§ 55-08-10 — Covenants of board

North Dakota § 55-08-10

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

Text

The board shall pledge irrevocably the revenues appropriated by section 55-08-07 to the
state park fund for the payment of principal and interest due on all bonds issued pursuant to
section 55-08-08 and for the accumulation and maintenance of the reserve in the state park
revenue bond fund as provided in section 55-08-09. To secure the prompt payment of the
principal and interest and the proper application of the revenues pledged thereto, the board may
by appropriate provisions in the resolution or resolutions authorizing the bonds covenant as to
the use and disposition of the proceeds of the sale of the bonds; the rights, liabilities, powers,
and duties arising from the breach of any covenant or agreement into which it may enter in
authorizing and issuing the bonds; the issuance of any other obligation payable from the
revenues; and any other matters other than and in addition to those expressly mentioned in this

section, as to which covenants may be considered necessary or advisable to effect the
purposes of this chapter. All such agreements and covenants entered into by the board are
enforceable by appropriate action or suit at law or in equity, which may be brought by any holder
or holders of bonds issued hereunder.