This bill amends sections 21-03-04 and 21-03-07 of the North Dakota Century Code, focusing on the requirements for municipal bond elections. It introduces new provisions that clarify the borrowing powers of municipalities, specifying that they may not incur indebtedness exceeding five percent of the assessed value of taxable property, with certain exceptions. For instance, incorporated cities can increase this limit by three percent with a two-thirds voter approval, while school districts can increase it by five percent with a majority vote. Additionally, the bill establishes that all bonds or obligations exceeding the permitted indebtedness are void.

The bill also modifies the election requirements for issuing bonds, stating that a municipality must obtain authorization through a primary or general election with at least sixty percent voter approval. It outlines exceptions where bonds can be issued without an election, such as for specific highway projects or improvements. Furthermore, it introduces a process for property owners to protest bond resolutions, requiring that protests be in writing and specifying the property in question. If protests represent five percent or more of the assessed valuation of taxable property, further proceedings on the resolution are barred.

Statutes affected:
INTRODUCED: 21-03-04, 21-03-07