North Dakota Century Code Title 61. Waters § 61-37-01. Definitions

1. “Bond” means an evidence of indebtedness of the program issued by the commission.

2. “Bondholder” or any similar term, when used with reference to a bond of the program, means any person who is the bearer of any outstanding bond of the program.

3. “Commission” means the state water commission.

4. “Fully marketable form” means a municipal security duly executed and accompanied by an approving legal opinion of a counsel whose opinions are generally accepted by the purchasers of municipal securities.

5. “Municipal security” means an evidence of indebtedness issued by an irrigation district.

6. “Program” means the North Dakota irrigation district finance program established by the commission under this chapter.

7. “Required debt service reserve” means the amount required to be on deposit in the reserve fund.

8. “Reserve fund” means the program reserve fund or funds.

9. “Revenues” means any or all fees, charges, moneys, profits, payments of principal of or interest on municipal securities, investment income, revenues, appropriations, liquidation of security, and all other income derived or to be derived by the commission under the program.