Bonds issued under this chapter are payable solely from: 1. Revenues to be received by the commission from the operation of a works financed with the bonds. 2. Any other revenues available to the commission.
61-02-68. State treasurer to pay interest on bonds - Redemption of bonds - Appropriation. Repealed by S.L. 1995, ch. 588, § 18.
61-02-68.1. Borrowing on interim notes - Expenses paid and loans made from proceeds - Issuance of notes. The commission, pursuant to appropriate resolution, and in order to carry out the business of developing the water resources of this state as provided in this chapter, may borrow money and issue interim financing notes (the terms "interim notes" or "notes", unless the context otherwise requires, may be used in sections 61-02-68.1 through 61-02-68.19 in lieu of the term "interim financing notes") in evidence thereof in order to provide owners with construction period financing. The construction period financing may include the costs of construction of works or projects, funding of debt service reserves and capitalized interest, and the payment of the costs of issuance.
61-02-68.2. Interim financing notes guaranteed by United States agency or instrumentality - Limitations. In addition to its other powers, the commission may enter into interim financing and loan agreements with any owner or owners to loan the proceeds of the commission's interim financing notes to any owner or owners for works or projects authorized by this chapter anywhere within this state and to adopt the necessary resolution therefor, without regard to the
limitations, provisions, or requirements of any other law, except those of this chapter. Before any such agreement can be entered into, an agency or instrumentality of the United States government, including the farmers home administration or the old west regional commission, or any agency of this state, including the Bank of North Dakota, must have committed itself to make a grant or loan to such owner or owners. Under this section, the commission may only provide interim financing less than or equal to the federal or state grant or loan commitment on each project and may not apply the proceeds of such notes and financing to any purpose other than expenses allowed by section 61-02-68.1 and the project or works for which the loan agreement is made. Notes authorized by sections 61-02-68.1 through 61-02-68.13 shall not be considered revenue bonds under section 61-02-46, and the proceeds of any such notes shall not be part of any commission fund as enumerated in section 61-02-64, and need not be deposited in the state treasury.