North Dakota § 61-16.1-34.1 Drain warrants - Terms and amounts

North Dakota Statutes

§ 61-16.1-34.1 — Drain warrants - Terms and amounts

North Dakota § 61-16.1-34.1

Title 61Waters

Ch. 61-16.1Operation of Water Resource Districts

This text of North Dakota § 61-16.1-34.1 (Drain warrants - Terms and amounts) 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 § 61-16.1-34.1 (2026).

Text

Drain costs must be paid upon order of the board by warrants signed by the chairman and
one other member of the board. The warrants are payable from the proper drain fund and, upon
maturity, are receivable by the treasurer for drain assessments supporting the fund. The
warrants may be issued at any time after the order establishing the drain has become final and
after incurring liability to pay for drain work to be financed by drain assessments and in
anticipation of levy and collection of the assessments. Every warrant not made payable on
demand must specify the date when it becomes payable. Demand warrants not paid for want of
funds must be registered by the county treasurer or, if the water resource district treasurer is
custodian of the drain funds, the water resource district treasure

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Drain costs must be paid upon order of the board by warrants signed by the chairman and
one other member of the board. The warrants are payable from the proper drain fund and, upon
maturity, are receivable by the treasurer for drain assessments supporting the fund. The
warrants may be issued at any time after the order establishing the drain has become final and
after incurring liability to pay for drain work to be financed by drain assessments and in
anticipation of levy and collection of the assessments. Every warrant not made payable on
demand must specify the date when it becomes payable. Demand warrants not paid for want of
funds must be registered by the county treasurer or, if the water resource district treasurer is
custodian of the drain funds, the water resource district treasurer and bear interest at a rate
determined by the board, not exceeding eight percent per annum. Warrants of specified
maturities bear interest according to their provisions at a rate or rates resulting in an average
net interest cost not exceeding twelve percent per annum if sold at private sale, and may be
issued with interest coupons attached. There is no interest rate ceiling on warrants sold at public
sale or to the state of North Dakota or any of its agencies or instrumentalities. All drain warrants
must state upon their faces the purpose for which they are issued and the drain fund from which
they are payable. The warrants may be used to pay drain obligations, or may be sold at not less
than ninety-eight percent of par value, provided that the proceeds of warrants sold are placed in
the proper drain fund and used exclusively for drain expenses. Any unpaid warrants issued for
the acquisition of right of way or the construction of a drain, including all incidental costs in
connection with the acquisition or construction, must be funded by a bond issue within one
hundred eighty days from and after the filing of the assessment of all costs with the county
auditor as provided in section 61-16.1-28, but this requirement may not be construed as
prohibiting the funding of warrants or the issuance of bonds after the one hundred eighty-day
period.