North Dakota Code 54-17.5-05 – Evidences of indebtedness
1. Evidences of indebtedness issued by the industrial commission under this chapter are payable solely from:
Terms Used In North Dakota Code 54-17.5-05
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- 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
- year: means twelve consecutive months. See North Dakota Code 1-01-33
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.