§ 61-02.1-04 — Bonds payable from appropriations and other revenues

North Dakota § 61-02.1-04

• Jurisdiction: North Dakota
• Title 61: Waters
• Ch. 61-02.1: Flood Control or Reduction Projects

Text

1. Principal and interest on bonds issued for flood control or reduction projects as
provided in this chapter are payable from transfers to be made and appropriated by
the legislative assembly from the resources trust fund other than revenues from state
taxes, then from appropriations of other available revenues in the then current
biennium, and then from any other revenues the state water commission makes
available during the then current biennium for that purpose, including any federal
moneys received by the state for the construction of flood control or reduction projects
to pay bonds issued for that project. If sufficient funds from these sources are not
available, then from transfers to be made and appropriated by the legislative assembly
from the first available current biennial earnings of the Bank of North Dakota not to
exceed six million five hundred thousand dollars per biennium prorated with any other
bonds payable from transfers to be made and appropriated by the legislative assembly
from the available current biennial earnings of the Bank of North Dakota, to be credited
by the trustee to the fund established for paying principal and interest on the bonds
under a trust indenture.
2. Principal and interest on bonds issued for continued construction of the southwest
pipeline project are payable from the resources trust fund other than revenues from
state taxes, then from appropriations of other available revenues in the then current
biennium, or from payment from the Perkins County rural water system, and then from
any other revenues the state water commission makes available during the then
current biennium for that purpose, including any federal moneys received by the state
for the construction of the southwest pipeline project to pay bonds issued for the
project. If sufficient funds from these sources are not available, then from transfers to
be made and appropriated by the legislative assembly from the first available current
biennial earnings of the Bank of North Dakota not to exceed six million five hundred
thousand dollars per biennium prorated with any other bonds payable from transfers to
be made and appropriated by the legislative assembly from the available current
biennial earnings of the Bank of North Dakota, to be credited by the trustee to the fund
established for paying principal and interest on the bonds under a trust indenture.
3. Principal and interest on bonds issued under subsection 7 of section 61-02.1-01 are
payable from transfers to be made and appropriated by the legislative assembly from
the resources trust fund other than revenues from state taxes, then from
appropriations of other available revenues in the then current biennium, and then from
any other revenues the state water commission makes available during the then
current biennium for that purpose, including any federal moneys received by the state

for the construction of an outlet to Devils Lake to pay bonds issued for that project, or
financing a statewide water development program to pay bonds issued for that project.
If sufficient funds from these sources are not available, then from transfers to be made
and appropriated by the legislative assembly from the first available current biennial
earnings of the Bank of North Dakota not to exceed six million five hundred thousand
dollars per biennium prorated with any other bonds payable from transfers to be made
and appropriated by the legislative assembly from the available current biennial
earnings of the Bank of North Dakota, to be credited by the trustee to the fund
established for paying principal and interest on the bonds under a trust indenture.
4. Obligations issued as provided in this chapter do not constitute a debt, liability, or
obligation of the state of North Dakota or a pledge of the faith and credit of the state of
North Dakota, but are payable solely from the sources as described in this chapter.
5. The state water commission shall include in its submission to the governor for
inclusion by the governor in the biennial executive budget of the state for each year of
the respective biennium during the term of any bonds issued as provided in this
chapter an amount fully sufficient to pay the principal and interest required to be paid
in each year of the biennium, if any, from moneys from non-general fund sources.
Provided, that should the governor not include in the executive budget for any reason
the amounts required to be included by this section, the state water commission shall
request independently that the legislative assembly amend the executive budget
appropriation so as to include the amounts.
6. Principal and interest on bonds issued for projects authorized pursuant to section
61-02.1-02.1 are payable from transfers to be made and appropriated by the
legislative assembly from the resources trust fund other than revenues from state
taxes, then from appropriations of other available revenues in the then current
biennium, and then from any other revenues the state water commission makes
available during the then current biennium for that purpose. If sufficient funds from
these sources are not available, then from transfers to be made and appropriated by
the legislative assembly from the first available current biennial earnings of the Bank of
North Dakota not to exceed six million five hundred thousand dollars per biennium
prorated with any other bonds payable from transfers to be made and appropriated by
the legislative assembly from the available current biennial earnings of the Bank of
North Dakota, to be credited by the trustee to the fund established for paying principal
and interest on the bonds under a trust indenture.