54-17.2-07. Terms, conditions, and payment under financing agreements - Automatic biennial extension provisions

54-17.2-07. Terms, conditions, and payment under financing agreements - Automatic biennial extension provisions. Financing agreements may be entered into by the commission: 1. Upon terms, conditions, and payment provisions, subject to available appropriations, as in the judgment of the commission are in the public interest; and 2. For an original term of not to exceed two years, with an automatic extension of the term of the financing agreement, unless specifically rejected by the legislative assembly, for a term of two years from the expiration of the original term of the financing agreement and for two years from the expiration of each extended term of the financing agreement, until the original term of the financing agreement has been extended for a total number of years to be agreed upon by the parties at a payment which, if paid for the original term and for each of the full number of years for which the term of the financing agreement may be extended, will amortize the total project cost of the project. The payment must be paid at the times agreed upon by the parties to the financing agreement.