§ 61-02-46 — Commission may issue bonds - Legislative authorization - Payment restricted

restricted.
1. The commission may provide by resolution, at one time or from time to time, for the
issuance of state water development revenue bonds for the purpose of paying the cost
of any one or more of the works authorized by this chapter. The commission may
provide for the refunding and refinancing of the bonds from time to time as often as it
is advantageous and in the public interest to do so.
2. If the principal amount of bonds to be issued for any one works pursuant to this
chapter will exceed in the aggregate two million dollars, no bonds may be issued to
finance that works unless the legislative assembly authorizes the works and declares
the works to be in the public interest.
3. Bonds issued under this chapter shall not be in any way a debt or liability of this state
and shall not constitute a loan of the credit of this state or create any debt or debts,
liability or liabilities on behalf of this state, or be or constitute a pledge of the faith and
credit of this state, but all such bonds shall be payable solely from funds or revenues
pledged or available for their payment as authorized in this chapter. The bonds shall
not constitute a charge, lien, nor encumbrance, legal or equitable, upon any property
of the commission, other than funds or revenues pledged for their payment. Each bond
shall recite in substance that the bond, including interest thereon, is payable solely
from the funds or revenues pledged to the payment thereof, and that the bond does
not constitute a debt of this state or of the commission within the meaning of any
constitutional or statutory limit.