§ 61-12-43 — Regulations concerning issuance of bonds under this chapter

North Dakota § 61-12-43

• Jurisdiction: North Dakota
• Title 61: Waters
• Ch. 61-12: Flood Irrigation Projects

Text

The bonds issued under the provisions of this chapter shall be signed by the chairman of
the board of county commissioners of the county and countersigned by the county auditor, who
shall keep a record of such bonds. Such board shall have the power to negotiate such bonds at
not less than the par value thereof as it may deem for the best interests of all persons interested
in the flood irrigation project for the cost of which the bonds are issued. Such bonds shall
contain a recital that the same are issued in accordance with the provisions and pursuant to the
authority of this chapter and that they are to be paid out of the sinking funds to be created as
provided for in this chapter, if issued serially. Whenever such bonds shall be issued, the tax
provided for in section 61-12-27 shall not be collected all in one year but shall be divided into
parts corresponding with the amounts and maturities of the bonds. Such parts shall be extended
year by year upon the tax lists by the county auditor against the parcels of land and property
liable to taxation for that purpose and collected in such year, and such fund shall constitute the
sinking fund provided by this section. Should the bonds be issued and made payable under the
amortization plan of payment, the tax provided for in said section shall be divided into parts
corresponding with the principal payment required to be made each year under the said
amortization plan, and such parts shall be extended year by year upon the tax lists in the
manner and form provided herein for the retirement of bonds issued with serial maturities.