67-10-02-05. Loan approval - Demonstration of need.

To be approved for a loan under this chapter, the district must submit all information requested by the superintendent and submit the application provided by the superintendent.

In order to be approved for a loan under this section, the district must clearly demonstrate and provide narrative, documents, and/or other written evidence that the loan application is necessary to fund:

1. An unanticipated construction project;

2. An unanticipated replacement project; or

3. An emergency repair.

History: Effective January 1, 2018.

General Authority: NDCC 15.1-36-02, 28-32-02

Law Implemented: NDCC 15.1-36-02