Interim financing notes or guarantees not a state obligation - Payment restricted to revenues - Notes or guarantees not a lien
N.D. Cent. Code § 61-02-68.12
in effect61-02-68.12. Interim financing notes or guarantees not a state obligation - Payment
restricted to revenues - Notes or guarantees not a lien.
Interim financing notes issued by the commission under this chapter or guarantees provided
under section 61-02-68.14, 61-02-68.15, 61-02-68.16, 61-02-68.17, 61-02-68.18, or
61-02-68.19 are not a debt or liability of this state and do not constitute a loan of the credit of
this state or create any debt or debts, liability or liabilities on behalf of this state, or be or
constitute a pledge of the faith and credit of this state, but all notes or guarantees are payable
solely from funds pledged or available for their payment as authorized in this chapter. The notes
or guarantees do not constitute a charge, lien, nor encumbrance, legal or equitable, upon any
property of the commission, other than funds received pursuant to an interim financing
agreement.
Each note issued under this chapter must recite in substance that the note, including
interest thereon, is payable solely from a loan or grant to be made by an agency or
instrumentality of the United States government, or North Dakota, and that the note does not
constitute a debt of the commission within the meaning of any constitutional or statutory limit.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t61c02.pdf#nameddest=61-02-68p12Fetched: 10/16/2026