North Dakota Century Code 6-09.4 created and established the North Dakota Public Finance Authority for the purpose of making loans to political subdivisions of the State through the purchase of municipal securities which, in the opinion of the Attorney General of North Dakota, are properly eligible for purchase by the Authority. Subject to credit and program requirements, a loan can be made by the Authority to a political subdivision for any purpose for which the political subdivision has the legal authority to borrow money through the issuance of municipal securities. Effective August 1, 2005, the law allows the Authority to purchase qualified small issue bond and to issue industrial development bonds covered under ND Century Code Chapter 40-57 (Municipal Industrial Development Act).
The Authority, which is under the operation, control and management of the Industrial Commission of North Dakota, is a self-supporting state agency. The costs and expenses of operation of the Authority are financed with earnings on program assets and fees paid by participating political subdivisions.
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