North Dakota § 61-16.1-59.1 Sinking funds and bonds

North Dakota Statutes

§ 61-16.1-59.1 — Sinking funds and bonds

North Dakota § 61-16.1-59.1

Title 61Waters

Ch. 61-16.1Operation of Water Resource Districts

This text of North Dakota § 61-16.1-59.1 (Sinking funds and bonds) 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 § 61-16.1-59.1 (2026).

Text

A water resource board shall establish a sinking fund for each issue of bonds, and the fund
must consist of all drain assessments made for the bonds, all warrants funded, all assessments
for the warrants, all accrued interest received on sale of bonds, all proceeds of bonds sold not
actually expended for the drain, the reserve fund authorized for purchase of tax delinquent lands
affected by the drain, all general tax levies for payment of obligations of the drain, and any other
moneys that may be appropriated to the sinking fund. Separate sinking funds must be provided
for each separate drain for which bonds have been issued. Until the purpose of the sinking fund
has been fulfilled, moneys in the sinking fund may not be applied to any purpose other than
payment of the bonds for which the f

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A water resource board shall establish a sinking fund for each issue of bonds, and the fund
must consist of all drain assessments made for the bonds, all warrants funded, all assessments
for the warrants, all accrued interest received on sale of bonds, all proceeds of bonds sold not
actually expended for the drain, the reserve fund authorized for purchase of tax delinquent lands
affected by the drain, all general tax levies for payment of obligations of the drain, and any other
moneys that may be appropriated to the sinking fund. Separate sinking funds must be provided
for each separate drain for which bonds have been issued. Until the purpose of the sinking fund
has been fulfilled, moneys in the sinking fund may not be applied to any purpose other than
payment of the bonds for which the fund was created.