This text of North Dakota § 61-16.1-36 (Refunding special assessment warrants - Purposes for which such warrants may be issued - Payment of warrants) 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.
warrants may be issued - Payment of warrants.
Any district having outstanding special assessment warrants, payable in whole or in part out
of collections from special assessments, which are past due or which are redeemable, either at
the option of the district or with the consent of the warrant holders, may issue refunding special
assessment warrants or bonds if there is not sufficient money in the project fund against which
such warrants are drawn to pay the same. The issuance of refunding warrants or bonds shall be
authorized by resolution of the water resource board. The resolution shall describe the warrants
to be refunded and the amount and maturity thereof. Refunding warrants may be issued for any
of the following purposes:
1.Extend the maturities of warrants payable in whole or in
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warrants may be issued - Payment of warrants.
Any district having outstanding special assessment warrants, payable in whole or in part out
of collections from special assessments, which are past due or which are redeemable, either at
the option of the district or with the consent of the warrant holders, may issue refunding special
assessment warrants or bonds if there is not sufficient money in the project fund against which
such warrants are drawn to pay the same. The issuance of refunding warrants or bonds shall be
authorized by resolution of the water resource board. The resolution shall describe the warrants
to be refunded and the amount and maturity thereof. Refunding warrants may be issued for any
of the following purposes:
1. Extend the maturities of warrants payable in whole or in part by special assessments.
2. Reduce the interest on such warrants.
3. Equalize the general property tax which the district may be, or may become, obligated
to levy in order to cover deficiencies in the fund against which warrants were issued.
Refunding warrants or bonds shall bear such date, be in such date, be in such
denominations, and shall mature serially within such time, not exceeding thirty years from the
date of issuance, as the water resource board shall determine. The average rate of interest on
such warrants shall not exceed the average rate of interest on refunded warrants.
The treasurer of the district shall pay special assessment warrants, and the interest
coupons attached thereto, as they mature and are presented for payment out of the fund
against which they are drawn and shall cancel the warrants when paid.
Any deficiency in any fund created for the payment of district warrants payable in whole or
in part out of collections of special assessment taxes shall be the general obligation of the water
resource district.