N.D. Cent. Code § 6-09-15.1
This is the official text of N.D. Cent. Code § 6-09-15.1, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-09-15.1. Loans to general fund authorized - Continuing appropriation - Report
Official statutory text
6-09-15.1. Loans to general fund authorized - Continuing appropriation - Report
The state treasurer and the director of the office of management and budget may, when the
balance in the state general fund is insufficient to meet legislative appropriations, borrow from
the Bank of North Dakota in an amount that at no time exceeds the total principal amount of fifty
million dollars with principal maturity not to extend beyond the biennium in which the borrowing
occurs. As a condition precedent to the loan, the state treasurer must request and obtain a
statement from the director of the office of management and budget and state tax commissioner
certifying that anticipated general fund revenues for the balance of the biennium in which the
loan is taken will exceed the principal amount and interest on the loan. The state industrial
commission may in turn direct the Bank of North Dakota to make loans to the state general fund
at such rates of interest as the industrial commission may prescribe. The state treasurer and the
director of the office of management and budget shall establish a repayment plan for the
repayment of the principal upon maturity and the interest when due. The office of management
and budget shall report to the budget section of the legislative management regarding any loans
obtained pursuant to this section.
The state treasurer and the director of the office of management and budget may, when the
balance in the state general fund is insufficient to meet legislative appropriations, borrow from
the Bank of North Dakota in an amount that at no time exceeds the total principal amount of fifty
million dollars with principal maturity not to extend beyond the biennium in which the borrowing
occurs. As a condition precedent to the loan, the state treasurer must request and obtain a
statement from the director of the office of management and budget and state tax commissioner
certifying that anticipated general fund revenues for the balance of the biennium in which the
loan is taken will exceed the principal amount and interest on the loan. The state industrial
commission may in turn direct the Bank of North Dakota to make loans to the state general fund
at such rates of interest as the industrial commission may prescribe. The state treasurer and the
director of the office of management and budget shall establish a repayment plan for the
repayment of the principal upon maturity and the interest when due. The office of management
and budget shall report to the budget section of the legislative management regarding any loans
obtained pursuant to this section.
Status: in_force · Read it on the official government site
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