37-17.1-32. Hazard mitigation revolving loan fund - Loan authorization

37-17.1-32. Hazard mitigation revolving loan fund - Loan authorization 1. When approved by the emergency commission, the office of the adjutant general is authorized to borrow from the Bank of North Dakota, to match federal funds provided for the implementation of the hazard mitigation revolving loan fund. In addition to the principal repayment, the Bank of North Dakota shall receive interest on the loan at a rate equal to other state agency borrowings. After the state receives approval from the federal emergency management agency to fund projects that utilize the hazard mitigation revolving loan fund, the office of the adjutant general shall submit a request to the emergency commission for: a. Approval to make an application for a loan from the Bank of North Dakota; b. Approval for additional personnel required to perform the anticipated mitigation activities; and c. If required, authority to spend additional state and federal funds for the mitigation program. 2. If the request is acceptable, the emergency commission shall approve the request and issue a notice of its action to the office of the adjutant general, Bank of North Dakota, and the office of management and budget. The office of the adjutant general shall keep the emergency commission apprised of the progress of the hazard mitigation revolving loan fund and report on the implementation of the loan fund on an annual basis. The office of the adjutant general is responsible to repay any loan, including accrued interest, from the Bank of North Dakota which is provided under this section. If at the end of the biennium a balance exists on the loan, the office of the adjutant general shall request the legislative assembly for a deficiency appropriation to repay the loan.