North Dakota Code 54-30-27 – Certificate of indebtedness issued to meet interest due on bonds
If there are not sufficient funds in the real estate bond sinking fund to meet the payment of principal and interest due on real estate series bonds on any principal or interest payment date, the state treasurer may borrow sufficient funds by the issuance of certificates of indebtedness of the state to make such payment. Such certificates shall be issued in anticipation of taxes to be levied, must be signed by the governor and the state treasurer, must mature not more than thirty months from date of issuance, and must bear interest at a rate not to exceed twelve percent per annum if sold at private sale, with no interest rate ceiling if sold at public sale. Such certificates of indebtedness must be in the form prescribed by the state treasurer. When such money is borrowed by the state, the fund is to be reimbursed annually as provided in section 54-30-26.
Terms Used In North Dakota Code 54-30-27
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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