Section 33.1-35-01-17 - Financing method1. A loan shall be made for a period of time not to exceed thirty years or the design life of the wastewater treatment works facility, whichever is shorter.2. Interest on the loan accrues and must be paid as provided in the loan agreement.3. All repayment schedules must be established by the terms and conditions of the loan agreement. The repayment by the political subdivision of the loan will begin within one year after the project is capable of operation or: a. For special assessment warrants, upon a date which is sufficient to allow time for special assessments to be spread in the tax levy year for the political subdivision; andb. For revenue bonds, at the time specified in the respective loan agreement which shall reasonably attempt to begin after the project is in full operation. In all cases, repayments must begin within one year after the project is capable of operation.
N.D. Admin Code 33.1-35-01-17
Adopted by Administrative Rules Supplement 370, October 2018, effective 1/1/2019.General Authority: NDCC 61-28.2-01; S.L. 2017, ch. 199, § 1
Law Implemented: NDCC 61-28.2-01; S.L. 2017, ch. 199, § 70