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ND HB1067

Bill

Official Source

Status

Passed

4/24/2019

Primary Sponsor

Lawrence Klemin

Click for details

Origin

House of Representatives

66th Legislative Assembly

AI Summary

  • Amends Section 21-02-11 to require governing boards borrowing through certificates of indebtedness to follow bond sale procedures and penalties under Chapter 21-03
  • Certificates of indebtedness are exempt from competitive bidding if sold to the state board of university and school lands, Bank of North Dakota, public finance authority, or public trust funds
  • Certificates of indebtedness not exceeding $100,000 are exempt from advertising for bids
  • Amends Section 21-03-25 to raise the bond sale threshold requiring competitive bidding from $100,000 to $1 million
  • Municipal bonds exceeding $1 million must be advertised for bids unless exchanged for matured warrants or warrant coupons under specific conditions

Legislative Description

Municipal bid requirements and certificates of indebtedness.

Last Action

Signed by Governor 04/23

4/24/2019

Committee Referrals

Political Subdivisions1/3/2019

Full Bill Text

No bill text available