§ 61-24.8-39 — Refunding special assessment bonds - Purposes for which such bonds may be issued - Payment of bonds

North Dakota § 61-24.8-39

• Jurisdiction: North Dakota
• Title 61: Waters
• Ch. 61-24.8: Garrison Diversion Conservancy District Irrigation Special Assessments

Text

may be issued - Payment of bonds.
Any district having outstanding special assessment bonds, 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 bondholders, may issue refunding special
assessment bonds if there is not sufficient money in the project fund against which such bonds
are drawn to pay the same. The issuance of refunding bonds must be authorized by resolution
of the board. The resolution must describe the bonds to be refunded and their amount and
maturity. Refunding bonds may be issued to extend the maturities of bonds payable in whole or
in part by special assessments or to reduce the interest on the bonds. Refunding bonds must
bear such date, be in such date, be in such denominations, and mature serially within such time,
not exceeding thirty years from date of issuance, as the board determines. The treasurer of the
district shall pay special assessment bonds as they mature and are presented for payment out
of the fund against which they are drawn and shall cancel the bonds when paid.