North Dakota Code 17-03-03 – Fund – Purpose – Interest rate buydown
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Moneys in the fund must be used for the purpose of buying down the interest rate on loans made by a lead financial institution in participation with the Bank of North Dakota. The Bank of North Dakota’s participation may not exceed eighty percent nor be less than fifty percent of the total loans.
Terms Used In North Dakota Code 17-03-03
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC