North Dakota § 40-36-19 Limitations on authorizations contained in chapter - Effect of chapter on bonds issued prior to March 12, 1937

North Dakota Statutes

§ 40-36-19 — Limitations on authorizations contained in chapter - Effect of chapter on bonds issued prior to March 12, 1937

North Dakota § 40-36-19

Title 40Municipal Government

Ch. 40-36Revenue Bond Refinancing Law

This text of North Dakota § 40-36-19 (Limitations on authorizations contained in chapter - Effect of chapter on bonds issued prior to March 12, 1937) 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 § 40-36-19 (2026).

Text

bonds issued prior to March 12, 1937. Nothing in this chapter shall be deemed in any way to:

1.Alter the terms of any agreements made with the holders of any outstanding notes, bonds, or other obligations of the municipality, prior to March 12, 1937;

2.Authorize the municipality to alter the terms of any such agreements, or to impair, or to authorize the municipality to impair, the rights and remedies of any creditors of the municipality; or

3.To authorize any municipality to do anything in any manner or for any purpose which would result in the creation or incurring of a debt or indebtedness or the issuance of any instrument which would constitute a bond or debt within the meaning of any provision, limitation, or restriction of the Constitution of North Dakota relating to the creation

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bonds issued prior to March 12, 1937.
Nothing in this chapter shall be deemed in any way to:
1. Alter the terms of any agreements made with the holders of any outstanding notes,
bonds, or other obligations of the municipality, prior to March 12, 1937;
2. Authorize the municipality to alter the terms of any such agreements, or to impair, or to
authorize the municipality to impair, the rights and remedies of any creditors of the
municipality; or
3. To authorize any municipality to do anything in any manner or for any purpose which
would result in the creation or incurring of a debt or indebtedness or the issuance of
any instrument which would constitute a bond or debt within the meaning of any
provision, limitation, or restriction of the Constitution of North Dakota relating to the
creation or incurring of a debt or indebtedness or the issuance of an instrument
constituting a bond or a debt.