61-24.7 Red River Valley Water Supply Project - North Dakota Statutes

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CHAPTER 61-24.7RED RIVER VALLEY WATER SUPPLY PROJECT61-24.7-01. Legislative findings and intent - Authority to issue bonds.1.The legislative assembly finds that the provision of water of sufficient quantity and
quality to supply homes, businesses, industries, wildlife, and recreation in the Red
River valley within this state is necessary for the protection of health, property, and
enterprises and for the promotion of prosperity and the general welfare of the people
of the Red River valley and that construction of the Red River valley water supply
project involves and requires the exercise of the sovereign powers of the state and
concerns a public purpose. Therefore, it is declared necessary and in the public
interest that the state by and through the state water commission provide a one-third
share of the cost of constructing the Red River valley water supply project.2.In furtherance of the public purpose set forth in subsection 1, the state water
commission may issue bonds under chapter 61-02 and the proceeds are
appropriated for construction of the Red River valley water supply project authorized
and funded in part by the federal government and designed to provide reliable
sources of water of sufficient quantity and quality to supply homes, businesses,
industries, wildlife, and recreation in the Red River valley within this state.3.This chapter does not affect the state water commission's authority to otherwise
issue bonds pursuant to chapter 61-02 or section 61-24.3-01.61-24.7-02.Funding - Red River valley water supply project - Bond issuanceamount.The state water commission may provide a portion of the state share of fundsnecessary to construct the Red River valley water supply project by issuing bonds in an amount
not to exceed forty million dollars plus the cost of issuance of the bonds, capitalized interest, and
reasonably required reserves. The proceeds of any bonds issued under the authority provided in
this section are appropriated to the state water commission for the purposes set forth in this
chapter.61-24.7-03. Limitation of action. An action may not be brought or maintained in anycourt in this state questioning the validity of any bonds issued as provided in this chapter unless
the action is commenced within thirty days after the adoption of the resolution of the state water
commission authorizing the sale of bonds.The state water commission may commence aspecial proceeding at any time after July 1, 2007, in and by which the constitutionality and validity
of the bonds to be issued pursuant to this chapter may be judicially examined, approved and
confirmed, or disapproved and disaffirmed. Proceedings must comply as nearly as possible with
the procedure required for declaratory judgment proceedings.61-24.7-04. Bonds payable from water development trust fund.1.Principal and interest on bonds issued for the Red River valley water supply project
as provided in this chapter are payable from the water development trust fund from
funds transferred from the tobacco settlement trust fund.2.Obligations issued as provided in this chapter do not constitute a debt, liability, or
obligation of the state of North Dakota or a pledge of the faith and credit of the state
of North Dakota, but are payable solely from the sources as described in this
chapter.3.The state water commission shall include in its submission to the governor for
inclusion by the governor in the biennial executive budget of the state for each year
of the respective biennium during the term of any bonds issued as provided in this
chapter an amount fully sufficient to pay the principal and interest required to be paid
in each year of the biennium, if any, from moneys from the water development trust
fund. If the governor does not include in the executive budget for any reason thePage No. 1amounts required to be included by this section, the state water commission shall
request independently that the legislative assembly amend the executive budget
appropriation so as to include the amounts.61-24.7-05. State funding plan.1.The legislative assembly declares its intent to provide state funding for one-third of
the total cost of constructing the Red River valley water supply project.2.Any general funds appropriated for the construction of the Red River valley water
supply project may be carried over to future bienniums.3.State funding for the Red River valley water supply project may be appropriated at
the time and in the manner determined by the legislative assembly, either
concurrently or separately from federal and local funding for the Red River valley
water supply project.Page No. 2Document Outlinechapter 61-24.7 red river valley water supply project