1.    There is created a long-term care facility loan fund. The fund consists of revenue transferred from the North Dakota health care trust fund, interest upon moneys in the fund, and collections of interest and principal on loans made from the fund.

Terms Used In North Dakota Code 6-09.16-03

  • Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02

2.    The Bank of North Dakota shall administer the loan fund. Funds in the loan fund may be used for:

a.    Loans as provided in this chapter and as approved by the department under chapter 50-30; and

b.    The costs of administration of the fund. 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.    Any money in the fund not required for use under subsection 2 must be transferred to the North Dakota health care trust fund.

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