Title 21 — Governmental Finance

A duplicate of any bond, warrant, interest coupon, or other obligation of the state or of any political subdivision thereof may be issued if such obligation: 1. Becomes so mutilated or defaced as to be unfit for circulation and the same is surrendered and canceled; or 2. Is lost …

If any instrument which might be duplicated under the provisions of this chapter is due and payable, the same may be paid by the state treasurer or the treasurer of the political subdivision, as the case may be, without the issuance of a duplicate. 21-06-03. Duplication or paymen…

A record of all payments, reissues, and duplicates made in connection with mutilated, defaced, lost, or destroyed obligations must be kept by the state treasurer, or by the treasurer of the political subdivision, as the case may be, showing the date of such payments, duplicates o…

Repealed by S.L. 2015, ch. 140, § 4.

Repealed by S.L. 2015, ch. 140, § 4.

1. Counties, cities, school districts, park districts, water resource boards, and townships in this state may invest moneys in their general fund, or balances in any special or temporary fund, in: a. Bonds, treasury bills and notes, or other securities that are a direct obligatio…

The state or any department, division, bureau, commission, board, authority, agency or political subdivision thereof, may enter into any contract with the United States of America or with any agency thereof for the purchase or lease of any equipment, supplies, materials, or other…

The state, any of its departments, boards, bureaus, or commissions, by and with the approval of the governor, may make loans, or accept advances from the federal government, any agency or instrumentality thereof, for the purpose of aiding in financing the cost of architectural, e…

A political subdivision may expend federal revenue-sharing moneys for any purpose for which general or special fund moneys of the political subdivision may be expended, regardless of whether a tax levy by a vote of the political subdivision electorate has been made or is required…

Repealed by S.L. 1975, ch. 106, § 673.

Repealed by S.L. 1981, ch. 277, § 2.

The following terms, as used or referred to in this chapter, have the following meanings: 1. "Bonds" includes bonds, notes, warrants, debentures, certificates of indebtedness, temporary bonds, temporary notes, interim receipts, interim certificates, and all instruments or obligat…

All bonds heretofore issued by any public body for any purpose and in any manner consistent with the constitution of the state, and all proceedings heretofore taken by any such body for the authorization, issuance, sale, exchange, execution, and delivery of its bonds, and for the…

It is the intent hereof that, without limiting the generality of the foregoing: 1. This chapter applies to all defects, irregularities and omissions, other than constitutional, in the calling, notice, or conduct of any election, any public hearing, or any meeting of a governing b…

The provisions of this chapter relating to validation apply to all bonds issued and proceedings taken by any public body before July 1, 2009.

1. The board is charged with the investment of the funds enumerated in section 21-10-06. It shall approve general types of securities for investment by these funds and set policies and procedures regulating securities transactions on behalf of the various funds. Representatives o…

1. The governing body of each fund enumerated in section 21-10-06 shall establish policies on investment goals and objectives and asset allocation for each respective fund. The policies must provide for: a. The definition and assignment of duties and responsibilities to advisory …

Repealed by S.L. 1987, ch. 190, § 14.

The state investment board shall select one of its members to serve as chair, one to serve as vice chair, and shall meet at the call of the chair or upon written notice signed by two members of the board.

Subject to the limitations contained in the law or the policymaking regulations or resolutions adopted by the board, the investment director may sign and execute all contracts and agreements to make purchases, sales, exchanges, investments, and reinvestments relating to the funds…

1. Subject to the provisions of section 21-10-02, the board shall invest the following funds: a. State bonding fund. b. Teachers' fund for retirement. c. State fire and tornado fund. d. Workforce safety and insurance fund. e. Public employees retirement system. f. Insurance regul…

The board shall annually prepare reports on the investment performance of each fund under its control. The reports must be uniform and must include: 1. A list of the advisory services managing investments for the board. 2. A list of investments at market value, compared to previo…

The amounts necessary to pay for investment costs, such as investment counseling fees, trustee fees, custodial fees, performance measurement fees, expenses associated with money manager searches, expenses associated with onsite audits and reviews of investment managers, and asset…

1. The state investment board shall maintain a publicly accessible website containing information regarding all legacy fund investments. 2. The website must list all companies, funds, and other financial mechanisms in which the legacy fund is invested in accordance with state and…

The state investment board shall apply the prudent investor rule in investing for funds under its supervision. The "prudent investor rule" means that in making investments the fiduciaries shall exercise the judgment and care, under the circumstances then prevailing, that an insti…

Notwithstanding section 21-10-07, for purposes of investment of the legacy fund, the state investment board shall give preference to qualified investment firms and financial institutions with a presence in the state.

In order to meet claims and liabilities, reserves must be established and maintained in each of the funds in accordance with the investment policy and asset allocation established for each fund.

1. As used in this section, "social investment" means the consideration of socially responsible criteria and environmental, social, and governance impact criteria in the investment or commitment of public funds for the purpose of obtaining an effect other than a maximized return …

No member, officer, agent, or employee of the state investment board may profit in any manner from transactions on behalf of the funds. Any person violating any of the provisions of this section is guilty of a class A misdemeanor.

Repealed by S.L. 1989, ch. 667, § 13.

1. The legacy and budget stabilization fund advisory board is created to develop recommendations for the investment of funds in the legacy fund and the budget stabilization fund to present to the state investment board. 2. The goal of investment for the legacy fund is principal p…

Repealed by S.L. 2025, ch. 555, § 25.

Repealed by S.L. 2025, ch. 555, § 25.

As used in this chapter, unless the context clearly requires otherwise, the following definitions apply: 1. "Ceiling" means the dollar amount applicable to North Dakota for any calendar year for the issuance of tax-exempt private activity bonds, as determined under the Tax Reform…

In lieu of the formula set out in the Tax Reform Act for allocating the ceiling among the state's governmental units, the governor shall, by executive order or proclamation, establish a different allocation formula which may allocate to a governmental unit a portion of the ceilin…

Allocations of the ceiling may be made on the basis of the chronological receipt of completed applications or, if completed applications are received on the same day by the governor, according to the earliest inducement resolution date, or on a case-by-case basis without regard t…

The governor may establish, by executive order or proclamation, other procedures and requirements for the proper allocation of the ceiling, which may include the following: 1. The procedure for notification of approval or disapproval of application for an allocation. 2. The perio…

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 foll…

Except as limited by this section, a bank or a credit union and political subdivision may agree to terms and conditions of a bank or credit union loan, including the rate of interest and any collateral. 1. A political subdivision may have no more than five hundred thousand dollar…

If designated revenues are not sufficient to pay a loan balance, in addition to the designated revenues, the political subdivision may set aside up to ten percent of the amount of the collections from current tax revenues to pay to the lending bank or credit union on a monthly ba…

Any political subdivision of the state authorized to issue evidence of indebtedness, prior to or subsequent to adoption of any or all of the proceedings regarding the issuance of that evidence of indebtedness or proceedings relating to the payment of that evidence of indebtedness…

The court shall fix the time for the hearing of the petition provided for in this chapter and shall order the clerk of court to have published a notice of the filing of the petition, stating the time and place the court will hear the petition, and stating that any person interest…

Any person interested in the proceedings for issuance or sale of the evidence of indebtedness or proceedings relating to the payment of the evidence of indebtedness may answer the petition. The provisions of title 28 and the North Dakota Rules of Civil Procedure relating to the a…

At the time and place for the hearing, the court shall find and determine whether the notice of the filing of the petition has been published. When the court has determined that it has jurisdiction to hear the petition, it shall proceed with the hearing and shall conduct the hear…

As used in this chapter, the following terms have the following meanings: 1. "Authorized officer" means any individual required or permitted, alone or with others, by any provision of law or by the issuing public entity, to execute on behalf of the public entity a certificated re…

1. Each issuer is authorized to establish and maintain a system of registration with respect to each obligation which it issues. The system may either be: a. A system pursuant to which only certificated registered public obligations are issued. b. A system pursuant to which only …

1. A certificated registered public obligation must be executed by the issuer by the manual or facsimile signature or signatures of authorized officers. Any signature of an authorized officer may be attested by the manual or facsimile signature of another authorized officer. 2. I…

1. Any certificated registered public obligation signed by the authorized officers at the time of the signing thereof remains valid and binding, notwithstanding that before the issuance thereof any or all of such officers have ceased to fill their respective offices. 2. Any autho…

When a seal is required or permitted in the execution of any certificated registered public obligation, an authorized officer may cause the seal to be printed, engraved, stamped, or otherwise placed in facsimile thereon. The facsimile seal has the same legal effect as the impress…

1. An issuer may appoint for such term as may be agreed, including for so long as a registered public obligation may be outstanding, corporate or other authenticating agents, transfer agents, registrars, paying, or other agents, specify the terms of their appointment, including t…