North Dakota § 21-03-38.1 - Disposal of bond proceeds
Full text of North Dakota North Dakota Century Code § 21-03-38.1 — Disposal of bond proceeds, with citation guidance and answers to common questions.
§ 21-03-38.1. Disposal of bond proceeds
The proceeds of any municipal bond sale, which have not been used for the purpose issued within three years after date of issue, may be disposed of by the governing body of the municipality as follows: 1. Sufficient funds must be transferred to the sinking fund of the issue in an amount equal to the principal of bonds outstanding and the interest requirements. 2. The governing body may, by a two-thirds vote of all its members, transfer the funds to any or all other debt sinking funds of the municipality. 3. The governing body, upon approval by a majority vote of the qualified electors, voting on the question at an election called therefor, may use the funds for some other purpose authorized by law. If any funds remain, they must be transferred to the general fund of the municipality.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 21-03-38.1
What does North Dakota Century Code § 21-03-38.1 cover?
Section 21-03-38.1 ("Disposal of bond proceeds") is part of the North Dakota Century Code, the codified statutory law of North Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Dakota § 21-03-38.1?
A common citation format is "North Dakota Century Code § 21-03-38.1" (North Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Dakota official source linked on this page or consult a licensed North Dakota attorney.
How does North Dakota § 21-03-38.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Dakota.