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ND HB1055

Bill

Official Source

Status

Passed

3/30/2017

Primary Sponsor

Denton Zubke

Click for details

Origin

House of Representatives

65th Legislative Assembly

AI Summary

  • Increases the maximum aggregate outstanding revenue bond indebtedness limit for water resource districts from ten million dollars to fifty million dollars
  • Revenue bonds may only be issued for financing construction of projects and incidental facilities authorized under the water resource district chapter
  • Issuance of revenue bonds requires approval by two-thirds of all members of the water resource board
  • Districts must pledge sufficient revenue from revenue-producing facilities to cover principal, interest, and operational costs, with rates set accordingly
  • Revenue bonds are not a general obligation of any county and cannot be secured by property taxes

Legislative Description

The aggregate total outstanding revenue bond indebtedness limit for water resource districts.

Last Action

Signed by Governor 03/29

3/30/2017

Committee Referrals

Political Subdivisions1/3/2017

Full Bill Text

No bill text available