The Bank of North Dakota shall transfer the outstanding principal balance of the consolidation loan authorized in section 9 of chapter 19 of the 2017 Session Laws to the infrastructure revolving loan fund, on August 1, 2023. Any accrued and unpaid interest of the consolidation loan authorized in section 9 of chapter 19 of the 2017 Session Laws must be consolidated with the principal balance of the loan transferred to the infrastructure revolving loan fund. The loan must have an interest rate of two percent and a final maturity date not to extend beyond July 1, 2053.

Terms Used In North Dakota Code 61-40-14

  • 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
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