CHAPTER 21-09
BOND VALIDATING ACT
21-09-01. Citation. Repealed by S.L. 1981, ch. 277, § 2.
21-09-02. Definitions. The following terms, as used or referred to in this chapter, have
the following meanings:
1.
"Bonds" includes bonds, notes, warrants, debentures, certificates of indebtedness,<br>temporary bonds, temporary notes, interim receipts, interim certificates, and all<br>instruments or obligations evidencing or representing indebtedness, or evidencing or<br>representing the borrowing of money, or evidencing or representing a charge, lien,<br>or encumbrance on specific revenues, income, or property of a public body,<br>including all revenue bonds, special improvement warrants, refunding improvement<br>bonds and warrants, and, without limitation by the enumeration of the foregoing, all<br>other instruments and obligations, whether payable from a special fund or supported<br>by a pledge of the full faith and credit of the public body issuing the same.
2.
"Public body" includes any county, city, township, school district, irrigation district,<br>drainage
district,
special improvement district, and any other political or
governmental subdivision of the state of North Dakota, and any board, commission,<br>agency, or officer thereof.
21-09-03.
Validation of bonds and incidental proceedings.
All bonds heretofore
issued by any public body for any purpose and in any manner consistent with the constitution of<br>the state, and all proceedings heretofore taken by any such body for the authorization, issuance,<br>sale, exchange, execution, and delivery of its bonds, and for the performance of any conditions<br>precedent thereto, and for the provision of taxes, special assessments, and other funds to pay<br>such bonds and interest thereon, are hereby validated, ratified, approved, and confirmed,<br>notwithstanding any lack of power of such public body, or of the governing board, council,<br>commission, or officers thereof, to authorize, issue, sell, exchange, execute, or deliver the same,<br>and notwithstanding any defects, irregularities, or omissions in such proceedings or in such<br>authorization, issuance, sale, exchange, execution, or delivery; and all bonds heretofore issued<br>by such public bodies, and all bonds hereafter issued by them under the authority of proceedings<br>heretofore taken are binding, legal, and enforceable obligations of such public bodies<br>respectively.
21-09-04. Matters validated. It is the intent hereof that, without limiting the generality of
the foregoing:
1.
This chapter applies to all defects, irregularities and omissions, other than<br>constitutional, in the calling, notice, or conduct of any election, any public hearing, or<br>any meeting of a governing board, council, or commission held for the purpose of<br>authorizing bonds or any project financed by bonds; in the creation of an<br>improvement district, the determination of the necessity and the making of contracts<br>for the acquisition or construction of such project; in the levy of any tax or special<br>assessment appropriated for the payment of bonds; in the establishment of rates<br>and charges for the service of any project; in the pledge of net revenues derived<br>therefrom to the payment of bonds, and in the making of covenants securing such<br>payment.
2.
This chapter applies notwithstanding any lack of power, other than constitutional, to<br>engage in a project or any portion thereof, or to finance the same by issuing bonds;<br>to combine two or more projects or bond issues in the same proceedings; to conduct<br>proceedings in the sequence actually followed; or to exercise jurisdiction over the<br>site at which any project is located, within or without the corporate limits of the public<br>body or of the county in which it is situated or of the state of North Dakota.
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21-09-05. Application of chapter. The provisions of this chapter relating to validation
apply to all bonds issued and proceedings taken by any public body before July 1, 2009.
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Document Outline
chapter 21-09 bond validating act
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