After declaring by resolution duly passed that an emergency exists in that it is desirable and necessary that additional lands, as described in the resolution, be acquired for park purposes, the board of park commissioners of any city may enter into a contract or contracts for the purchase of such additional land for park purposes and for the payment of the purchase price     therefor in annual installments. The power to enter into such contract shall be subject to the following limitations and conditions:

Terms Used In North Dakota Code 40-49-15

  • Contract: A legal written agreement that becomes binding when signed.
  • following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • year: means twelve consecutive months. See North Dakota Code 1-01-33

1.    All moneys to be paid annually under any such contract shall be available and paid only from revenues to be derived from the authorized tax levy of the park district.

2.    Contracts which at any time shall create aggregate future obligations of the park district in an amount in excess of one-fifth of one percent of the value of all taxable property within the park district may not be entered into under the provisions of this section.

3.    The total amount contracted to become payable within any year by any park board shall not exceed twenty percent of the authorized tax revenue of the park district for the year in which any such contract is made.

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