Loan issuance.

67-10-02-06. Loan issuance. The superintendent shall submit approved loan applications to the board and the board shall issue a loan from the coal development trust fund in the order submitted by the superintendent and terms as provided in subsection 4 of North Dakota Century Code section 15.1-36-02. 1. Minimum loan is two hundred fifty thousand dollars; maximum loan is five million dollars. 2 2. Term of the loan is twenty years, or less if requested by the district. 3. Interest rate may not exceed two percent per year. History: Effective January 1, 2018; amended effective July 1, 2024. General Authority: NDCC 15.1-36-02, 28-32-02 Law Implemented: NDCC 15.1-36-02 3