§ 61-12-38 — Interest rate of bonds

Flood irrigation bonds issued as provided in this chapter shall bear interest at a rate or rates
resulting in an average net interest cost not exceeding twelve percent on those issues which are
sold at private sale. There is no interest rate ceiling on those issues sold at public sale or to the
state of North Dakota or any of its agencies or instrumentalities. Interest and principal may be
payable under the amortization plan over a period of not to exceed twenty years, or the principal
may be divided into such amounts and made payable at such periods, not exceeding twenty
years, as the board of county commissioners may determine.