North Dakota § 40-57-08 Excess revenues not to revert to general fund of municipality - Exception

North Dakota Statutes

§ 40-57-08 — Excess revenues not to revert to general fund of municipality - Exception

North Dakota·Title 40 Municipal Government·Ch. 40-57 Municipal Industrial Development Act

Any revenues of any and all projects in excess of the amount required to pay interest upon
all bonds issued hereunder, to create a sinking fund to pay the principal of such bonds, when
due, to provide for the operation, maintenance, insurance, taxes, and depreciation of such
project, shall not revert to the general fund of the municipality. However, at such time as there
shall be outstanding no revenue bonds issued by the municipality, any excess of revenues may
be transferred to the general fund of the municipality in such amounts and at such times as the
governing body of the municipality may deem proper and feasible.

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Any revenues of any and all projects in excess of the amount required to pay interest upon
all bonds issued hereunder, to create a sinking fund to pay the principal of such bonds, when
due, to provide for the operation, maintenance, insurance, taxes, and depreciation of such
project, shall not revert to the general fund of the municipality. However, at such time as there
shall be outstanding no revenue bonds issued by the municipality, any excess of revenues may
be transferred to the general fund of the municipality in such amounts and at such times as the
governing body of the municipality may deem proper and feasible.

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