North Dakota § 54-30-27 Certificate of indebtedness issued to meet interest due on bonds

North Dakota Statutes

§ 54-30-27 — Certificate of indebtedness issued to meet interest due on bonds

North Dakota § 54-30-27

Title 54State Government

Ch. 54-30Bonds of North Dakota, Real Estate Series

This text of North Dakota § 54-30-27 (Certificate of indebtedness issued to meet interest due on bonds) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 54-30-27 (2026).

Text

If there are not sufficient funds in the real estate bond sinking fund to meet the payment of
principal and interest due on real estate series bonds on any principal or interest payment date,
the state treasurer may borrow sufficient funds by the issuance of certificates of indebtedness of
the state to make such payment. Such certificates shall be issued in anticipation of taxes to be
levied, must be signed by the governor and the state treasurer, must mature not more than thirty
months from date of issuance, and must bear interest at a rate not to exceed twelve percent per
annum if sold at private sale, with no interest rate ceiling if sold at public sale. Such certificates
of indebtedness must be in the form prescribed by the state treasurer. When such money is
borrowed by the state, the

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If there are not sufficient funds in the real estate bond sinking fund to meet the payment of
principal and interest due on real estate series bonds on any principal or interest payment date,
the state treasurer may borrow sufficient funds by the issuance of certificates of indebtedness of
the state to make such payment. Such certificates shall be issued in anticipation of taxes to be
levied, must be signed by the governor and the state treasurer, must mature not more than thirty
months from date of issuance, and must bear interest at a rate not to exceed twelve percent per
annum if sold at private sale, with no interest rate ceiling if sold at public sale. Such certificates
of indebtedness must be in the form prescribed by the state treasurer. When such money is
borrowed by the state, the fund is to be reimbursed annually as provided in section 54-30-26.