North Dakota Century Code Title 15.1. Elementary and Secondary Education § 15.1-36-08. School construction assistance revolving loan fund--Bank of North Dakota--School construction projects--Continuing appropriation

a. Propose a new construction or remodeling project with a cost of at least one million dollars and an expected utilization of at least thirty years;

b. Obtain the approval of the superintendent of public instruction for the project under section 15.1-36-01;

d. Receive authorization for a bond issue in accordance with chapter 21-03; and

e. Submit a completed application to the Bank.

a. Propose a new construction or remodeling project on an air force base which has a cost of at least one million dollars and an expected utilization of at least thirty years;

b. Obtain the approval of the superintendent of public instruction for the project under section 15.1-36-01;

c. Obtain all necessary federal authorizations and funding commitments for the project; and

d. Submit a completed application to the Bank.

a. Student occupancy and academic needs in the district;

b. The age of existing structures to be replaced or remodeled;

c. Building design proposals that are based on safety and vulnerability assessments;

d. Community support;

e. Cost; and

f. Any other criteria established by the superintendent of public instruction, after consultation with an interim committee appointed by the legislative management.

a. If the school construction project totals less than seventy-five million dollars, the maximum loan amount for which a school district may qualify is ten million dollars. However, if a school district's unobligated general fund balance on the preceding June thirtieth exceeds the limitation under section 15.1-27-35.3, the loan amount under this section may not exceed eighty percent of the project's cost up to a maximum loan amount of eight million dollars;

b. If the school construction project totals seventy-five million dollars or more, the maximum loan amount for which a school district may qualify is twenty million dollars. However, if a school district's unobligated general fund balance on the preceding June thirtieth exceeds the limitation under section 15.1-27-35.3, the loan amount under this section may not exceed eighty percent of the project's cost up to a maximum loan amount of sixteen million dollars;

c. If the school construction project is on an air force base, the maximum loan amount for which the school district may qualify is the lesser of twenty percent of the project cost or twenty million dollars;

d. The term of the loan is twenty years, unless the board of the school district requests a shorter term in the written loan application; and

e. The interest rate of the loan may not exceed two percent per year.

f. A district with a school construction loan secured on the open bond market may apply to refinance the loan when callable with the school construction assistance revolving loan fund under this subsection.