21-13-04. Delinquent loans.
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/nd/title-21/chapter-21-13-political-subdivision-borrowing/21-13-04·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If designated revenues are not sufficient to pay a loan balance, in addition to the designated revenues, the political subdivision may set aside up to ten percent of the amount of the collections from current tax revenues to pay to the lending bank or credit union on a monthly basis until the delinquent loans have been paid in full.