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North Dakota Century Code Title 40. Municipal Government § 40-49-15. Purchase of land by city park district on installment contract--Conditions and limitations

Current as of January 01, 2024 | Updated by FindLaw Staff

After declaring by resolution duly passed that an emergency exists in that it is desirable and necessary that additional lands, as described in the resolution, be acquired for park purposes, the board of park commissioners of any city may enter into a contract or contracts for the purchase of such additional land for park purposes and for the payment of the purchase price therefor in annual installments. The power to enter into such contract shall be subject to the following limitations and conditions:

1. All moneys to be paid annually under any such contract shall be available and paid only from revenues to be derived from the authorized tax levy of the park district.

2. Contracts which at any time shall create aggregate future obligations of the park district in an amount in excess of one-fifth of one percent of the value of all taxable property within the park district may not be entered into under the provisions of this section.

3. The total amount contracted to become payable within any year by any park board shall not exceed twenty percent of the authorized tax revenue of the park district for the year in which any such contract is made.

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Cite this article: FindLaw.com - North Dakota Century Code Title 40. Municipal Government § 40-49-15. Purchase of land by city park district on installment contract--Conditions and limitations - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-40-municipal-government/nd-cent-code-sect-40-49-15/

Read this complete North Dakota Century Code Title 40. Municipal Government § 40-49-15. Purchase of land by city park district on installment contract--Conditions and limitations on Westlaw

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