N.D. Admin Code 67-10-03-02 - Loan eligibility
To be eligible for a loan a
1. Obtain project approval from the
superintendent pursuant to North Dakota Century Code section
15.1-36-01.
2. Propose a project
for new construction or remodel with a cost of at least one million dollars and
expected utilization of at least thirty years.
3. Publish information in the official
newspaper regarding additional millage and dollar increase per one thousand
dollars of taxable valuation along with the:
a. Notice of election to authorize the school
construction bond issuance; or
b.
Initial resolution in accordance with subsection 7 of North Dakota Century Code
section 21-03-07.
4.
Post notice of the information on the district website.
5. Receive authorization for a bond issue
under North Dakota Century Code chapter 21-03.
6. The board must submit a completed
application to the Bank of North Dakota.
7. A district with a school construction loan
secured on the open bond market may apply to refinance the loan when callable
with the school construction assistance revolving loan fund.
Notes
General Authority: NDCC 15.1-36-01, 15.1-36-08, 21-03, 28-32-02
Law Implemented: NDCC 15.1-36-08
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
1. To be eligible for a loan a district must:
a. Obtain project approval from the superintendent pursuant to North Dakota Century Code section 15.1-36-01.
b. Propose a project for new construction or remodel with a cost of at least one million dollars and expected utilization of at least thirty years.
c. Publish information in the official newspaper regarding additional millage and dollar increase per one thousand dollars of taxable valuation along with the notice of election to authorize the school construction bond issuance.
d. Post notice of the information on the district website.
e. Receive authorization for a bond issue under North Dakota Century Code chapter 21-03.
2. The board shall submit a completed application to the Bank of North Dakota.
Notes
General Authority: NDCC 15.1-36-01, 15.1-36-08, 21-03, 28-32-02
Law Implemented: NDCC 15.1-36-08