North Dakota § 61-08-42 Payment and security for revenue bonds

North Dakota Statutes

§ 61-08-42 — Payment and security for revenue bonds

North Dakota § 61-08-42

Title 61Waters

Ch. 61-08Fiscal Affairs of Irrigation Districts

This text of North Dakota § 61-08-42 (Payment and security for revenue bonds) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 61-08-42 (2026).

Text

Revenue bonds issued under this chapter may not be payable from nor charged upon any
funds other than the revenue pledged to the payment of the bonds, nor is the district issuing the

bonds subject to any pecuniary liability on the bonds. A holder of the bonds does not have the
right to compel the levy of special assessments to pay the bonds or the interest, or to enforce
payment of the bonds against any property of the district other than property pledged as security
for the bonds. Each revenue bond issued under this chapter must recite in substance that the
bond, including interest on the bond, is payable solely from the revenue pledged to the payment
of the bond, and that the bond does not constitute a debt of the district within the meaning of
any constitutional or statutory limitation

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Revenue bonds issued under this chapter may not be payable from nor charged upon any
funds other than the revenue pledged to the payment of the bonds, nor is the district issuing the

bonds subject to any pecuniary liability on the bonds. A holder of the bonds does not have the
right to compel the levy of special assessments to pay the bonds or the interest, or to enforce
payment of the bonds against any property of the district other than property pledged as security
for the bonds. Each revenue bond issued under this chapter must recite in substance that the
bond, including interest on the bond, is payable solely from the revenue pledged to the payment
of the bond, and that the bond does not constitute a debt of the district within the meaning of
any constitutional or statutory limitation.