Bonds may be used in making payments on contract - Bonds payable out of fund on which drawn - May be used to pay special assessments
N.D. Cent. Code § 61-35-85
in effect61-35-85. Bonds may be used in making payments on contract - Bonds payable out of
fund on which drawn - May be used to pay special assessments.
Improvement bonds may be used in making payments on contracts for construction of the
project for which the special assessment fund was created, or may be sold for cash at not less
than ninety-eight percent of par and accrued interest, and the proceeds, less accrued interest,
must be credited to the construction account of the fund and must be used exclusively to pay
those contracts and construction costs. Any balance remaining in any construction account after
completion of any project must be transferred to the sinking fund account of the assessment
fund. The treasurer of the district shall pay special assessment bonds as they mature and are
presented for payment out of the fund on which they are drawn and shall cancel the bonds
when paid.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t61c35.pdf#nameddest=61-35-85Fetched: 10/16/2026