North Dakota Code 6-09.4-26 – Public finance authority as continuation of and successor in interest to municipal bond bank
1. Beginning August 1, 2005, the public finance authority is deemed the continuation of and successor in interest to the municipal bond bank and any reference to the municipal bond bank or bond bank in any agreement, certificate, contract, covenant, indenture, resolution, recital, undertaking, bond, note, other evidence of indebtedness, or in any other document or instrument means the public finance authority.
Terms Used In North Dakota Code 6-09.4-26
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
2. The public finance authority as the continuation of and successor in interest to the municipal bond bank is deemed to:
a. Possess all rights, title, privileges, powers, immunities, property, assets, and claims of the bond bank; and
b. Fulfill and perform all obligations of the bond bank, including all bond bank obligations relating to outstanding bonds and notes.