ND HB1103

State boards, agencies, commissions, and officers may borrow funds from the Bank of North Dakota for disaster or emergency response, subject to emergency commission approval and governor declaration under chapter 37-17.1.

Borrowing is limited to estimated state costs and federal cost-share reimbursement for repair, recovery, or response relating to a disaster or emergency.

If state contingencies appropriation is inadequate to pay the estimated state share of costs, funds may be borrowed up to one hundred percent of the costs incurred by the agency.

Interest payments on borrowed funds must be paid from state contingencies appropriation or other funds as authorized by the emergency commission.

Borrowed moneys are automatically appropriated for disaster-related repair, recovery, or response, and if insufficient funds remain at biennium end to repay the loan plus interest, the borrower must request a deficiency appropriation from the legislative assembly.