No municipality shall issue its bonds as authorized by section 40-33-04 until the question of issuing the bonds shall have been approved by a majority of the electors of the municipality voting upon such question at an election called, held, and conducted as specified in section 40-33-02. The notice of the election shall specify the maximum amount, maximum interest rate, purpose, and maturity of the bonds. The bonds shall be sold in the manner provided by chapter 21-03. At or before the issuance of the bonds, the municipality, by ordinance, shall levy a direct, annual, and irrepealable tax upon all the taxable property in the municipality in the years and in amounts sufficient to pay the principal and interest of the bonds when due.

Terms Used In North Dakota Code 40-33-07

  • 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
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
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