As used in this chapter, unless the context or subject matter otherwise requires: 1. "Political subdivision" means a local government unit created by statute or by the Constitution of North Dakota for local governmental or other public purposes. 2. "Revenue" means any of the following: a. Amounts to be received from a distribution of federal moneys, including bureau of Indian affairs contracts. b. Amounts to be received from a distribution of state moneys pursuant to a state appropriation or a state statutory or constitutional provision.
21-13-02. Political subdivision authority to enter agreement for bank or credit union loans. A political subdivision may borrow against its anticipated revenue, from a bank or credit union located in this state. A bank or credit union loan and terms must be authorized by resolution of the governing body for the political subdivision. The resolution must identify the revenue to be used to repay the loan and any collateral that will secure repayment of the loan. The loan agreement must be signed on behalf of the political subdivision by the president, chairman, or equivalent officer, and also by the political subdivision's auditor, business manager, secretary, or equivalent officer.