North Dakota Century Code Title 21. Governmental Finance § 21-03-04. Grant of power to borrow--General limitations of indebtedness

a. An incorporated city, by a two-thirds vote of the qualified voters of the city voting upon the question at a primary or general election, may increase the limit of indebtedness three percent on the assessed value beyond the five percent limit, and a school district, by a majority vote of the qualified voters of the school district voting upon the question at a primary or general election, may increase the limitation of indebtedness five percent on the assessed value beyond the five percent limit.

b. A county or city, when authorized by a majority vote of the qualified voters of the county or city voting upon the question at a primary or general election, may issue bonds upon any revenue-producing utility owned by a county or city, for the purchase or acquisition of the utility, or the building or establishment of the utility, in amounts not exceeding the physical value of the utility, industry, or enterprise.

c. An incorporated city, if authorized by a majority vote of the qualified voters of the city voting upon the question at a primary or general election, may become indebted in any amount not exceeding four percent of the assessed value, without regard to the existing indebtedness of the city, for the purpose of constructing or purchasing waterworks for furnishing a supply of water to the inhabitants of the city or for the purpose of constructing sewers, and for no other purposes, but the aggregate of the additional indebtedness for waterworks and sewers may not exceed four percent over the limitations of indebtedness in this section.