North Dakota Code 6-09.9-05 – Interest buydown
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1. There is hereby established an interest rate buydown fund to be maintained by the industrial commission at the Bank of North Dakota.
Terms Used In North Dakota Code 6-09.9-05
- 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
- 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
- year: means twelve consecutive months. See North Dakota Code 1-01-33
2. The industrial commission may buy down or reduce the interest paid by a farmer or agribusiness on the Bank’s portion of the participation operating loans by up to an additional five percentage points a year below the amount provided in section 6-09.9-03.
3. Any interest buydown provided under this section must be repaid by the farmer or agribusiness not later than July 1, 1991, under terms approved by the Bank of North Dakota and pursuant to rules adopted by the industrial commission. Money collected under this subsection must be deposited in the fire and tornado fund in the state treasury.