§ 40-61-10 — Debt guarantee

Prior to the issuance of any bonds authorized by this chapter, except revenue bonds
authorized in subsection 8 of section 40-61-08, the authority shall require that the payment of
not less than ten percent of the principal and interest of the bonds issued for any project be
guaranteed through the use of one or more of the following methods:
1. A contract of personal guarantee entered into between the authority, the bondholders,
and at least three benefited property owners.
2. The guarantee of said payments by the municipality through the issuance of municipal
bonds or other obligations, budgeting of current funds from revenues derived from its
general fund levy authority, the levy of special assessments or by any combination of
these pursuant to and in accordance with the provisions of chapters 21-03, 40-22 to
40-27, 40-35, 40-40, and 40-57 and of all other applicable laws now in force or
hereinafter enacted.