§ 55-08-09 — Revenue bond fund

North Dakota § 55-08-09

• Jurisdiction: North Dakota
• Title 55: State Historical Society and State Parks
• Ch. 55-08: Parks and Recreation Department

Text

After the issuance of any bonds under section 55-08-08, the state treasurer shall transfer
revenues at the times and in the amounts directed in section 55-08-07 to a special trust fund to
be known as the state park revenue bond fund, which must be maintained in the state treasury
until all bonds issued under section 55-08-08 and all interest on the bonds is fully paid and
discharged. This fund must be disbursed by the state treasurer solely for the purpose of paying
principal and interest when due on the bonds, and the treasurer shall also maintain in the fund,
by the transfer of revenues from the state park fund whenever necessary and available, a
reserve at all times equal to the total amount of principal and interest to become due on all the
bonds within the then next period of twelve months. As principal and interest become due from
time to time, the director of the office of management and budget, not less than fifteen days
before the payment dates, shall issue warrants upon the state treasurer against the revenue
bond fund for the amount of the payment coming due, and the state treasurer shall make
payments from the fund of the amounts due.