North Dakota Constitution

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===== Section 15. =====

The debt of any county, township, city, town, school district or any
other political subdivision, shall never exceed five per centum upon the
assessed value of the taxable property therein; provided that any
incorporated city may, by a two-thirds vote, increase such indebtedness
three per centum on such assessed value beyond said five per centum
limit, and a school district, by a majority vote may increase such
indebtedness five percent on such assessed value beyond said five per
centum limit; provided also that any county or city by a majority vote
may issue bonds upon any revenue-producing utility owned by such county
or city, or for the purchasing or acquiring the same or building or
establishment thereof, in amounts not exceeding the physical value of
such utility, industry or enterprise.  In estimating the indebtedness
which a city, county, township, school district or any other political
subdivision may incur, the entire amount, exclusive of the bonds upon
said revenue-producing utilities, whether contracted prior or subsequent
to the adoption of this constitution, shall be included; provided
further that any incorporated city may become indebted in any amount not
exceeding four per centum of such assessed value without regard to the
existing indebtedness of such city for the purpose of constructing or
purchasing waterworks for furnishing a supply of water to the
inhabitants of such city, or for the purpose of constructing sewers, and
for no other purposes whatever. All bonds and obligations in excess of
the amount of indebtedness permitted by this constitution, given by any
city, county, township, town, school district, or any other political
subdivision shall be void.