North Dakota § 40-36-10 - Additional security for refunding bonds - Contents of bonds with additional

§ 40-36-10. Additional security for refunding bonds - Contents of bonds with additional

security. As additional security for any issue of refunding bonds, or any part thereof, issued under this chapter, any municipality, by a resolution of its governing body, may confer upon the holders of the refunding bonds all rights, powers, and remedies which said holders would be entitled to if they were the owners and had possession of the notes, bonds, or other obligations for the refinancing of which such refunding bonds shall have been issued, including the preservation of the lien of such notes, bonds, or other obligations without extinguishment, impairment, or diminution thereof. If any municipality exercises the power conferred by this section, each refunding bond shall contain a recital to the effect that the holder thereof has been granted the additional security provided by this section, and each note, bond, certificate, or other obligation of the municipality to be refinanced by such refunding bonds shall be kept intact and shall not be canceled or destroyed until the refunding bonds and the interest thereon finally have been paid and discharged, but each such instrument shall be stamped to show that such note, bond, certificate, or other obligation has been refunded pursuant to this chapter.