North Dakota § 40-36-09 (Refunding bonds secured by a lien upon revenues of enterprise - Pledging fixed amount as security) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.