N.D. Admin. Code 67-10-02-06

Current through Supplement No. 395, January, 2025

Section 67-10-02-06 - Loan issuance

The superintendent shall submit approved loan applications to the board and the board shall issue a loan from the coal development trust fund in the order submitted by the superintendent and terms as provided in subsection 4 of North Dakota Century Code section 15.1-36-02.

1. Minimum loan is two hundred fifty thousand dollars; maximum loan is five million dollars.

2. Term of the loan is twenty years, or less if requested by the district.

3. Interest rate may not exceed two percent per year.

N.D. Admin Code 67-10-02-06

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 15.1-36-02, 28-32-02

Law Implemented: NDCC 15.1-36-02