§ 40-61-11 — Agreement of a city

North Dakota § 40-61-11

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-61: Municipal Parking Authority Act

Text

1. Cities may pledge to and agree with the holders of the bonds that the city will not limit
or alter the rights hereby vested in the authority to acquire, construct, maintain,
reconstruct, and operate the project or projects, to establish and collect rentals, fees,
and other charges and to fulfill the terms of any agreements made with the holders of
the bonds, or in any way impair the rights and remedies of the bondholders, until the
bonds, together with interest thereon, with interest on any unpaid installments of

interest and all costs and expenses in connection with any action or proceeding by or
on behalf of the bondholders are fully met and discharged.
2. Authorities are hereby authorized, in their discretion, for and on behalf of themselves
and the city which authorized them, to covenant and agree with the holders of the
bonds, with such exceptions and limitations as it may deem in the public interest, that
no public parking areas except those acquired and operated by the authority will be
constructed or operated in the city by the city, or by any public benefit or other
corporation the members or some of which are elected or are appointed by city
officials, until either the bonds, together with interest thereon, interest on any unpaid
installments of interest and all costs and expenses in connection with any action or
proceeding by or on behalf of the bondholders are fully met and discharged, or
principal or interest of any of the bonds shall be overdue and unpaid for a period of
three years or more.