37-17.1-30. Hazard mitigation revolving loan fund - Purposes - Establishment - Continuing appropriation

37-17.1-30. Hazard mitigation revolving loan fund - Purposes - Establishment - Continuing appropriation. There is created a hazard mitigation revolving loan fund to coordinate funding for hazard mitigation activities in North Dakota. The department of emergency services will administer this fund in accordance with the Safeguarding Tomorrow through Ongoing Risk Mitigation Act [Pub. L. 116-284; 134 Stat. 4869]. Grants from the federal government or its agencies, including the federal emergency management agency, provided to the state for the capitalization of the hazard mitigation revolving loan fund, and required state matching funds, must be deposited in the hazard mitigation revolving loan fund in compliance with the terms of the grants. The principal of the grants must remain available for providing financial assistance as allowed under the Safeguarding Tomorrow through Ongoing Risk Mitigation Act [Pub. L. 116-284; 134 Stat. 4869]. All moneys placed in the fund under this section are appropriated to the department on a continuing basis. When moneys in the revolving loan fund are not required for current expenditures, they must be invested in interest-bearing obligations.