The legacy investment for technology fund is a special fund in the state treasury and must be administered by the department of commerce. All moneys in the fund are appropriated to the department of commerce on a continuing basis for the purpose of providing legacy investment technology loans and for administrative expenses. The department of commerce shall deposit in the legacy investment for technology fund all principal and interest paid on loans made from the fund. Interest earned on moneys in the fund must be credited to 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.

Terms Used In North Dakota Code 6-09.18-05

  • Legacy: A gift of property made by will.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
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