§ 54-63.1-07 — Clean sustainable energy fund - Continuing appropriation - Line of credit - Loans - Repayments

North Dakota § 54-63.1-07

• Jurisdiction: North Dakota
• Title 54: State Government
• Ch. 54-63.1: Clean Sustainable Energy Authority

Text

Loans - Repayments.
1. There is created in the state treasury the clean sustainable energy fund. The fund
consists of all moneys transferred to the fund by the legislative assembly; loan
proceeds; interest upon moneys in the fund; principal and interest payments to the
fund; and donations, grants, and other contributions received by the commission for
deposit in the fund. All moneys in the fund are appropriated to the commission on a
continuing basis to provide grants, loans, and other financial assistance and for
administrative and operating costs of the authority and program pursuant to the
provisions under this chapter.
2. Any bond proceeds deposited in the fund must be used for loans or loan guarantees.
The Bank of North Dakota shall deposit in the fund all principal and interest paid on the
loans made from the fund. The Bank may use a portion of the interest paid on the
outstanding loans as a servicing fee to pay for administrative costs, not to exceed
one-half of one percent of the amount of the interest payment. The fund must be
audited annually pursuant to section 6-09-29, and the cost of the audit must be paid
from the fund.
3. The Bank of North Dakota shall extend a line of credit to the industrial commission to
support loans or loan guarantees issued from the clean sustainable energy fund. The
line of credit may not exceed three hundred ninety million dollars, and the interest rate
associated with the line of credit must be the prevailing interest rate charged to North
Dakota governmental entities. The industrial commission shall repay the line of credit
from moneys available in the clean sustainable energy fund derived from payments
received on loans issued under this chapter or other sources. If the moneys available
from the clean sustainable energy fund on June 30, 2029, are not sufficient to repay
the line of credit, the industrial commission shall request from the legislative assembly
a deficiency appropriation to repay the line of credit or the industrial commission may
repay the line of credit from other funds, as appropriated by the legislative assembly.
4. The industrial commission may access the line of credit to the extent needed through
June 30, 2029, to provide funding as authorized by the legislative assembly to support
loans or loan guarantees issued from the clean sustainable energy fund. Any moneys
borrowed from the Bank of North Dakota pursuant to this section must be transferred
to the clean sustainable energy fund to support loans or loan guarantees.