State Codes and Statutes

Statutes > North-dakota > T61 > T61c247

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CHAPTER 61-24.7RED RIVER VALLEY WATER SUPPLY PROJECT61-24.7-01. Legislative findings and intent - Authority to issue bonds.1.The legislative assembly finds that the provision of water of sufficient quantity and<br>quality to supply homes, businesses, industries, wildlife, and recreation in the Red<br>River valley within this state is necessary for the protection of health, property, and<br>enterprises and for the promotion of prosperity and the general welfare of the people<br>of the Red River valley and that construction of the Red River valley water supply<br>project involves and requires the exercise of the sovereign powers of the state and<br>concerns a public purpose. Therefore, it is declared necessary and in the public<br>interest that the state by and through the state water commission provide a one-third<br>share of the cost of constructing the Red River valley water supply project.2.In furtherance of the public purpose set forth in subsection 1, the state water<br>commission may issue bonds under chapter 61-02 and the proceeds are<br>appropriated for construction of the Red River valley water supply project authorized<br>and funded in part by the federal government and designed to provide reliable<br>sources of water of sufficient quantity and quality to supply homes, businesses,<br>industries, wildlife, and recreation in the Red River valley within this state.3.This chapter does not affect the state water commission's authority to otherwise<br>issue bonds pursuant to chapter 61-02 or section 61-24.3-01.61-24.7-02.Funding - Red River valley water supply project - Bond issuanceamount.The state water commission may provide a portion of the state share of fundsnecessary to construct the Red River valley water supply project by issuing bonds in an amount<br>not to exceed forty million dollars plus the cost of issuance of the bonds, capitalized interest, and<br>reasonably required reserves. The proceeds of any bonds issued under the authority provided in<br>this section are appropriated to the state water commission for the purposes set forth in this<br>chapter.61-24.7-03. Limitation of action. An action may not be brought or maintained in anycourt in this state questioning the validity of any bonds issued as provided in this chapter unless<br>the action is commenced within thirty days after the adoption of the resolution of the state water<br>commission authorizing the sale of bonds.The state water commission may commence aspecial proceeding at any time after July 1, 2007, in and by which the constitutionality and validity<br>of the bonds to be issued pursuant to this chapter may be judicially examined, approved and<br>confirmed, or disapproved and disaffirmed. Proceedings must comply as nearly as possible with<br>the procedure required for declaratory judgment proceedings.61-24.7-04. Bonds payable from water development trust fund.1.Principal and interest on bonds issued for the Red River valley water supply project<br>as provided in this chapter are payable from the water development trust fund from<br>funds transferred from the tobacco settlement trust fund.2.Obligations issued as provided in this chapter do not constitute a debt, liability, or<br>obligation of the state of North Dakota or a pledge of the faith and credit of the state<br>of North Dakota, but are payable solely from the sources as described in this<br>chapter.3.The state water commission shall include in its submission to the governor for<br>inclusion by the governor in the biennial executive budget of the state for each year<br>of the respective biennium during the term of any bonds issued as provided in this<br>chapter an amount fully sufficient to pay the principal and interest required to be paid<br>in each year of the biennium, if any, from moneys from the water development trust<br>fund. If the governor does not include in the executive budget for any reason thePage No. 1amounts required to be included by this section, the state water commission shall<br>request independently that the legislative assembly amend the executive budget<br>appropriation so as to include the amounts.61-24.7-05. State funding plan.1.The legislative assembly declares its intent to provide state funding for one-third of<br>the total cost of constructing the Red River valley water supply project.2.Any general funds appropriated for the construction of the Red River valley water<br>supply project may be carried over to future bienniums.3.State funding for the Red River valley water supply project may be appropriated at<br>the time and in the manner determined by the legislative assembly, either<br>concurrently or separately from federal and local funding for the Red River valley<br>water supply project.Page No. 2Document Outlinechapter 61-24.7 red river valley water supply project

State Codes and Statutes

Statutes > North-dakota > T61 > T61c247

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CHAPTER 61-24.7RED RIVER VALLEY WATER SUPPLY PROJECT61-24.7-01. Legislative findings and intent - Authority to issue bonds.1.The legislative assembly finds that the provision of water of sufficient quantity and<br>quality to supply homes, businesses, industries, wildlife, and recreation in the Red<br>River valley within this state is necessary for the protection of health, property, and<br>enterprises and for the promotion of prosperity and the general welfare of the people<br>of the Red River valley and that construction of the Red River valley water supply<br>project involves and requires the exercise of the sovereign powers of the state and<br>concerns a public purpose. Therefore, it is declared necessary and in the public<br>interest that the state by and through the state water commission provide a one-third<br>share of the cost of constructing the Red River valley water supply project.2.In furtherance of the public purpose set forth in subsection 1, the state water<br>commission may issue bonds under chapter 61-02 and the proceeds are<br>appropriated for construction of the Red River valley water supply project authorized<br>and funded in part by the federal government and designed to provide reliable<br>sources of water of sufficient quantity and quality to supply homes, businesses,<br>industries, wildlife, and recreation in the Red River valley within this state.3.This chapter does not affect the state water commission's authority to otherwise<br>issue bonds pursuant to chapter 61-02 or section 61-24.3-01.61-24.7-02.Funding - Red River valley water supply project - Bond issuanceamount.The state water commission may provide a portion of the state share of fundsnecessary to construct the Red River valley water supply project by issuing bonds in an amount<br>not to exceed forty million dollars plus the cost of issuance of the bonds, capitalized interest, and<br>reasonably required reserves. The proceeds of any bonds issued under the authority provided in<br>this section are appropriated to the state water commission for the purposes set forth in this<br>chapter.61-24.7-03. Limitation of action. An action may not be brought or maintained in anycourt in this state questioning the validity of any bonds issued as provided in this chapter unless<br>the action is commenced within thirty days after the adoption of the resolution of the state water<br>commission authorizing the sale of bonds.The state water commission may commence aspecial proceeding at any time after July 1, 2007, in and by which the constitutionality and validity<br>of the bonds to be issued pursuant to this chapter may be judicially examined, approved and<br>confirmed, or disapproved and disaffirmed. Proceedings must comply as nearly as possible with<br>the procedure required for declaratory judgment proceedings.61-24.7-04. Bonds payable from water development trust fund.1.Principal and interest on bonds issued for the Red River valley water supply project<br>as provided in this chapter are payable from the water development trust fund from<br>funds transferred from the tobacco settlement trust fund.2.Obligations issued as provided in this chapter do not constitute a debt, liability, or<br>obligation of the state of North Dakota or a pledge of the faith and credit of the state<br>of North Dakota, but are payable solely from the sources as described in this<br>chapter.3.The state water commission shall include in its submission to the governor for<br>inclusion by the governor in the biennial executive budget of the state for each year<br>of the respective biennium during the term of any bonds issued as provided in this<br>chapter an amount fully sufficient to pay the principal and interest required to be paid<br>in each year of the biennium, if any, from moneys from the water development trust<br>fund. If the governor does not include in the executive budget for any reason thePage No. 1amounts required to be included by this section, the state water commission shall<br>request independently that the legislative assembly amend the executive budget<br>appropriation so as to include the amounts.61-24.7-05. State funding plan.1.The legislative assembly declares its intent to provide state funding for one-third of<br>the total cost of constructing the Red River valley water supply project.2.Any general funds appropriated for the construction of the Red River valley water<br>supply project may be carried over to future bienniums.3.State funding for the Red River valley water supply project may be appropriated at<br>the time and in the manner determined by the legislative assembly, either<br>concurrently or separately from federal and local funding for the Red River valley<br>water supply project.Page No. 2Document Outlinechapter 61-24.7 red river valley water supply project

State Codes and Statutes

State Codes and Statutes

Statutes > North-dakota > T61 > T61c247

Download pdf
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CHAPTER 61-24.7RED RIVER VALLEY WATER SUPPLY PROJECT61-24.7-01. Legislative findings and intent - Authority to issue bonds.1.The legislative assembly finds that the provision of water of sufficient quantity and<br>quality to supply homes, businesses, industries, wildlife, and recreation in the Red<br>River valley within this state is necessary for the protection of health, property, and<br>enterprises and for the promotion of prosperity and the general welfare of the people<br>of the Red River valley and that construction of the Red River valley water supply<br>project involves and requires the exercise of the sovereign powers of the state and<br>concerns a public purpose. Therefore, it is declared necessary and in the public<br>interest that the state by and through the state water commission provide a one-third<br>share of the cost of constructing the Red River valley water supply project.2.In furtherance of the public purpose set forth in subsection 1, the state water<br>commission may issue bonds under chapter 61-02 and the proceeds are<br>appropriated for construction of the Red River valley water supply project authorized<br>and funded in part by the federal government and designed to provide reliable<br>sources of water of sufficient quantity and quality to supply homes, businesses,<br>industries, wildlife, and recreation in the Red River valley within this state.3.This chapter does not affect the state water commission's authority to otherwise<br>issue bonds pursuant to chapter 61-02 or section 61-24.3-01.61-24.7-02.Funding - Red River valley water supply project - Bond issuanceamount.The state water commission may provide a portion of the state share of fundsnecessary to construct the Red River valley water supply project by issuing bonds in an amount<br>not to exceed forty million dollars plus the cost of issuance of the bonds, capitalized interest, and<br>reasonably required reserves. The proceeds of any bonds issued under the authority provided in<br>this section are appropriated to the state water commission for the purposes set forth in this<br>chapter.61-24.7-03. Limitation of action. An action may not be brought or maintained in anycourt in this state questioning the validity of any bonds issued as provided in this chapter unless<br>the action is commenced within thirty days after the adoption of the resolution of the state water<br>commission authorizing the sale of bonds.The state water commission may commence aspecial proceeding at any time after July 1, 2007, in and by which the constitutionality and validity<br>of the bonds to be issued pursuant to this chapter may be judicially examined, approved and<br>confirmed, or disapproved and disaffirmed. Proceedings must comply as nearly as possible with<br>the procedure required for declaratory judgment proceedings.61-24.7-04. Bonds payable from water development trust fund.1.Principal and interest on bonds issued for the Red River valley water supply project<br>as provided in this chapter are payable from the water development trust fund from<br>funds transferred from the tobacco settlement trust fund.2.Obligations issued as provided in this chapter do not constitute a debt, liability, or<br>obligation of the state of North Dakota or a pledge of the faith and credit of the state<br>of North Dakota, but are payable solely from the sources as described in this<br>chapter.3.The state water commission shall include in its submission to the governor for<br>inclusion by the governor in the biennial executive budget of the state for each year<br>of the respective biennium during the term of any bonds issued as provided in this<br>chapter an amount fully sufficient to pay the principal and interest required to be paid<br>in each year of the biennium, if any, from moneys from the water development trust<br>fund. If the governor does not include in the executive budget for any reason thePage No. 1amounts required to be included by this section, the state water commission shall<br>request independently that the legislative assembly amend the executive budget<br>appropriation so as to include the amounts.61-24.7-05. State funding plan.1.The legislative assembly declares its intent to provide state funding for one-third of<br>the total cost of constructing the Red River valley water supply project.2.Any general funds appropriated for the construction of the Red River valley water<br>supply project may be carried over to future bienniums.3.State funding for the Red River valley water supply project may be appropriated at<br>the time and in the manner determined by the legislative assembly, either<br>concurrently or separately from federal and local funding for the Red River valley<br>water supply project.Page No. 2Document Outlinechapter 61-24.7 red river valley water supply project