Use of loan funds
N.D. Cent. Code § 6-09.18-06
in effect6-09.18-06. Use of loan funds
Loan recipients shall use legacy investment technology loan funds to enhance capacity and,
to the extent possible, leverage state, federal, and private sources of funding. An entity receiving
a loan under this chapter may not use the funds for capital or building investments or for
research or other activities not identified in this chapter. The funds may not be used for
academic or instructive programming, workforce training, administrative costs, or to supplant
funding for regular operations of institutions of higher education. Unless otherwise approved by
the committee, loan recipients may use funding only to conduct applied research,
experimentation, or operational testing within the state. If an entity awarded a loan no longer
conducts its activities in the state, the interest rate of the loan shall default to the rate of a
standard Bank of North Dakota loan.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://ndlegis.gov/cencode/t06c09-18.pdf#nameddest=6-09p18-06Fetched: 10/16/2026