N.D.C.C. § 57-15-07 — City tax levies

The governing body, in levying city taxes, is limited by the amount necessary to meet the
appropriations included in the city budget for the ensuing fiscal year and to provide a reserve
fund as limited in this chapter, together with a tax sufficient in amount to pay the interest on the
bonded debt of the municipality, and to provide a sinking fund to pay the principal at maturity.