North Dakota Code 61-02-79 – Bank of North Dakota – Line of credit
Current as of: 2023 | Check for updates
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The Bank of North Dakota shall extend a line of credit not to exceed one hundred million dollars at the prevailing interest rate charged to North Dakota government entities. The department of water resources shall repay the line of credit from funds available in the resources trust fund or other funds, as appropriated by the legislative assembly. The department of water resources may access the line of credit, as necessary, to provide up to fifty million dollars for the northwest area water supply project and up to fifty million dollars for the southwest pipeline project during the biennium beginning July 1, 2023, and ending June 30, 2025.
Terms Used In North Dakota Code 61-02-79
- 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