Loan issuance

Upon approval of the superintendent, the Bank of North Dakota shall issue a loan from the school construction assistance revolving loan fund. 1. The maximum loan is ten million dollars if the project is less than seventy-five million dollars. The maximum loan is twenty million dollars if the project is seventy-five million dollars or more. 2. If the school district's unobligated general fund balance on the preceding June thirtieth exceeds limitations set in North Dakota Century Code section 15.1-27-35.3, the maximum loan may not exceed eighty percent of the project cost up to a maximum loan of eight million dollars if the project is less than seventy-five million dollars. If the project exceeds seventy-five million dollars the maximum loan may not exceed eighty percent of the project cost up to a maximum loan of sixteen million dollars. 3. The term of the loan is twenty years, or less at the request of the board. 4. The interest rate may not exceed two percent per year.