As used in this chapter, unless a different meaning clearly appears from the context:
1."Municipality" means counties as well as municipalities of the types listed in subsection
4 of section 40-01-01 and, in the case of parking projects, municipal parking
authorities created pursuant to section 40-61-02 and the public finance authority or
any successor in interest to the public finance authority for the purpose of issuing
revenue bonds under this chapter. In acting as a municipality under this chapter, the
public finance authority or its successor in interest shall follow the provisions of this
chapter to the extent applicable or practicable but it need not comply with the notice
and hearing provisions contained in sections 40-57-04 and 40-57-04.1 or the
provisions of section 40-57-10. In
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As used in this chapter, unless a different meaning clearly appears from the context:
1. "Municipality" means counties as well as municipalities of the types listed in subsection
4 of section 40-01-01 and, in the case of parking projects, municipal parking
authorities created pursuant to section 40-61-02 and the public finance authority or
any successor in interest to the public finance authority for the purpose of issuing
revenue bonds under this chapter. In acting as a municipality under this chapter, the
public finance authority or its successor in interest shall follow the provisions of this
chapter to the extent applicable or practicable but it need not comply with the notice
and hearing provisions contained in sections 40-57-04 and 40-57-04.1 or the
provisions of section 40-57-10. In the event of a conflict between the provisions of this
chapter and chapter 6-09.4, the provisions of chapter 6-09.4 govern.
2. "Project" means any real property, buildings, and improvements on real property,
including water and sewer lines and other underground infrastructure, and the
buildings on the real property, and any equipment located on the real property or in the
buildings, or elsewhere, or personal property, including working capital, which is used
or useful in connection with a revenue-producing enterprise, or any combination of two
or more revenue-producing enterprises, engaged or to be engaged in:
a. Assembling, fabricating, manufacturing, mixing, or processing of any agricultural,
mineral, or manufactured products, or any combination thereof.
b. Storing, warehousing, distributing, or selling any products of agriculture, mining,
or manufacture.
c. Providing child care facilities or hospital, nursing home, or other health care
facilities and service.
d. Improvements or equipment used or to be used for the abatement or control of
environmental pollution in connection with any new or existing revenue-producing
enterprise.
e. Public career and technical education.
f. Any other industry or business not prohibited by the constitution or laws of the
state of North Dakota.
In no event, however, does the term "project" include those undertakings defined in
chapter 40-35, with the exception of projects referred to in this subsection.
3. "Revenue agreement" means a written agreement between a municipality and a
contracting party with respect to a project, whereby the contracting party agrees to pay
to the municipality or its order amounts sufficient at all times to pay when due the
principal of, premium, if any, and interest on all bonds issued by the municipality with
respect to that project. A revenue agreement may be in the form of a lease, mortgage,
direct or installment sale contract, loan agreement, take-or-pay or similar agreement,
and be secured in a manner the parties agree to or be unsecured.