North Dakota § 40-36-12 Refunding bonds not a debt of municipality - Refunding bond to recite fund from which payable

North Dakota Statutes

§ 40-36-12 — Refunding bonds not a debt of municipality - Refunding bond to recite fund from which payable

North Dakota § 40-36-12

Title 40Municipal Government

Ch. 40-36Revenue Bond Refinancing Law

This text of North Dakota § 40-36-12 (Refunding bonds not a debt of municipality - Refunding bond to recite fund from which payable) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 40-36-12 (2026).

Text

from which payable.
Refunding bonds and the interest thereon shall not be a debt of the municipality nor a
charge, lien, or encumbrance, legal or equitable, upon any property of the municipality or upon
any income, receipts, or revenues of the municipality other than such of the revenues of the
enterprise as shall have been pledged to the payment thereof. Every refunding bond shall recite
in substance that the bond, including interest thereon, is payable solely from the revenues
pledged to the payment thereof and that the municipality is under no obligation to pay the same
except from said revenues.

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from which payable.
Refunding bonds and the interest thereon shall not be a debt of the municipality nor a
charge, lien, or encumbrance, legal or equitable, upon any property of the municipality or upon
any income, receipts, or revenues of the municipality other than such of the revenues of the
enterprise as shall have been pledged to the payment thereof. Every refunding bond shall recite
in substance that the bond, including interest thereon, is payable solely from the revenues
pledged to the payment thereof and that the municipality is under no obligation to pay the same
except from said revenues.