ND HB1494

Bank of North Dakota must set interest rates at market rate when making loans to taxing district political subdivisions that impose additional property or sales tax, apply special assessments, or increase utility fees to repay the loan.

Bank of North Dakota must inquire whether a political subdivision borrower is a taxing district before making a loan.

Bank of North Dakota must ask whether the political subdivision will use property tax, sales tax, special assessments, or increased utility fees to repay any loan.

Creates new section to chapter 6-09 of the North Dakota Century Code overriding contrary provisions of law regarding Bank of North Dakota loan interest rates.