NDAC 67-10-03-02
Loan eligibility
Cite as N.D. Admin. Code § 67-10-03-02
To be eligible for a loan a district must:
1.
Obtain project approval from the superintendent pursuant to North Dakota Century Code
section 15.1-36-01.
2.
Propose a project for new construction or remodel with a cost of at least one million dollars
and expected utilization of at least thirty years.
3.
Publish information in the official newspaper regarding additional millage and dollar increase
per one thousand dollars of taxable valuation along with the:
a.
Notice of election to authorize the school construction bond issuance; or
b.
Initial resolution in accordance with subsection 7 of North Dakota Century Code section
21-03-07.
4.
Post notice of the information on the district website.
5.
Receive authorization for a bond issue under North Dakota Century Code chapter 21-03.
6.
The board must submit a completed application to the Bank of North Dakota.
7.
A district with a school construction loan secured on the open bond market may apply to
refinance the loan when callable with the school construction assistance revolving loan fund.