North Dakota Century Code Title 6. Banks and Banking § 6-09.14-04. Fund moneys--Eligible uses

1. The fund moneys may be used to participate in an interest rate buydown on a loan to a new or expanding business for the following eligible uses:

2. The loan funds cannot be used to refinance any existing debt or for the relocation of the business within North Dakota.

3. The community shall determine the amount of the interest rate buydown and apply to the Bank of North Dakota for participation from the partnership in assisting community expansion fund. The funds for the community's portion of the buydown may come from a local development corporation, contributions, community funds, future dedicated tax programs, or any other community source.

4. The fund participation portion in the buydown must be determined by the Bank of North Dakota based on economic conditions in the city or county in which the business is located.

6. The fund participation must be limited to the amount required to buy down the interest to five hundred basis points below the national prime interest rate.

7. The Bank of North Dakota shall adopt rules to implement this chapter.