North Dakota Code 40-33.1-13 – Tax contract by the state
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The state of North Dakota covenants with the purchasers and with all subsequent holders and transferees of notes issued by an authority pursuant to this chapter, in consideration of the acceptance of and payment for the notes, that the notes of an authority issued pursuant to this chapter and the income therefrom, and all moneys, funds, and revenues pledged to pay or secure the payment of such notes shall at all times be free from taxation except for estate taxes and taxes on transfers by or in contemplation of death.
Terms Used In North Dakota Code 40-33.1-13
- Contemplation of death: The expectation of death that provides the primary motive to make a gift.
- 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