North Dakota § 24-02-40.1 Grant or revenue anticipation financing

North Dakota Statutes

§ 24-02-40.1 — Grant or revenue anticipation financing

North Dakota § 24-02-40.1

Title 24Highways, Bridges, and Ferries

Ch. 24-02Director of the Department of Transportation

This text of North Dakota § 24-02-40.1 (Grant or revenue anticipation 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 § 24-02-40.1 (2026).

Text

Notwithstanding any other provision of law, the department, whenever needed for the liberty
memorial bridge improvement project and the United States highway 2 project improvements,
may arrange with any state-owned or private financing agency or underwriter, including the
Bank of North Dakota, grant or revenue anticipation financing through the issuance of evidences
of indebtedness on such terms and conditions as the department determines if construction
funds on hand are insufficient to meet current obligations or to achieve cost-savings or
efficiencies in road construction. The department may refund the evidences of indebtedness as
often as it is advantageous to do so. Evidences of indebtedness may be sold at public or private
sale and must mature not more than fifteen years from their d

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Notwithstanding any other provision of law, the department, whenever needed for the liberty
memorial bridge improvement project and the United States highway 2 project improvements,
may arrange with any state-owned or private financing agency or underwriter, including the
Bank of North Dakota, grant or revenue anticipation financing through the issuance of evidences
of indebtedness on such terms and conditions as the department determines if construction
funds on hand are insufficient to meet current obligations or to achieve cost-savings or
efficiencies in road construction. The department may refund the evidences of indebtedness as
often as it is advantageous to do so. Evidences of indebtedness may be sold at public or private
sale and must mature not more than fifteen years from their date or dates, and the proceeds of
the sale may be invested on such terms and conditions as the department determines. Grant or
revenue anticipation financing must be in amounts no larger than can be repaid from moneys
known or reasonably anticipated to be due and forthcoming. The grant or revenue anticipation
financing may not be used in anticipation of increased federal aid highway grants or increased
state highway user revenue funds, and the financing may not be obligated for road construction
that cannot be financed from known sources of grants or revenue. The department may pledge
any federal aid grants received or to be received for debt service and related issuance costs for
evidences of indebtedness issued under this section directly to a trustee in trust for payment to
holders of the evidences of indebtedness. The department may also pledge any biennially
appropriated revenues for debt service on the evidences of indebtedness directly to a trustee in
trust for payment to holders of the evidences of indebtedness. Any evidences of indebtedness
issued under this section are not general obligations or debt of the state, the department, or any
public officer or employee of the department or this state. The principal of and interest on the
evidences of indebtedness are limited obligations payable solely from grants or revenues
received or to be received by the department. The department may capitalize from proceeds of
the evidences of indebtedness all expenses incidental to issuing the evidences of indebtedness,
including any reserves for payment of the evidences of indebtedness.