61-37-06. Powers.
612 words·~3 min read·
/nd/title-61/chapter-61-37-irrigation-district-finance-program/61-37-06·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The program has the following powers:
1. To sue and be sued.
2. To make and enforce bylaws and rules for the conduct of its affairs and business and
for use of its services.
3. To acquire, hold, use, and dispose of its income, revenue, funds, and moneys in
accordance with law.
4. To acquire, rent, lease, hold, use, and dispose of other personal property for its
purposes.
5. To borrow money and to issue its negotiable bonds or notes and to provide for and
secure their payment and to provide for the rights of the holders, and to purchase,
hold, and dispose of any of its bonds and obligations.
6. To fix, revise, charge, and collect fees and charges for the use of its services or
facilities.
7. To perform any acts and do all things authorized by this chapter, through its officers,
agents, or employees, or by contracts with any person.
8. To make and enforce all contracts necessary or desirable for the program or pertaining
to any loan to a political subdivision or any purchase or sale of municipal securities or
other investments or to the performance of its duties and execution of its powers under
this chapter.
9. To purchase or hold municipal securities of irrigation districts at the prices and in the
manner deemed advisable by the program and to sell municipal securities acquired or
held by it in the manner deemed advisable by the program.
10. To invest any funds or moneys of the program not then required for loans to irrigation
districts and for the purchase of municipal securities in the same manner as permitted
for the investment of funds belonging to the state or the Bank of North Dakota.
11. To fix and prescribe any form of application or procedure to be required of an irrigation
district for the purpose of any guarantee, loan, or the purchase of its municipal
securities, and to fix the terms and conditions of any guarantee, loan, or purchase and
to enter into agreement with irrigation districts with respect to any such guarantee,
loan, or purchase.
12. To consider the need, desirability, or eligibility of a guarantee or loan, the ability of an
irrigation district to secure borrowed money from other sources, and the costs of that
borrowing without program involvement.
13. To impose and collect charges from an irrigation district for its costs and services in
review or consideration of any proposed guarantee or loan to an irrigation district or
purchase of municipal securities of an irrigation district, and to impose and collect
charges whether or not a guarantee or loan has been made or municipal securities
have been guaranteed or purchased.
14. To fix and establish any and all terms and provisions with respect to any guarantee or
purchase of municipal securities by the program, including dates and maturities of
bonds, provisions as to redemption or payment prior to maturity, and any and all other
matters necessary or advisable in the judgment of the program.
15. To procure insurance against any losses in connection with its property, operations, or
assets in the amounts and from the insurers as necessary to pay the premiums on the
insurance.
16. To the extent permitted under its contracts with the holders of bonds of the program, to
consent to any modification with respect to rates of interest, time, and payment of any
installment of principal or interest, security, or any other term of bond, contract, or
agreement of any kind to which the program is a party.
17. To do all acts and things necessary, convenient, or desirable to carry out the powers
expressly granted or necessarily implied in this chapter.