ND SB2071

Amends subsection 3 of section 53-06.2-08 of the North Dakota Century Code to allow racing commission license applicants to provide letters of credit as an alternative to bonds for security.

License applicants must provide either a bond or letter of credit payable to the state with good security approved by the North Dakota Racing Commission.

The bond or letter of credit amount is determined by the commission based on the amount normally due and owing to the state in a regular payment period, or for new or altered conditions, based on projected revenues.

Senate passed 47-0; House passed 58-26 with 10 absent during the 2015 regular session.