Section 40-36-08 - Provisions that may be inserted in resolution authorizing issuance of refunding bondsThe governing body of any municipality, in addition to the other powers conferred by this chapter, may insert in any resolution authorizing the issuance of refunding bonds, such resolution to be a part of the contract with the holders of the refunding bonds, provisions relating to:
1. Limitations on the purpose to which the proceeds of the sale of any notes, bonds, or other obligations thereafter to be issued to finance the improving of the enterprise may be applied;2. Limitations on the issuance and on the lien of other notes, bonds, or other obligations thereafter to be issued and secured by or made payable from the revenues of such enterprise to finance the improving of the enterprise;3. Limitations on the right of the municipality or its governing body to restrict and regulate the use of the enterprise;4. The amount and kind of insurance to be maintained on the enterprise and the use and disposition of insurance moneys;5. The pledging all or any part of the revenues of the enterprise to which its right then exists or the right to which thereafter may come into existence;6. The covenanting against pledging all or any part of the revenues of the enterprise to which its right then exists or the right to which thereafter may come into existence;7. Events of default and the terms and conditions upon which any or all of the refunding bonds shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived;8. The rights, liabilities, powers, and duties arising upon the breach by the municipality of any covenants, conditions, or obligations;9. The vesting in a trustee or trustees of the right to enforce any covenants made to secure, to pay, or in relation to the refunding bonds, the powers and duties of such trustee or trustees, and the limitation of liabilities thereof;10. The terms and conditions upon which the holders of the refunding bonds, or of any proportion or percentage of them, may enforce any covenants made under this chapter or any duties imposed thereby;11. A procedure by which the terms of any resolution authorizing refunding bonds or of any other contract with bondholders, including an indenture of trust or similar instrument, may be amended or abrogated and the amount of refunding bonds the holders of which must consent thereto, and the manner in which such consent may be given;12. The execution of all instruments necessary or convenient in the exercise of the powers granted by this chapter or in the performance of the duties of the municipality and of the officers, agents, and employees thereof;13. The refraining from pledging or in any manner whatever claiming or taking the benefit or advantage of any stay or extension law, whenever enacted and whenever the same may be in force, which may affect the duties or covenants of the municipality in relation to the refunding bonds, the performance of such covenants or duties, or the lien of such refunding bonds;14. The purchase out of any funds available therefor, including the proceeds of the sale of refunding bonds, of any outstanding notes, bonds, or obligations, including refunding bonds, and the price or prices at which and the manner in which such purchases may be made; and15. Such other acts and things as may be necessary or convenient or desirable to secure the refunding bonds or which may tend to make such bonds more marketable. Nothing in this section shall authorize any municipality to make any covenant, to perform any act, or to do anything which shall require the expenditure by the municipality in any manner or for any purpose of any funds other than revenues received or receivable from the enterprise.