North Dakota Century Code Title 21. Governmental Finance § 21-03-38.1. Disposal of bond proceeds

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.