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.

History: Effective January 1, 2018; amended effective July 1, 2024.

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

Law Implemented: NDCC 15.1-36-02