§ 40-36-10 — Additional security for refunding bonds - Contents of bonds with additional security

North Dakota § 40-36-10

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-36: Revenue Bond Refinancing Law

Text

security.
As additional security for any issue of refunding bonds, or any part thereof, issued under
this chapter, any municipality, by a resolution of its governing body, may confer upon the holders

of the refunding bonds all rights, powers, and remedies which said holders would be entitled to if
they were the owners and had possession of the notes, bonds, or other obligations for the
refinancing of which such refunding bonds shall have been issued, including the preservation of
the lien of such notes, bonds, or other obligations without extinguishment, impairment, or
diminution thereof. If any municipality exercises the power conferred by this section, each
refunding bond shall contain a recital to the effect that the holder thereof has been granted the
additional security provided by this section, and each note, bond, certificate, or other obligation
of the municipality to be refinanced by such refunding bonds shall be kept intact and shall not be
canceled or destroyed until the refunding bonds and the interest thereon finally have been paid
and discharged, but each such instrument shall be stamped to show that such note, bond,
certificate, or other obligation has been refunded pursuant to this chapter.