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<![CDATA[CHAPTER 40-57MUNICIPAL INDUSTRIAL DEVELOPMENT ACT40-57-01.Short title.This chapter may be cited as the Municipal IndustrialDevelopment Act of 1955.40-57-02.Definitions.As used in this chapter, unless a different meaning clearlyappears from the context:1."Municipality" means counties as well as municipalities of the types listed in<br>subsection 4 of section 40-01-01 and, in the case of parking projects, municipal<br>parking authorities created pursuant to section 40-61-02 and the public finance<br>authority or any successor in interest to the public finance authority for the purpose<br>of issuing revenue bonds under this chapter. In acting as a municipality under this<br>chapter, the public finance authority or its successor in interest shall follow the<br>provisions of this chapter to the extent applicable or practicable but it need not<br>comply with the notice and hearing provisions contained in sections 40-57-04 and<br>40-57-04.1 or the provisions of section 40-57-10. In the event of a conflict between<br>the provisions of this chapter and chapter 6-09.4, the provisions of chapter 6-09.4<br>govern.2."Project" means any real property, buildings, and improvements on real property or<br>the buildings thereon, and any equipment located on the real property or in the<br>buildings, or elsewhere, or personal property, including working capital, which is<br>used or useful in connection with a revenue-producing enterprise, or any<br>combination of two or more revenue-producing enterprises, engaged or to be<br>engaged in:a.Assembling,fabricating,manufacturing,mixing,orprocessingofanyagricultural, mineral, or manufactured products, or any combination thereof.b.Storing, warehousing, distributing, or selling any products of agriculture, mining,<br>or manufacture.c.Providing child care facilities or hospital, nursing home, or other health care<br>facilities and service.d.Improvements or equipment used or to be used for the abatement or control of<br>environmentalpollutioninconnectionwithanyneworexistingrevenue-producing enterprise.e.Public career and technical education.f.Any other industry or business not prohibited by the constitution or laws of the<br>state of North Dakota.In no event, however, does the term "project" include those undertakings defined in<br>chapter 40-35, with the exception of projects referred to in this subsection.3."Revenue agreement" means a written agreement between a municipality and a<br>contracting party with respect to a project, whereby the contracting party agrees to<br>pay to the municipality or its order amounts sufficient at all times to pay when due<br>the principal of, premium, if any, and interest on all bonds issued by the municipality<br>with respect to that project. A revenue agreement may be in the form of a lease,<br>mortgage, direct or installment sale contract, loan agreement, take-or-pay or similar<br>agreement, and be secured in a manner the parties agree to or be unsecured.Page No. 140-57-03.Powers of municipality.Any municipality, in addition to the powersprescribed elsewhere by the laws of this state, shall have the power to:1.Acquire whether by purchase, lease, or gift, from any source whatsoever, any real<br>property, buildings, improvements on real property or buildings, including<br>easements, profits, rights in land and water rights deemed necessary in connection<br>therewith, and to construct, reconstruct, improve, better, or extend to real property,<br>buildings, and improvements on real property and buildings of any project which<br>shall be located within this state; provided, that the property acquired for the project<br>shall be located wholly within the boundaries of the municipality acquiring it unless a<br>contract or agreement between that municipality and any other municipality in which<br>part or all of the property is located is entered into as authorized by subsection 8.2.Issue revenue bonds, in anticipation of the collection of revenues of the project, to<br>finance, in whole or in part, the cost of the project, whether then in existence or not.3.Lease projects to any industrial or commercial enterprise or nonprofit corporation or<br>to any school district for career and technical education purposes, in such manner<br>that rents to be charged for the use of such projects shall be fixed, and revised from<br>time to time as necessary, so as to produce income and revenue sufficient to<br>provide for the prompt payment of interest upon all bonds issued hereunder, to<br>create a sinking fund to pay the principal of such bonds when due, and to provide for<br>the operation, maintenance, insurance on, and depreciation of such projects, and<br>any taxes thereon.4.With respect to any project, enter into revenue agreements providing for the<br>municipality to loan the proceeds derived from the issuance of bonds pursuant to<br>this chapter to the contracting party to be used to pay costs of the project and<br>providing for the repayment of the loan by the contracting party, and which may<br>provide for such loans or bonds to be secured by a mortgage on and security in the<br>project or such other security as may be determined by the municipality, whether<br>delivered or granted to the municipality, the holder or holders of said bonds, a<br>trustee therefor or otherwise.5.Pledge to the punctual payment of said bonds and the interest thereof, all or any part<br>of the revenues of such project, including the revenues of projects which shall be<br>acquired or constructed subsequent to the issuance of such bonds, as well as<br>revenues of projects existing when such bonds were issued.6.Mortgage or otherwise encumber said projects in favor of the holder, or holders, of<br>said revenue bonds, or a trustee therefor; provided, that in creating any such<br>mortgages or encumbrances, a municipality shall not have the power to obligate<br>itself except with respect to the project, except as otherwise provided by section<br>40-57-19.7.Make all contracts, execute all instruments, and do all things necessary or<br>convenient in the exercise of the powers herein granted, or in the performance of its<br>covenants or duties, or in order to secure the payments of its bonds.8.Enter into and perform such contracts and agreements with other municipalities,<br>political subdivisions, and state agencies, authorities, and institutions as the<br>respective governing bodies of the same may deem proper and feasible for or<br>concerning the planning, construction, lease, or other acquisition, and the financing<br>of such facilities, and the maintenance thereof.Any such municipalities socontracting with each other may also provide in their contract or agreement for a<br>board, commission, or such other body as their governing bodies may deem proper<br>for the supervision and general management of the facilities of the project.Page No. 29.Accept from any authorized agency of the federal government loans or grants for the<br>planning, construction, acquisition, leasing, or other provision of any project, and to<br>enter into agreements with such agency respecting such loans or grants.10.Sell and convey all properties acquired in connection with such projects, including<br>without limitation the sale and conveyance thereof subject to such mortgage as<br>herein provided, and the sale and conveyance thereof to the lessee under an option<br>granted in the lease of the project, for such price and at such time as the governing<br>body of the municipality may determine; provided, however, that no sale or<br>conveyance of such properties shall ever be made in such manner as to impair the<br>rights or interests of the holder, or holders, of any bonds issued under the authority<br>of this chapter.11.Issue revenue bonds to refund, in whole or in part, bonds previously issued under<br>this chapter.12.Iftheprojectfinancedbythe municipality consists of the construction,reconstruction, improvement, or betterment of real property, buildings and<br>improvements on real property, and buildings, the provisions of chapter 48-01.2 and<br>other applicable statutes shall apply; except that the municipality, in the revenue<br>agreement and resolution or mortgage defining the terms and conditions upon which<br>the project is to be constructed and financed, or in a preliminary agreement<br>establishing the general terms of the revenue agreement and financing of the project<br>when constructed, may permit a contracting party which is not a governmental entity<br>or a public institution, subject to such terms and conditions as the municipality shall<br>find necessary or desirable and proper, to provide for the construction, acquisition,<br>and installation of the buildings, improvements, and equipment to be included in the<br>project by any means available to the contracting party, whether or not the<br>procedure followed by the contracting party is in conformity with said chapter<br>48-01.2.No municipality may operate any project referred to in this chapter as a business or in any<br>manner whatsoever, except as the lessor, contract vendor, secured party, or lender thereof. No<br>debt on the general credit of the municipality may be incurred in any manner for any purpose<br>under this chapter, except as otherwise provided by section 40-57-19. No municipality may pay<br>out of its general fund for, or otherwise contribute to the cost of, construction of a project, except<br>as otherwise provided by section 40-57-19.40-57-04.Resolution authorizing project and the issuance of revenue bonds -Public notice and hearing - No election required.The acquisition, construction,reconstruction, improvement, betterment, extension, or financing of any project, and the issue of<br>bonds in anticipation of the collection of the revenues of the project to provide funds to pay for the<br>cost of the project, may be authorized by an ordinance or resolution of the governing body<br>adopted at a regular or special meeting of the governing body by the affirmative vote of a<br>majority of its members. Before the issuance of revenue bonds under this chapter, the governing<br>body shall give notice and hold a public hearing on the proposed bond issue. Notice of the<br>hearing must be published in the official newspaper of the municipality once a week for two<br>successive weeks before the time set for the hearing. The notice must specify the time and<br>place of the hearing, and the amount and purpose of the proposed bond issue. The governing<br>body may not approve the bond issue unless it appears, after the public hearing, that approval is<br>in the public interest of the municipality. Except as provided in section 40-57-19, no election is<br>required to authorize the use of any of the powers conferred by this chapter. No public hearing is<br>required before the issuance of refunding bonds issued under section 40-57-19.1.40-57-04.1.Notice to competitors - Authority to issue bonds limited if projectwould compete with existing enterprises. Prior to approval of the issuance of any bonds<br>under authority of this chapter, except refunding bonds issued pursuant to section 40-57-19.1,<br>the governing body of the municipality shall, when a competitive project is involved, include<br>notice of the competitive nature of the proposed project in the public notice required to bePage No. 3published prior to the public hearing required under section 40-57-04. The governing body shall<br>not approve the bond issue unless it appears that the impact and effect of the issue upon existing<br>industry and business will not result in an unfair advantage for the proposed project to the<br>substantial detriment of existing enterprises.40-57-05. Approval of public officer not required. The consent of any governmentalbody or public officer of the state is not required to authorize the issuance or sale of bonds or the<br>making of any mortgage in connection therewith.40-57-06.Certificate of convenience or necessity not required.It shall not benecessary for any municipality proceeding under this chapter to obtain any certificate of<br>convenience or necessity, franchise, license, permit, or other authorization from any bureau,<br>board, commission, or other instrumentality of the state in order to acquire, construct,<br>reconstruct, improve, better, or extend any project or for the issuance of bonds in connection<br>therewith.40-57-07. Cost of project - How determined. In determining the cost of a project, thegoverning body may include all costs and estimated costs of the issuance of the revenue bonds;<br>all engineering, inspection, fiscal, and legal expenses; any bond reserves and the interest that it<br>is estimated will accrue during the construction period and for six months thereafter on money<br>borrowed or which it is estimated will be borrowed under this chapter; and the cost of retiring any<br>existing indebtedness that the governing body of the municipality determines to be necessary or<br>desirable and in furtherance of the public health or welfare, regardless of whether the existing<br>indebtedness constitutes all or a portion of the cost being financed by the issuance of the bonds.40-57-08.Excess revenues not to revert to general fund of municipality -Exception.Any revenues of any and all projects in excess of the amount required to payinterest upon all bonds issued hereunder, to create a sinking fund to pay the principal of such<br>bonds, when due, to provide for the operation, maintenance, insurance, taxes, and depreciation<br>of such project, shall not revert to the general fund of the municipality. However, at such time as<br>there shall be outstanding no revenue bonds issued by the municipality, any excess of revenues<br>may be transferred to the general fund of the municipality in such amounts and at such times as<br>the governing body of the municipality may deem proper and feasible.40-57-09.Provisions governing revenue bonds.The resolution or ordinanceauthorizing the issuance of revenue bonds under this chapter, or ordinance or resolution adopted<br>subsequent to the adoption of the original resolution or ordinance, shall prescribe:1.The rate or rates of interest which such bonds shall bear;2.Whether the bonds shall be in one or more series;3.The date or dates which such bonds shall bear;4.The time or times, not exceeding forty years from their respective dates, when such<br>bonds shall mature;5.The medium in which such bonds shall be payable;6.The place or places where such bonds shall be payable;7.Whether or not such bonds shall carry registration privileges, and what such<br>privileges, if any, shall be;8.The terms of redemption, if any, to which such bonds shall be subject;9.The manner in which such bonds shall be executed;10.The terms, covenants, and conditions which such bonds shall contain; andPage No. 411.The form, either coupon or registered, in which such bonds shall be issued.40-57-09.1.Industrial development revenue bond guarantee program - Bondissuance fee - Appropriation. 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<h2>State Codes and Statutes</h2>
<a href='https://statutes.laws.com/'>Statutes</a> > <a href='https://statutes.laws.com/north-dakota'>North-dakota</a> > <a href='https://statutes.laws.com/north-dakota/t40'>T40</a> > <a href='https://statutes.laws.com/north-dakota/t40/t40c57'>T40c57</a><br><br><a href="https://law.justia.com/codes/north-dakota/2009/t40/pdf/t40c57.pdf">Download pdf</a><br><div id="embed_document" style="width:625px; height:815px; text-align:center;">Loading PDF...</div><script type="text/javascript"> var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t40/pdf/t40c57.pdf'; $(document).ready(function() { var embedwindow = $("#embed_document"); if ($.browser.msie){ embedwindow.html('<embed src="'+pdf_url+'" width="100%" height="100%"></embed>'); } else { embedwindow.html('<iframe style="width:100%; height:100%;" src="https://docs.google.com/gview?url='+window.escape(pdf_url)+'&embedded=true" frameborder="0"></iframe>'); } });</script><br><br><noframes>CHAPTER 40-57MUNICIPAL INDUSTRIAL DEVELOPMENT ACT40-57-01.Short title.This chapter may be cited as the Municipal IndustrialDevelopment Act of 1955.40-57-02.Definitions.As used in this chapter, unless a different meaning clearlyappears from the context:1."Municipality" means counties as well as municipalities of the types listed in<br>subsection 4 of section 40-01-01 and, in the case of parking projects, municipal<br>parking authorities created pursuant to section 40-61-02 and the public finance<br>authority or any successor in interest to the public finance authority for the purpose<br>of issuing revenue bonds under this chapter. In acting as a municipality under this<br>chapter, the public finance authority or its successor in interest shall follow the<br>provisions of this chapter to the extent applicable or practicable but it need not<br>comply with the notice and hearing provisions contained in sections 40-57-04 and<br>40-57-04.1 or the provisions of section 40-57-10. In the event of a conflict between<br>the provisions of this chapter and chapter 6-09.4, the provisions of chapter 6-09.4<br>govern.2."Project" means any real property, buildings, and improvements on real property or<br>the buildings thereon, and any equipment located on the real property or in the<br>buildings, or elsewhere, or personal property, including working capital, which is<br>used or useful in connection with a revenue-producing enterprise, or any<br>combination of two or more revenue-producing enterprises, engaged or to be<br>engaged in:a.Assembling,fabricating,manufacturing,mixing,orprocessingofanyagricultural, mineral, or manufactured products, or any combination thereof.b.Storing, warehousing, distributing, or selling any products of agriculture, mining,<br>or manufacture.c.Providing child care facilities or hospital, nursing home, or other health care<br>facilities and service.d.Improvements or equipment used or to be used for the abatement or control of<br>environmentalpollutioninconnectionwithanyneworexistingrevenue-producing enterprise.e.Public career and technical education.f.Any other industry or business not prohibited by the constitution or laws of the<br>state of North Dakota.In no event, however, does the term "project" include those undertakings defined in<br>chapter 40-35, with the exception of projects referred to in this subsection.3."Revenue agreement" means a written agreement between a municipality and a<br>contracting party with respect to a project, whereby the contracting party agrees to<br>pay to the municipality or its order amounts sufficient at all times to pay when due<br>the principal of, premium, if any, and interest on all bonds issued by the municipality<br>with respect to that project. A revenue agreement may be in the form of a lease,<br>mortgage, direct or installment sale contract, loan agreement, take-or-pay or similar<br>agreement, and be secured in a manner the parties agree to or be unsecured.Page No. 140-57-03.Powers of municipality.Any municipality, in addition to the powersprescribed elsewhere by the laws of this state, shall have the power to:1.Acquire whether by purchase, lease, or gift, from any source whatsoever, any real<br>property, buildings, improvements on real property or buildings, including<br>easements, profits, rights in land and water rights deemed necessary in connection<br>therewith, and to construct, reconstruct, improve, better, or extend to real property,<br>buildings, and improvements on real property and buildings of any project which<br>shall be located within this state; provided, that the property acquired for the project<br>shall be located wholly within the boundaries of the municipality acquiring it unless a<br>contract or agreement between that municipality and any other municipality in which<br>part or all of the property is located is entered into as authorized by subsection 8.2.Issue revenue bonds, in anticipation of the collection of revenues of the project, to<br>finance, in whole or in part, the cost of the project, whether then in existence or not.3.Lease projects to any industrial or commercial enterprise or nonprofit corporation or<br>to any school district for career and technical education purposes, in such manner<br>that rents to be charged for the use of such projects shall be fixed, and revised from<br>time to time as necessary, so as to produce income and revenue sufficient to<br>provide for the prompt payment of interest upon all bonds issued hereunder, to<br>create a sinking fund to pay the principal of such bonds when due, and to provide for<br>the operation, maintenance, insurance on, and depreciation of such projects, and<br>any taxes thereon.4.With respect to any project, enter into revenue agreements providing for the<br>municipality to loan the proceeds derived from the issuance of bonds pursuant to<br>this chapter to the contracting party to be used to pay costs of the project and<br>providing for the repayment of the loan by the contracting party, and which may<br>provide for such loans or bonds to be secured by a mortgage on and security in the<br>project or such other security as may be determined by the municipality, whether<br>delivered or granted to the municipality, the holder or holders of said bonds, a<br>trustee therefor or otherwise.5.Pledge to the punctual payment of said bonds and the interest thereof, all or any part<br>of the revenues of such project, including the revenues of projects which shall be<br>acquired or constructed subsequent to the issuance of such bonds, as well as<br>revenues of projects existing when such bonds were issued.6.Mortgage or otherwise encumber said projects in favor of the holder, or holders, of<br>said revenue bonds, or a trustee therefor; provided, that in creating any such<br>mortgages or encumbrances, a municipality shall not have the power to obligate<br>itself except with respect to the project, except as otherwise provided by section<br>40-57-19.7.Make all contracts, execute all instruments, and do all things necessary or<br>convenient in the exercise of the powers herein granted, or in the performance of its<br>covenants or duties, or in order to secure the payments of its bonds.8.Enter into and perform such contracts and agreements with other municipalities,<br>political subdivisions, and state agencies, authorities, and institutions as the<br>respective governing bodies of the same may deem proper and feasible for or<br>concerning the planning, construction, lease, or other acquisition, and the financing<br>of such facilities, and the maintenance thereof.Any such municipalities socontracting with each other may also provide in their contract or agreement for a<br>board, commission, or such other body as their governing bodies may deem proper<br>for the supervision and general management of the facilities of the project.Page No. 29.Accept from any authorized agency of the federal government loans or grants for the<br>planning, construction, acquisition, leasing, or other provision of any project, and to<br>enter into agreements with such agency respecting such loans or grants.10.Sell and convey all properties acquired in connection with such projects, including<br>without limitation the sale and conveyance thereof subject to such mortgage as<br>herein provided, and the sale and conveyance thereof to the lessee under an option<br>granted in the lease of the project, for such price and at such time as the governing<br>body of the municipality may determine; provided, however, that no sale or<br>conveyance of such properties shall ever be made in such manner as to impair the<br>rights or interests of the holder, or holders, of any bonds issued under the authority<br>of this chapter.11.Issue revenue bonds to refund, in whole or in part, bonds previously issued under<br>this chapter.12.Iftheprojectfinancedbythe municipality consists of the construction,reconstruction, improvement, or betterment of real property, buildings and<br>improvements on real property, and buildings, the provisions of chapter 48-01.2 and<br>other applicable statutes shall apply; except that the municipality, in the revenue<br>agreement and resolution or mortgage defining the terms and conditions upon which<br>the project is to be constructed and financed, or in a preliminary agreement<br>establishing the general terms of the revenue agreement and financing of the project<br>when constructed, may permit a contracting party which is not a governmental entity<br>or a public institution, subject to such terms and conditions as the municipality shall<br>find necessary or desirable and proper, to provide for the construction, acquisition,<br>and installation of the buildings, improvements, and equipment to be included in the<br>project by any means available to the contracting party, whether or not the<br>procedure followed by the contracting party is in conformity with said chapter<br>48-01.2.No municipality may operate any project referred to in this chapter as a business or in any<br>manner whatsoever, except as the lessor, contract vendor, secured party, or lender thereof. No<br>debt on the general credit of the municipality may be incurred in any manner for any purpose<br>under this chapter, except as otherwise provided by section 40-57-19. No municipality may pay<br>out of its general fund for, or otherwise contribute to the cost of, construction of a project, except<br>as otherwise provided by section 40-57-19.40-57-04.Resolution authorizing project and the issuance of revenue bonds -Public notice and hearing - No election required.The acquisition, construction,reconstruction, improvement, betterment, extension, or financing of any project, and the issue of<br>bonds in anticipation of the collection of the revenues of the project to provide funds to pay for the<br>cost of the project, may be authorized by an ordinance or resolution of the governing body<br>adopted at a regular or special meeting of the governing body by the affirmative vote of a<br>majority of its members. Before the issuance of revenue bonds under this chapter, the governing<br>body shall give notice and hold a public hearing on the proposed bond issue. Notice of the<br>hearing must be published in the official newspaper of the municipality once a week for two<br>successive weeks before the time set for the hearing. The notice must specify the time and<br>place of the hearing, and the amount and purpose of the proposed bond issue. The governing<br>body may not approve the bond issue unless it appears, after the public hearing, that approval is<br>in the public interest of the municipality. Except as provided in section 40-57-19, no election is<br>required to authorize the use of any of the powers conferred by this chapter. No public hearing is<br>required before the issuance of refunding bonds issued under section 40-57-19.1.40-57-04.1.Notice to competitors - Authority to issue bonds limited if projectwould compete with existing enterprises. Prior to approval of the issuance of any bonds<br>under authority of this chapter, except refunding bonds issued pursuant to section 40-57-19.1,<br>the governing body of the municipality shall, when a competitive project is involved, include<br>notice of the competitive nature of the proposed project in the public notice required to bePage No. 3published prior to the public hearing required under section 40-57-04. The governing body shall<br>not approve the bond issue unless it appears that the impact and effect of the issue upon existing<br>industry and business will not result in an unfair advantage for the proposed project to the<br>substantial detriment of existing enterprises.40-57-05. Approval of public officer not required. The consent of any governmentalbody or public officer of the state is not required to authorize the issuance or sale of bonds or the<br>making of any mortgage in connection therewith.40-57-06.Certificate of convenience or necessity not required.It shall not benecessary for any municipality proceeding under this chapter to obtain any certificate of<br>convenience or necessity, franchise, license, permit, or other authorization from any bureau,<br>board, commission, or other instrumentality of the state in order to acquire, construct,<br>reconstruct, improve, better, or extend any project or for the issuance of bonds in connection<br>therewith.40-57-07. Cost of project - How determined. In determining the cost of a project, thegoverning body may include all costs and estimated costs of the issuance of the revenue bonds;<br>all engineering, inspection, fiscal, and legal expenses; any bond reserves and the interest that it<br>is estimated will accrue during the construction period and for six months thereafter on money<br>borrowed or which it is estimated will be borrowed under this chapter; and the cost of retiring any<br>existing indebtedness that the governing body of the municipality determines to be necessary or<br>desirable and in furtherance of the public health or welfare, regardless of whether the existing<br>indebtedness constitutes all or a portion of the cost being financed by the issuance of the bonds.40-57-08.Excess revenues not to revert to general fund of municipality -Exception.Any revenues of any and all projects in excess of the amount required to payinterest upon all bonds issued hereunder, to create a sinking fund to pay the principal of such<br>bonds, when due, to provide for the operation, maintenance, insurance, taxes, and depreciation<br>of such project, shall not revert to the general fund of the municipality. However, at such time as<br>there shall be outstanding no revenue bonds issued by the municipality, any excess of revenues<br>may be transferred to the general fund of the municipality in such amounts and at such times as<br>the governing body of the municipality may deem proper and feasible.40-57-09.Provisions governing revenue bonds.The resolution or ordinanceauthorizing the issuance of revenue bonds under this chapter, or ordinance or resolution adopted<br>subsequent to the adoption of the original resolution or ordinance, shall prescribe:1.The rate or rates of interest which such bonds shall bear;2.Whether the bonds shall be in one or more series;3.The date or dates which such bonds shall bear;4.The time or times, not exceeding forty years from their respective dates, when such<br>bonds shall mature;5.The medium in which such bonds shall be payable;6.The place or places where such bonds shall be payable;7.Whether or not such bonds shall carry registration privileges, and what such<br>privileges, if any, shall be;8.The terms of redemption, if any, to which such bonds shall be subject;9.The manner in which such bonds shall be executed;10.The terms, covenants, and conditions which such bonds shall contain; andPage No. 411.The form, either coupon or registered, in which such bonds shall be issued.40-57-09.1.Industrial development revenue bond guarantee program - Bondissuance fee - Appropriation. 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<h2>State Codes and Statutes</h2>
<a href='https://statutes.laws.com/'>Statutes</a> > <a href='https://statutes.laws.com/north-dakota'>North-dakota</a> > <a href='https://statutes.laws.com/north-dakota/t40'>T40</a> > <a href='https://statutes.laws.com/north-dakota/t40/t40c57'>T40c57</a><br><br><a href="https://law.justia.com/codes/north-dakota/2009/t40/pdf/t40c57.pdf">Download pdf</a><br><div id="embed_document" style="width:625px; height:815px; text-align:center;">Loading PDF...</div><script type="text/javascript"> var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t40/pdf/t40c57.pdf'; $(document).ready(function() { var embedwindow = $("#embed_document"); if ($.browser.msie){ embedwindow.html('<embed src="'+pdf_url+'" width="100%" height="100%"></embed>'); } else { embedwindow.html('<iframe style="width:100%; height:100%;" src="https://docs.google.com/gview?url='+window.escape(pdf_url)+'&embedded=true" frameborder="0"></iframe>'); } });</script><br><br><noframes>CHAPTER 40-57MUNICIPAL INDUSTRIAL DEVELOPMENT ACT40-57-01.Short title.This chapter may be cited as the Municipal IndustrialDevelopment Act of 1955.40-57-02.Definitions.As used in this chapter, unless a different meaning clearlyappears from the context:1."Municipality" means counties as well as municipalities of the types listed in<br>subsection 4 of section 40-01-01 and, in the case of parking projects, municipal<br>parking authorities created pursuant to section 40-61-02 and the public finance<br>authority or any successor in interest to the public finance authority for the purpose<br>of issuing revenue bonds under this chapter. In acting as a municipality under this<br>chapter, the public finance authority or its successor in interest shall follow the<br>provisions of this chapter to the extent applicable or practicable but it need not<br>comply with the notice and hearing provisions contained in sections 40-57-04 and<br>40-57-04.1 or the provisions of section 40-57-10. In the event of a conflict between<br>the provisions of this chapter and chapter 6-09.4, the provisions of chapter 6-09.4<br>govern.2."Project" means any real property, buildings, and improvements on real property or<br>the buildings thereon, and any equipment located on the real property or in the<br>buildings, or elsewhere, or personal property, including working capital, which is<br>used or useful in connection with a revenue-producing enterprise, or any<br>combination of two or more revenue-producing enterprises, engaged or to be<br>engaged in:a.Assembling,fabricating,manufacturing,mixing,orprocessingofanyagricultural, mineral, or manufactured products, or any combination thereof.b.Storing, warehousing, distributing, or selling any products of agriculture, mining,<br>or manufacture.c.Providing child care facilities or hospital, nursing home, or other health care<br>facilities and service.d.Improvements or equipment used or to be used for the abatement or control of<br>environmentalpollutioninconnectionwithanyneworexistingrevenue-producing enterprise.e.Public career and technical education.f.Any other industry or business not prohibited by the constitution or laws of the<br>state of North Dakota.In no event, however, does the term "project" include those undertakings defined in<br>chapter 40-35, with the exception of projects referred to in this subsection.3."Revenue agreement" means a written agreement between a municipality and a<br>contracting party with respect to a project, whereby the contracting party agrees to<br>pay to the municipality or its order amounts sufficient at all times to pay when due<br>the principal of, premium, if any, and interest on all bonds issued by the municipality<br>with respect to that project. A revenue agreement may be in the form of a lease,<br>mortgage, direct or installment sale contract, loan agreement, take-or-pay or similar<br>agreement, and be secured in a manner the parties agree to or be unsecured.Page No. 140-57-03.Powers of municipality.Any municipality, in addition to the powersprescribed elsewhere by the laws of this state, shall have the power to:1.Acquire whether by purchase, lease, or gift, from any source whatsoever, any real<br>property, buildings, improvements on real property or buildings, including<br>easements, profits, rights in land and water rights deemed necessary in connection<br>therewith, and to construct, reconstruct, improve, better, or extend to real property,<br>buildings, and improvements on real property and buildings of any project which<br>shall be located within this state; provided, that the property acquired for the project<br>shall be located wholly within the boundaries of the municipality acquiring it unless a<br>contract or agreement between that municipality and any other municipality in which<br>part or all of the property is located is entered into as authorized by subsection 8.2.Issue revenue bonds, in anticipation of the collection of revenues of the project, to<br>finance, in whole or in part, the cost of the project, whether then in existence or not.3.Lease projects to any industrial or commercial enterprise or nonprofit corporation or<br>to any school district for career and technical education purposes, in such manner<br>that rents to be charged for the use of such projects shall be fixed, and revised from<br>time to time as necessary, so as to produce income and revenue sufficient to<br>provide for the prompt payment of interest upon all bonds issued hereunder, to<br>create a sinking fund to pay the principal of such bonds when due, and to provide for<br>the operation, maintenance, insurance on, and depreciation of such projects, and<br>any taxes thereon.4.With respect to any project, enter into revenue agreements providing for the<br>municipality to loan the proceeds derived from the issuance of bonds pursuant to<br>this chapter to the contracting party to be used to pay costs of the project and<br>providing for the repayment of the loan by the contracting party, and which may<br>provide for such loans or bonds to be secured by a mortgage on and security in the<br>project or such other security as may be determined by the municipality, whether<br>delivered or granted to the municipality, the holder or holders of said bonds, a<br>trustee therefor or otherwise.5.Pledge to the punctual payment of said bonds and the interest thereof, all or any part<br>of the revenues of such project, including the revenues of projects which shall be<br>acquired or constructed subsequent to the issuance of such bonds, as well as<br>revenues of projects existing when such bonds were issued.6.Mortgage or otherwise encumber said projects in favor of the holder, or holders, of<br>said revenue bonds, or a trustee therefor; provided, that in creating any such<br>mortgages or encumbrances, a municipality shall not have the power to obligate<br>itself except with respect to the project, except as otherwise provided by section<br>40-57-19.7.Make all contracts, execute all instruments, and do all things necessary or<br>convenient in the exercise of the powers herein granted, or in the performance of its<br>covenants or duties, or in order to secure the payments of its bonds.8.Enter into and perform such contracts and agreements with other municipalities,<br>political subdivisions, and state agencies, authorities, and institutions as the<br>respective governing bodies of the same may deem proper and feasible for or<br>concerning the planning, construction, lease, or other acquisition, and the financing<br>of such facilities, and the maintenance thereof.Any such municipalities socontracting with each other may also provide in their contract or agreement for a<br>board, commission, or such other body as their governing bodies may deem proper<br>for the supervision and general management of the facilities of the project.Page No. 29.Accept from any authorized agency of the federal government loans or grants for the<br>planning, construction, acquisition, leasing, or other provision of any project, and to<br>enter into agreements with such agency respecting such loans or grants.10.Sell and convey all properties acquired in connection with such projects, including<br>without limitation the sale and conveyance thereof subject to such mortgage as<br>herein provided, and the sale and conveyance thereof to the lessee under an option<br>granted in the lease of the project, for such price and at such time as the governing<br>body of the municipality may determine; provided, however, that no sale or<br>conveyance of such properties shall ever be made in such manner as to impair the<br>rights or interests of the holder, or holders, of any bonds issued under the authority<br>of this chapter.11.Issue revenue bonds to refund, in whole or in part, bonds previously issued under<br>this chapter.12.Iftheprojectfinancedbythe municipality consists of the construction,reconstruction, improvement, or betterment of real property, buildings and<br>improvements on real property, and buildings, the provisions of chapter 48-01.2 and<br>other applicable statutes shall apply; except that the municipality, in the revenue<br>agreement and resolution or mortgage defining the terms and conditions upon which<br>the project is to be constructed and financed, or in a preliminary agreement<br>establishing the general terms of the revenue agreement and financing of the project<br>when constructed, may permit a contracting party which is not a governmental entity<br>or a public institution, subject to such terms and conditions as the municipality shall<br>find necessary or desirable and proper, to provide for the construction, acquisition,<br>and installation of the buildings, improvements, and equipment to be included in the<br>project by any means available to the contracting party, whether or not the<br>procedure followed by the contracting party is in conformity with said chapter<br>48-01.2.No municipality may operate any project referred to in this chapter as a business or in any<br>manner whatsoever, except as the lessor, contract vendor, secured party, or lender thereof. No<br>debt on the general credit of the municipality may be incurred in any manner for any purpose<br>under this chapter, except as otherwise provided by section 40-57-19. No municipality may pay<br>out of its general fund for, or otherwise contribute to the cost of, construction of a project, except<br>as otherwise provided by section 40-57-19.40-57-04.Resolution authorizing project and the issuance of revenue bonds -Public notice and hearing - No election required.The acquisition, construction,reconstruction, improvement, betterment, extension, or financing of any project, and the issue of<br>bonds in anticipation of the collection of the revenues of the project to provide funds to pay for the<br>cost of the project, may be authorized by an ordinance or resolution of the governing body<br>adopted at a regular or special meeting of the governing body by the affirmative vote of a<br>majority of its members. Before the issuance of revenue bonds under this chapter, the governing<br>body shall give notice and hold a public hearing on the proposed bond issue. Notice of the<br>hearing must be published in the official newspaper of the municipality once a week for two<br>successive weeks before the time set for the hearing. The notice must specify the time and<br>place of the hearing, and the amount and purpose of the proposed bond issue. The governing<br>body may not approve the bond issue unless it appears, after the public hearing, that approval is<br>in the public interest of the municipality. Except as provided in section 40-57-19, no election is<br>required to authorize the use of any of the powers conferred by this chapter. No public hearing is<br>required before the issuance of refunding bonds issued under section 40-57-19.1.40-57-04.1.Notice to competitors - Authority to issue bonds limited if projectwould compete with existing enterprises. Prior to approval of the issuance of any bonds<br>under authority of this chapter, except refunding bonds issued pursuant to section 40-57-19.1,<br>the governing body of the municipality shall, when a competitive project is involved, include<br>notice of the competitive nature of the proposed project in the public notice required to bePage No. 3published prior to the public hearing required under section 40-57-04. The governing body shall<br>not approve the bond issue unless it appears that the impact and effect of the issue upon existing<br>industry and business will not result in an unfair advantage for the proposed project to the<br>substantial detriment of existing enterprises.40-57-05. Approval of public officer not required. The consent of any governmentalbody or public officer of the state is not required to authorize the issuance or sale of bonds or the<br>making of any mortgage in connection therewith.40-57-06.Certificate of convenience or necessity not required.It shall not benecessary for any municipality proceeding under this chapter to obtain any certificate of<br>convenience or necessity, franchise, license, permit, or other authorization from any bureau,<br>board, commission, or other instrumentality of the state in order to acquire, construct,<br>reconstruct, improve, better, or extend any project or for the issuance of bonds in connection<br>therewith.40-57-07. Cost of project - How determined. In determining the cost of a project, thegoverning body may include all costs and estimated costs of the issuance of the revenue bonds;<br>all engineering, inspection, fiscal, and legal expenses; any bond reserves and the interest that it<br>is estimated will accrue during the construction period and for six months thereafter on money<br>borrowed or which it is estimated will be borrowed under this chapter; and the cost of retiring any<br>existing indebtedness that the governing body of the municipality determines to be necessary or<br>desirable and in furtherance of the public health or welfare, regardless of whether the existing<br>indebtedness constitutes all or a portion of the cost being financed by the issuance of the bonds.40-57-08.Excess revenues not to revert to general fund of municipality -Exception.Any revenues of any and all projects in excess of the amount required to payinterest upon all bonds issued hereunder, to create a sinking fund to pay the principal of such<br>bonds, when due, to provide for the operation, maintenance, insurance, taxes, and depreciation<br>of such project, shall not revert to the general fund of the municipality. However, at such time as<br>there shall be outstanding no revenue bonds issued by the municipality, any excess of revenues<br>may be transferred to the general fund of the municipality in such amounts and at such times as<br>the governing body of the municipality may deem proper and feasible.40-57-09.Provisions governing revenue bonds.The resolution or ordinanceauthorizing the issuance of revenue bonds under this chapter, or ordinance or resolution adopted<br>subsequent to the adoption of the original resolution or ordinance, shall prescribe:1.The rate or rates of interest which such bonds shall bear;2.Whether the bonds shall be in one or more series;3.The date or dates which such bonds shall bear;4.The time or times, not exceeding forty years from their respective dates, when such<br>bonds shall mature;5.The medium in which such bonds shall be payable;6.The place or places where such bonds shall be payable;7.Whether or not such bonds shall carry registration privileges, and what such<br>privileges, if any, shall be;8.The terms of redemption, if any, to which such bonds shall be subject;9.The manner in which such bonds shall be executed;10.The terms, covenants, and conditions which such bonds shall contain; andPage No. 411.The form, either coupon or registered, in which such bonds shall be issued.40-57-09.1.Industrial development revenue bond guarantee program - Bondissuance fee - Appropriation. Repealed by S.L. 1985, ch. 467, <!-- END .shortcode-content -->
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