North Dakota Century Code Title 61. Waters § 61-02-72. Revenue bonds of commission are legal and valid investments of financial institutions--Exemption from taxation

Notwithstanding any restrictions contained in any other law, the state and all public officers, boards, and agencies, and political subdivisions and agencies thereof, all national banking associations, state banks, trust companies, savings banks and institutions, savings and loan associations, investment companies, and other persons carrying on a banking business, and all executors, administrators, guardians, trustees, and other fiduciaries, may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any bonds issued by the commission pursuant to this chapter, and the bonds are authorized security for public deposits.  The bonds, and the interest thereon, are exempt from all state, county, and municipal taxes.