34.01.040 Grant of Power to Borrow

General limitations of indebtedness. Every Governing Body may borrow money and issue Tribal obligations thereof for the purposes specified and by the procedure provided in this Bond Code, and for no other purpose and in no other manner. No issuing entity may incur indebtedness in any manner or for any purpose in an amount which, with all other outstanding indebtedness of that Governing Body, exceeds Fifty Million Dollars, except:

(a) Any issuing entity, by a majority vote of the qua1ified voters of the Turtle Mountain Indian Reservation voting upon said question at a general or special election, may increase such limit of indebtedness for a specific bonding request.

(b) Any issuing entity, when authorized by a unanimous vote of the membership of both the governing body of the issuing entity and the Tribal Council voting upon said question, may issue bonds upon any revenue-producing utility owned, or to be acquired, by such body, for the operation, purchase or acquisition of such utility, or the building or establishment thereof, in amounts not exceeding the fair market value of such utility, industry, or enterprise, without regard to bonding limits set forth herein.

(c) Any governing body, if authorized by a unanimous vote of the membership of both the governing body and the Tribal Council voting upon said question, may become indebted in any amount without regard to the existing indebtedness of said body, for the purpose of constructing or purchasing waterworks for furnishing a supply of water to the inhabitants of the Reservation and Trust Lands or for the purpose of constructing sewers, and for no other purposes whatever.

All bonds or obligations in excess of the amount of indebtedness permitted by this Bond Code, given by any Governing Body as herein defined, are void.