North Dakota Code 40-54-10 – Gravel assessment warrants – How paid – Interest – Contents
All gravel assessment warrants shall be payable as specified and in such amounts as in the judgment of the governing body will be provided by such special assessments. The warrants shall bear interest at a rate or rates and be sold at a price resulting in average net interest cost not exceeding twelve percent per annum if sold privately. There is no interest rate ceiling on warrants sold at public sale or to the state of North Dakota or any of its agencies or instrumentalities. The warrants may have coupons attached representing each interest payment. The warrants shall state on their face the purpose for which they were issued, and from what fund they are payable, and shall be signed by the executive officer and countersigned by the city auditor under the seal of the municipality. The warrants shall be used in making payment on the contract for the furnishing of gravel, or may be sold for cash at not less than ninety-eight percent of the par value thereof, and proceeds credited to the special fund and used to pay for the gravel project.
Terms Used In North Dakota Code 40-54-10
- Contract: A legal written agreement that becomes binding when signed.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- seal: includes an impression of such seal upon the paper alone as well as upon wax or a wafer affixed thereto. See North Dakota Code 1-01-38
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49