North Dakota § 61-16.1-34 Warrants - When payable - Amounts - Interest - Interest coupons

North Dakota Statutes

§ 61-16.1-34 — Warrants - When payable - Amounts - Interest - Interest coupons

North Dakota § 61-16.1-34

Title 61Waters

Ch. 61-16.1Operation of Water Resource Districts

This text of North Dakota § 61-16.1-34 (Warrants - When payable - Amounts - Interest - Interest coupons) 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 § 61-16.1-34 (2026).

Text

A district may, at any time after entering into a contract for a project to be financed in whole
or in part by special assessments, issue temporary and definitive warrants on the project fund,
created for that purpose, in the manner and subject to the limitations prescribed in section
40-24-19. If the warrants are issued to finance a sewer or water project, the net revenues
derived from the imposition of service charges to be imposed and collected with respect thereto
as provided in section 40-22-16 may be pledged to payment of those warrants, except that the
first maturity date of any such warrant shall not be less than two years from the date of
issuance. Warrants issued under this section shall be in such amounts as in the judgment of the
water resource board will be necessary for the p

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A district may, at any time after entering into a contract for a project to be financed in whole
or in part by special assessments, issue temporary and definitive warrants on the project fund,
created for that purpose, in the manner and subject to the limitations prescribed in section
40-24-19. If the warrants are issued to finance a sewer or water project, the net revenues
derived from the imposition of service charges to be imposed and collected with respect thereto
as provided in section 40-22-16 may be pledged to payment of those warrants, except that the
first maturity date of any such warrant shall not be less than two years from the date of
issuance. Warrants issued under this section shall be in such amounts as in the judgment of the
water resource board will be necessary for the project. The warrants shall bear interest at a rate
or rates and be sold at a price resulting in an average net interest cost not exceeding twelve
percent per annum if sold at private sale. There is no interest rate ceiling on warrant issues sold
at public sale or to the state of North Dakota or any of its agencies or instrumentalities. Coupons
evidencing the interest for each year or half year, as the case may be, may be attached to the
warrants. The warrants shall state upon their face the purpose for which they are issued and the
project fund from which they are payable and shall be signed by the chairman of the water
resource board and countersigned by the secretary of the district. The warrants shall be payable
serially in such amounts as the board determines, extending over a period of not more than
thirty years.