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ND SB2311

Bill

Official Source

Status

Passed

4/12/2017

Primary Sponsor

Brad Bekkedahl

Click for details

Origin

Senate

65th Legislative Assembly

AI Summary

  • Bank of North Dakota shall provide a letter of credit to a city in the northwest corner of the state with a population over 20,000 residents that is constructing an airport and subject to bonding requirements under section 52-04-06.1
  • Letter of credit shall cover the construction term not to exceed five years
  • Bank of North Dakota shall charge a one-time fee of no more than three-quarters of one percent of the total letter of credit amount
  • The city obtaining the letter of credit assumes all liability for the letter of credit, the fee, and any other requirements under section 52-04-06.1
  • Passed with overwhelming support: Senate voted 47-0 and House voted 92-0 (2 absent)

Legislative Description

AN ACT to provide for a Bank of North Dakota letter of credit.

Last Action

Signed by Governor 04/12

4/12/2017

Committee Referrals

Industry, Business, and Labor1/23/2017

Full Bill Text

No bill text available