North Dakota Statutes
§ 61-08-23 — Where money received from bond issue placed - Lien on money
All money received from any bond issue must be placed in a fund and applied solely for the
purpose for which it was borrowed and for no other purpose except that the money may be
temporarily invested in securities approved by the board. A lien is granted upon the money until
so applied, in favor of the owners or holders of the bonds or in favor of the trustee appointed in
connection with the bonds.
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