5.To receive and accept aid, grants, or contributions of money or other things of value
from any source to be held, used, and applied to carry out the purposes of this
chapter, subject to the conditions upon which the aid, grants, or contributions are
made, including aid, grants, or contributions from any department, agency, or
instrumentality of the United States for any purpose consistent with the provisions of
this chapter.
6.To issue and sell evidences of indebtedness in an amount or amounts as the
commission may determine, plus costs of issuance, financing, and any evidences of
indebtedness funded reserve funds required by agreements with or for the benefit of
holders of the evidences of indebtedness for the purpose of funding research,
development, and marketing projects, processes
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5. To receive and accept aid, grants, or contributions of money or other things of value
from any source to be held, used, and applied to carry out the purposes of this
chapter, subject to the conditions upon which the aid, grants, or contributions are
made, including aid, grants, or contributions from any department, agency, or
instrumentality of the United States for any purpose consistent with the provisions of
this chapter.
6. To issue and sell evidences of indebtedness in an amount or amounts as the
commission may determine, plus costs of issuance, financing, and any evidences of
indebtedness funded reserve funds required by agreements with or for the benefit of
holders of the evidences of indebtedness for the purpose of funding research,
development, and marketing projects, processes, or activities directly related to lignite
and products derived from lignite.
7. To refund and refinance its evidences of indebtedness from time to time as often as it
is advantageous and in the public interest to do so, and to pledge any and all income
and revenues derived by the commission under this chapter or from a project, process,
or activity funded under this chapter to secure payment or redemption of the evidences
of indebtedness.
8. To keep accurate records of all financial transactions performed under this chapter.
9. To adopt and enforce policies to effectuate the purpose of this chapter.
54-17.5-05. Evidences of indebtedness.
1. Evidences of indebtedness issued by the industrial commission under this chapter are
payable solely from:
a. Appropriations by the legislative assembly from moneys in the lignite research
fund.
b. Revenues or income that may be received by the commission from lignite
projects, processes, or activities funded under this chapter with the proceeds of
the commission's evidences of indebtedness.
c. Revenues or income received by the commission under this chapter from any
source.
2. Not later than July fifteenth of each year preceding the biennial session of the
legislative assembly, the industrial commission shall submit to the office of the budget
a request for the amount required to be appropriated from the lignite research fund to
pay debt service on outstanding evidences of indebtedness during the following
biennium.
3. The evidences of indebtedness are not subject to taxation by the state or any of its
political subdivisions and are not debt of the state or of any officer or agent of the state
within the meaning of any statutory or constitutional provision. The evidences of
indebtedness must be executed by the manual or facsimile signature of a member or
members of the commission and the manual signature of a designated authenticating
agent. Any evidences of indebtedness bearing the signature of a member of the
commission in office at the date of signing are valid and binding for all purposes
notwithstanding that before delivery the person has ceased to be a member of the
commission.
4. The industrial commission shall establish and maintain a reserve fund for evidences of
indebtedness issued under this chapter. There must be deposited in the reserve fund:
a. All moneys appropriated by the legislative assembly to the commission for the
purpose of the reserve fund.
b. All proceeds of evidences of indebtedness issued under this chapter required to
be deposited in the reserve fund by the terms of any contract between the
commission and the holders of its evidences of indebtedness or any resolution of
the commission concerning the proceeds of its evidences of indebtedness.
c. Any lawfully available moneys of the commission which it may determine to
deposit in the reserve fund.
d. Any moneys from any other source made available to the commission for deposit
in the reserve fund.
5. Moneys in the reserve fund may be expended only to pay the principal of and interest
on evidences of indebtedness, including payment of any premium required to be paid
when evidences of indebtedness are redeemed prior to maturity, and sinking fund
installments as the same become due and payable.
6. Moneys in the reserve fund may only be withdrawn in conformity with the terms of any
contract between the commission and the holders of its evidences of indebtedness or
any resolution of the commission concerning the proceeds of its evidences of
indebtedness.
7. The industrial commission must include in its biennial request to the office of the
budget the amount, if any, necessary to restore the reserve fund to an amount equal to
the amount required to be deposited in the fund by the terms of any contract or
resolution described in subdivision b of subsection 4. The legislative assembly may
appropriate such amount from the lignite research fund to the commission for deposit
in the reserve fund. If sufficient moneys are not available in the lignite research fund,
the legislative assembly may appropriate any amount necessary out of any moneys in
the general fund or any special funds in the state treasury not otherwise appropriated.