§ 61-24-29 — Liability of district for notes and bonds - Taxing power prohibited

North Dakota § 61-24-29

• Jurisdiction: North Dakota
• Title 61: Waters
• Ch. 61-24: Garrison Diversion Conservancy District

Text

Bond anticipation notes, revenue bonds, and refunding bonds issued under this chapter
may not be payable from or charged upon any funds other than the revenue pledged to the
bond's payment and the district's notes and bonds may not be subject to any pecuniary liability.
The holder of any of these notes or bonds may not enforce payment of the notes or bonds
against any tangible real or personal nonrevenue property of the district. Notes and bonds
issued under this chapter do not constitute a charge, lien, or encumbrance upon any tangible
real or personal nonrevenue property of the district, other than the revenues pledged to their
payments. Each note and each bond issued under this chapter must recite in substance that the
note or bond and interest on the note or bond is payable solely from the revenue pledged to the
payment and that the note or bond does not constitute a debt of the state within the meaning of
any constitutional or statutory limitation.