N.D. Cent. Code § 11-03-13

Current through 2023 Legislative Sessions

Section 11-03-13 - Issuance of bonds - Classification - Exchange by original county

The bonds of the new county shall be:

1. Dated as of the first day of the January or July from which the outstanding indebtedness of the original county is calculated as provided in section 11-03-11.

2. Issued for a period corresponding with the time or term on which the obligations of the original county become due and payable.

3. Payable at the same place and bear the same rate of interest as the obligations of the original county.

The board of county commissioners shall classify the liquidating bonds and issue a portion of each class in proportion to each class of obligations of the original county bearing different rates of interest and places of payment. The original county shall have authority to exchange such bonds for an equal amount of obligations of its own of the same class.

N.D.C.C. § 11-03-13