§ 61-39-13 — Liability of authority for notes and bonds - Taxing power prohibited

North Dakota § 61-39-13

• Jurisdiction: North Dakota
• Title 61: Waters
• Ch. 61-39: Lake Agassiz Water Authority

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 their
payment and the authority's notes and bonds may not be subject to any pecuniary liability. The
holder of any such notes or bonds may not enforce payment of the notes or bonds against any
property of the authority. Notes and bonds issued under this chapter do not constitute a charge,
lien, or encumbrance upon any property of the authority, 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.