North Dakota Code 40-33-27 – Municipal transportation system – Bonds
Upon the passage of a resolution as set forth in section 40-33-26, the municipality shall proceed in the manner set forth in chapter 21-03 for the issuance of the amount of general obligation bonds provided in said resolution, and if and when the issuance of general obligation bonds is authorized by the vote of the electors of the municipality as in said chapter provided, it shall proceed as provided in chapter 40-35, for the issuance of the amount of revenue bonds provided in said resolution. In all resolutions and notices of election in connection with the issuance of general obligation bonds, reference shall be made to the amount of revenue bonds which the municipality proposes to issue for the purpose in addition to the general obligation bonds.
Terms Used In North Dakota Code 40-33-27
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.