North Dakota Administrative Code
Title 67 - Public Instruction, Superintendent of
Article 67-10 - School Construction Loan Application and Loan Approval
Chapter 67-10-03 - School Construction Loan Application and Loan Approval - School Construction Assistance Revolving Loan Fund
Section 67-10-03-04 - Loan issuance

1. The maximum loan is fifteen million dollars if the project is less than seventy-five million dollars. The maximum loan is thirty million dollars if the project is seventy-five million dollars or more.

2. If the school district's unobligated general fund balance on the preceding June thirtieth exceeds limitations set in North Dakota Century Code section 15.1-27-35.3, the maximum loan may not exceed eighty percent of the project cost up to a maximum loan of twelve million dollars if the project is less than seventy-five million dollars. If the project exceeds seventy-five million dollars the maximum loan may not exceed eighty percent of the project cost up to a maximum loan of twenty-four million dollars.

3. The term of the loan is twenty years, or less at the request of the board.

4. The interest rate may not exceed two percent per year.