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ND HB1069

Bill

Official Source

Status

Introduced

1/4/2011

Primary Sponsor

David Rust

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Origin

House of Representatives

62nd Legislative Assembly

AI Summary

  • Amends section 15.1-36-04 of the North Dakota Century Code regarding school district borrowing authority
  • Removes the five million dollar cap on principal amounts for school district loans and evidences of indebtedness
  • Replaces the dual limitation (30% of taxable valuation or $5 million) with a single standard based on the loan amount for which the district is eligible under chapter 15.1-36
  • Maintains that evidences of indebtedness issued under this chapter constitute general obligations of the school district
  • Allows school district boards to issue and sell debt instruments to finance construction or improvement of approved projects

Legislative Description

School district evidences of indebtedness.

Last Action

Request return from committee

1/10/2011

Committee Referrals

Education1/4/2011

Full Bill Text

No bill text available