§ 61-40-05.1 — Revenue bonds and bonds exempt from taxation

North Dakota § 61-40-05.1

• Jurisdiction: North Dakota
• Title 61: Waters
• Ch. 61-40: Western Area Water Supply Authority

Text

1. The authority shall have the power and authority to issue revenue bonds, to include
refunding bonds, for the purpose of financing construction of projects and incidental
facilities authorized by this chapter. Revenue bonds issued under this section must be
issued as provided in chapter 61-35, and are not subject to section 61-35-15.
2. Issuance of revenue bonds must be approved by a majority of the members of the
board of directors of the authority.
3. The authority shall pledge sufficient revenue from any revenue-producing facility or
other revenue sources, excluding industrial water sales, for the payment of principal
and interest on the bonds and shall establish rates for the facilities at a sufficient level,
together with any other available funds, to provide for the operation of the facilities and
for the bond payments in the manner provided by section 61-40-11.
4. Revenue bonds may not be a general obligation of any participating member entity or
the state and may not be secured by property taxes.
5. The revenue bonds may be issued and sold at public or private sale on the terms and
conditions determined by the board of directors.
6. Bonds issued under this section and their income are exempt from taxation by the
state.