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2000 North Dakota Attorney General Reports and Opinions 1 (2000)

handle is hein.sag/sagnd0036 and id is 1 raw text is: STATE OF NORTH DAKOTA ATTORNEY GENERAL'S OPINION 2000-01 Date issued: January 6, 2000 Requested by: Syver Vinje, North Dakota Securities Commissioner - QUESTIONS PRESENTED - I. Whether a non-home rule city or a non-home rule county may issue, or be a promoter or sponsor of, equity securities on behalf of a private company which would be sold to the general public in this state. II. Whether a home rule city or a home rule county may issue, or be a promoter or sponsor of, equity securities on behalf of a private company which would be sold to the general public in this state. III. Whether a city job development authority or a county job development authority may issue, or be a promoter or sponsor of, equity securities on behalf of a private company which would be sold to the general public in this state. - ATTORNEY GENERAL'S OPINIONS - I. It is my opinion that neither a non-home rule city nor a non-home rule county may issue, or be a promoter or sponsor of, equity securities on behalf of a private company which would be sold to the general public in this state. II. It is my opinion that a home rule city may not issue equity securities on behalf of a private company which would be sold to the general public in this state. It is my further opinion that a home rule city may promote or sponsor equity securities of a private company which would be sold to the general public in this state, if the home rule charter includes the authority to engage in an enterprise, such authority is properly implemented in a city ordinance, the enterprise is for a public purpose, and the promotion or sponsorship does not represent or imply that such equity securities are being issued by the home rule city. It is my further opinion that a home rule county may not issue, or be a promoter or

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