N.D. Admin Code 67-10-03-04 - Loan issuance

Upon approval of the superintendent, the Bank of North Dakota shall issue a loan from the school construction assistance revolving loan fund.

1. The maximum loan is fifteen million dollars if the project is less than seventy-five million dollars. The maximum loan is thirty million dollars if the project is seventy-five million dollars or more.

2. If the school district's unobligated general fund balance on the preceding June thirtieth exceeds limitations set in North Dakota Century Code section 15.1-27-35.3, the maximum loan may not exceed eighty percent of the project cost up to a maximum loan of twelve million dollars if the project is less than seventy-five million dollars. If the project exceeds seventy-five million dollars the maximum loan may not exceed eighty percent of the project cost up to a maximum loan of twenty-four million dollars.

3. The term of the loan is twenty years, or less at the request of the board.

4. The interest rate may not exceed two percent per year.

Notes

N.D. Admin Code 67-10-03-04

Adopted by Administrative Rules Supplement 367, January 2018, effective 1/1/2018. Amended by Administrative Rules Supplement 2024-393, July 2024, effective 7/1/2024.

General Authority: NDCC 15.1-27-35.3, 15.1-36-01, 15.1-36-08, 28-32-02

Law Implemented: NDCC 15.1-36-08