61-08 Fiscal Affairs of Irrigation Districts
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<![CDATA[CHAPTER 61-08FISCAL AFFAIRS OF IRRIGATION DISTRICTS61-08-01.Resolution to institute initial proceedings for bonds - Contents -Adoption. Proceedings for the issuance of bonds by an irrigation district must be instituted by<br>the adoption of an initial resolution by the board of directors of the district. The initial resolution<br>must state:1.The maximum principal amount of bonds proposed to be issued.2.The purpose for which the bonds are proposed to be issued.3.The total amount of bonded indebtedness, if any, of the district.4.Any other statement of fact deemed advisable by the board.The initial resolution may be adopted by a majority of the board at any regular meeting or at any<br>special meeting of which the prescribed notice has been given.61-08-02.Adopting initial resolutions by board - Date of election - Contents ofresolution - Conduct of election. After the adoption of an initial resolution as provided in<br>section 61-08-01, the board, by a resolution, shall provide for submitting to the electors of the<br>district the question whether the initial resolution providing for the issuance of bonds shall be<br>approved. The date of such election shall not be less than twenty days after the adoption of such<br>initial resolution by the board. The board, in such resolution, shall designate the date of such<br>election, the polling hours, and polling place thereof. Such election shall be conducted and the<br>returns made and canvassed as in the case of a regular election of the district.61-08-03. Notice of election - Contents. A notice of the election containing a completecopy of the initial resolution provided for in section 61-08-01 shall be given in the manner<br>provided for a regular election of the district.61-08-04. Ballot for election - Contents - Spoiled or blank ballots not counted. Theballot for a bond election shall be written or printed and shall state the question in substantially<br>the following form:Shall the __________ irrigation district issue its bonds in the amount of not to exceed<br>$__________ (here insert the amount) for the purpose of __________ (here insert the<br>purpose)?YesNoSpoiled or blank ballots cast at such election shall not be counted either for or against the<br>proposed issue.61-08-05. Majority of votes favoring issuance of bonds - Duty of board. If a majorityof the votes cast at a bond election are in favor of the proposal to issue bonds as stated in the<br>initial resolution, the board of directors shall proceed to sell, issue, and deliver such bonds as<br>provided in this chapter.61-08-06. Bonds - Terms. Bonds issued by any irrigation district under the provisions ofthis chapter must be in the denominations and form, be subject to redemption with or without<br>premium, and be subject to any other terms or conditions as the board of directors may<br>determine, and must mature in not more than forty years from the date of the bonds. If the<br>maturities are serial, the first installment of principal must fall due not more than three years, and<br>the last installment not more than forty years, from the date of the bonds.61-08-07. Bonds - Rate of interest. Every bond provided for in this chapter must be anegotiable instrument and must bear interest at a rate or rates resulting in an average annual netPage No. 1interest rate which must not exceed twelve percent per annum if the bonds are sold at private<br>sale. There is no interest rate ceiling on bonds sold at public sale or to the state of North Dakota<br>or any of its agencies or instrumentalities.Each bond must specify the time and place ofpayment of the principal.61-08-08. Denominations of bonds - Payable in lawful money of United States. Theentire issue of bonds may be composed of bonds of a single denomination or of two or more<br>denominations. Such bonds shall recite that they are payable in lawful money of the United<br>States.61-08-09.Execution of bonds - Validity of bonds not impaired by change inofficers. The bonds issued under the provisions of this chapter must be executed in the name of<br>and for the district by the manual or facsimile signatures of the chairman and secretary of the<br>board. The validity of every bond so executed is not impaired by the fact that a subscribing or<br>attesting officer has ceased to be an officer of the district before delivery to the purchaser.61-08-10. Registration of bond by secretary - Contents - Copy filed with countyauditor - Secretary to endorse. Repealed by S.L. 1997, ch. 518, </p>
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