Title 54 — State Government
128 chapters · 1,241 sections in this title.
N.D.C.C. § 54-17.2-01 Definitions
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As used in this chapter, unless the context or subject matter requires otherwise: 1. "Commission" means the industrial commission acting as the North Dakota building authority created under this chapter. 2. "Evidences of indebtedness" means bonds, notes, debentures, and other evi…
N.D.C.C. § 54-17.2-02 Commission - Evidence of indebtedness issuance
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The commission is a North Dakota instrumentality empowered, subject to legislative authorization, to issue evidences of indebtedness to make funds available for a project or projects as directed by the legislative assembly.
N.D.C.C. § 54-17.2-02.1 Evidences of indebtedness conditions - Continued authority
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The commission may issue evidences of indebtedness subject to the condition that payments under financing agreements shall begin no earlier than the first business day of the biennium following the biennium of issuance. Although the authority to issue evidences of indebtedness fo…
N.D.C.C. § 54-17.2-02.2 Continuing appropriation
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The moneys received by the industrial commission from the sale of evidences of indebtedness and moneys received by the industrial commission or the state agencies and institutions from revenue generated by projects authorized by the legislative assembly, are hereby appropriated a…
N.D.C.C. § 54-17.2-03 Powers
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Except as otherwise limited by this chapter, the commission may: 1. Enter into agreements, including financing agreements, with respect to its projects, operation, properties, and facilities, subject to agreements with holders of evidences of indebtedness. 2. Sue and be sued. 3. …
N.D.C.C. § 54-17.2-04 Purpose of commission
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The public purpose of the commission is to promote the general welfare of the citizens of this state by providing financing for projects for use primarily by the state.
N.D.C.C. § 54-17.2-05 Transfer of state property to commission - Services by state agencies
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The state may transfer jurisdiction of or title to any property under its control to the commission. All state agencies may render any and all services to the commission as are within the area of their respective governmental functions and as may be required by the commission, in…
N.D.C.C. § 54-17.2-05.1 Lease of state property to commission - Leaseback to state
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Notwithstanding any other provision in this chapter, the state may lease any project or other property to the commission, in lieu of a transfer of title, and the commission may sublease or leaseback any such project or property back to the state in connection with any financing b…
N.D.C.C. § 54-17.2-08 State's option to purchase - Conveyance on exercise of option
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A financing agreement must provide that the state may, at the expiration of the original or any extended term, purchase the project at a stated price, which must be the balance of the total project cost not amortized by the payments previously made by the state. The financing agr…
N.D.C.C. § 54-17.2-09 Insurance and credit enhancements added to payments
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A financing agreement may provide that the state shall provide insurance or, as additional payment under a financing agreement, pay the cost of insuring the project against loss or damage in such sum agreed to by the parties. The financing agreement may also provide for payment o…
N.D.C.C. § 54-17.2-11 Costs and reserves to be covered by rent and charges or other payments
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Payments under a financing agreement for a project must be sufficient at all times to pay any maintenance and operation costs for the project, unless the maintenance and operation costs are otherwise provided for under the financing agreement, the principal of and interest on any…
N.D.C.C. § 54-17.2-12 Tax exemption of commission's property
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All property owned by the commission is exempt from taxation. 54-17.2-13. Resolutions for evidences of indebtedness authorized - Maximum amount outstanding - Legislative approval required. The commission may at any time provide by resolution for the issuance of evidences of indeb…
N.D.C.C. § 54-17.2-17 Covenants and contracts with holders of evidences of indebtedness
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In any resolution of the commission relating to the issuance of any evidence of indebtedness, the commission may provide by covenants with the holders of the evidences of indebtedness, to: 1. Secure the evidences of indebtedness. 2. Covenant against pledging all or any part of it…
N.D.C.C. § 54-17.2-18 Validity of signature by officers
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Evidences of indebtedness must be executed by a member or members of the commission as designated by the commission, or by facsimile signature and the manual signature of a designated authenticating agent. Any evidences of indebtedness bearing the signature of members in office a…
N.D.C.C. § 54-17.2-19 Restrictions on obligation stated on face of evidences of indebtedness
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Evidences of indebtedness must state upon their face that they are payable solely from moneys derived by the commission as provided in this chapter. Evidences of indebtedness must state upon their face that they do not constitute an obligation of the state within the meaning of a…
N.D.C.C. § 54-17.2-20 Disposition of income - Building authority fund
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The proceeds of and any revenue derived from the sale of evidences of indebtedness, charges, fees, or rentals, and all other revenue derived from any project undertaken pursuant to this chapter must be held in trust for the purposes of this chapter, in a special fund known as the…
N.D.C.C. § 54-17.2-22 Capital construction account
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Repealed by S.L. 1993, ch. 38, § 19.
N.D.C.C. § 54-17.2-23 State building authority lease payments - Limitation
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The general fund amount of lease payments for a biennium associated with capital construction projects financed by the industrial commission acting as the state building authority may not exceed the amount equal to a portion of sales, use, and motor vehicle excise tax collections…