Bonds may be issued to pay compromised amount - Regulations governing
N.D. Cent. Code § 32-12.1-13
in effect32-12.1-13. Bonds may be issued to pay compromised amount - Regulations
governing.
The compromised amount of a judgment agreed upon may be made payable in stated
annual installments over a period not exceeding twenty-five years and at an annual rate of
interest of not more than five percent. The governing body, by a resolution adopted by an
affirmative vote of two-thirds of its members, may issue bonds payable serially and maturing
annually, as the parties may agree, and in the amounts of the annual installments and interest
determined by the compromise, in satisfaction and discharge of the judgment. Bonds issued
under this section shall be delivered to the judgment creditor upon the release of the judgment
and in consideration of the full satisfaction thereof. The bonds shall be executed in the name of
the political subdivision by the executive officer and the auditor or fiscal officer thereof. Except
as otherwise provided in this chapter, the bonds shall be in the form prescribed for political
subdivision bonds which are payable from the levy of a general tax. Prior to the delivery of the
bonds to the judgment creditor, the bonds shall be certified and recorded by the auditor or fiscal
officer in the manner provided by the laws of this state for the certification and recording of
general obligation bonds of political subdivisions.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t32c12-1.pdf#nameddest=32-12p1-13Fetched: 10/16/2026