North Dakota § 24-02-40 Short-term financing

North Dakota Statutes

§ 24-02-40 — Short-term financing

North Dakota § 24-02-40

Title 24Highways, Bridges, and Ferries

Ch. 24-02Director of the Department of Transportation

This text of North Dakota § 24-02-40 (Short-term financing) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 24-02-40 (2026).

Text

The department is hereby authorized, whenever needed, to arrange, with any state-owned
or private financing agency, including the Bank of North Dakota, short-term loans in the event
that construction funds on hand are insufficient to meet current obligations. Short-term financing
as provided herein must be in amounts no larger than can be repaid within four years from
moneys known to be due and forthcoming. In no event may such short-term financing be used
in anticipation of increased federal-aid highway grants or increased state highway user revenue
funds, nor may such loans be obligated for road construction that cannot be financed from a
known source of income.

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The department is hereby authorized, whenever needed, to arrange, with any state-owned
or private financing agency, including the Bank of North Dakota, short-term loans in the event
that construction funds on hand are insufficient to meet current obligations. Short-term financing
as provided herein must be in amounts no larger than can be repaid within four years from
moneys known to be due and forthcoming. In no event may such short-term financing be used
in anticipation of increased federal-aid highway grants or increased state highway user revenue
funds, nor may such loans be obligated for road construction that cannot be financed from a
known source of income.