§ 40-49-24 — Park district authorized to collect user fees and issue evidences of indebtedness in anticipation of user fee revenues

North Dakota § 40-49-24

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-49: Parks and Park Districts

Text

indebtedness in anticipation of user fee revenues.
1. A board of park commissioners may prescribe and collect user fees for facilities or
activities furnished by the park district and in anticipation of the collection of such
revenues may issue evidences of indebtedness for the purpose of acquiring,
constructing, improving, and equipping parks and park and recreational buildings and
facilities, and for the purpose of acquiring land for those purposes.
2. Evidences of indebtedness issued under this section are payable, as to principal and
interest, solely from all or part of the revenues referred to in this section and pledged
for such payment.
3. Notwithstanding any other provision of law, evidences of indebtedness issued under
this section are fully negotiable, do not constitute an indebtedness within the meaning
of any constitutional or statutory debt limitation or restriction, and together with interest
thereon and income therefrom, are not subject to taxation by the state of North Dakota
or any political subdivision of the state.
4. Evidences of indebtedness issued under this section must be authorized by resolution
of the board of park commissioners and, notwithstanding any other provision of law,
may be issued and sold in such manner and amounts, at such times, in such form, and
upon such terms, bearing interest at such rate or rates, as may be determined in the
resolution.