54-16-13. Authority to borrow funds for a disaster - Continuing appropriation.
240 words·~1 min read·
/nd/title-54/chapter-54-16-emergency-commission/54-16-13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any board, agency, commission, or officer of the state, subject to the approval of the emergency commission and the budget section of the legislative management, may borrow moneys from the Bank of North Dakota for the purpose of responding to a disaster within the state as declared by the governor pursuant to chapter 37-17.1. The amount of moneys borrowed is limited to the amount of any estimated federal reimbursement for repair, recovery, or response relating to a disaster within the state, unless the state contingencies appropriation is inadequate to pay the estimated state share of the costs, then moneys may be borrowed up to one hundred percent of the costs incurred by the agency.
Any interest payments on the funds borrowed must be paid from funds transferred to the agency from the state contingencies appropriation as authorized by the emergency commission and budget section. Any moneys borrowed from the Bank of North Dakota pursuant to this section are appropriated and may be spent by the board, agency, commission, or officer of this state for the repair, recovery, or response relating to a disaster within the state. If it appears to the borrower that at the end of the biennium the amount available to repay the amount borrowed plus interest is insufficient to totally repay the Bank of North Dakota, the borrower shall request from the legislative assembly a deficiency appropriation sufficient for the repayment of the amount borrowed plus interest.