Interim financing notes guaranteed by United States agency or instrumentality - Limitations
N.D. Cent. Code § 61-02-68.2
in effect61-02-68.2. Interim financing notes guaranteed by United States agency or
instrumentality - Limitations.
In addition to its other powers, the commission may enter into interim financing and loan
agreements with any owner or owners to loan the proceeds of the commission's interim
financing notes to any owner or owners for works or projects authorized by this chapter
anywhere within this state and to adopt the necessary resolution therefor, without regard to the
limitations, provisions, or requirements of any other law, except those of this chapter. Before any
such agreement can be entered into, an agency or instrumentality of the United States
government, including the farmers home administration or the old west regional commission, or
any agency of this state, including the Bank of North Dakota, must have committed itself to
make a grant or loan to such owner or owners. Under this section, the commission may only
provide interim financing less than or equal to the federal or state grant or loan commitment on
each project and may not apply the proceeds of such notes and financing to any purpose other
than expenses allowed by section 61-02-68.1 and the project or works for which the loan
agreement is made. Notes authorized by sections 61-02-68.1 through 61-02-68.13 shall not be
considered revenue bonds under section 61-02-46, and the proceeds of any such notes shall
not be part of any commission fund as enumerated in section 61-02-64, and need not be
deposited in the state treasury.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t61c02.pdf#nameddest=61-02-68p2Fetched: 10/16/2026