CHAPTER 54-17INDUSTRIAL COMMISSION54-17-01. Industrial commission to manage industries of state and to act as a statehousing finance agency. The commission created to conduct and manage, on behalf of the state of North Dakota, certain utilities, industries, enterprises, including housing finance programs, and business projects established by law must be known as the industrial commission of North Dakota, but may be designated as the industrial commission. In the creation of the industrial commission, it is the intention of the legislative assembly that all acts of the industrial commission are the acts of the state of North Dakota functioning in its sovereign capacity.54-17-02. Industrial commission - Members - Quorum - Meetings. The industrialcommission of North Dakota shall consist of the governor, the attorney general, and the agriculture commissioner.The governor and one member constitute a quorum for thetransaction of business. The meetings of the commission must be held at such times and places as the governor or a majority of the commission may determine. It must be provided by the proper authorities with suitably furnished offices at the seat of government.54-17-03. Chairman and attorney - Secretary - Employees - Compensation - Bonds.The governor is the chairman of the industrial commission, and its attorney is the attorney general. The commission shall appoint a secretary and may employ other subordinate officers, employees, and agents, on such terms as the commission determines proper. The commission may require suitable bonds of its secretary or other subordinate officers, employees, or agents. The commission shall fix the amount of the compensation of the commission's secretary, officers, employees, and agents and the secretary's salary may exceed the maximum salary in the grade established for the classification assigned under chapter 54-44.3. The compensation, together with other expenditures for operation and maintenance of the general business of the commission, must remain within the appropriation available in each year for such purpose. The commission may set the compensation, within the limits of legislative appropriation, for members of a board, committee, or council that advises the commission.Notwithstanding any otherprovision of law, the compensation for any board, committee, or council member may include reimbursement for expenses, a salary, a per diem, or a combination of the three, as set by the commission.54-17-04. Seal of commission. The industrial commission shall adopt and procure anofficial seal and may authenticate therewith its documentary acts.54-17-05.Orders of commission - Approval by majority.All orders, rules,regulations, bylaws, and written contracts, adopted or authorized by the industrial commission, before becoming effective, must be approved by a majority of the commission.54-17-06. Biennial report. The industrial commission shall submit a biennial report tothe governor and the secretary of state in accordance with section 54-06-04. The report must contain a meaningful financial statement of each utility, industry, enterprise, and business project under its control.54-17-07. Industries under the industrial commission - Income on deposits andinvestments. The industrial commission shall operate, manage, control, and govern all utilities, industries, enterprises, and business projects established, owned, undertaken, administered, or operated by the state of North Dakota, except those carried on in penal, charitable, or educational institutions or those conducted pursuant to chapter 65-08.1. All income earned on state moneys that are deposited or invested to the credit of the industrial commission or any agency, utility, industry, enterprise, or business project operated, managed, controlled, or governed by the industrial commission must be added to and become a part of such moneys.54-17-07.1.Advisory board - Rules.The industrial commission shall appoint asix-member advisory board consisting of representatives of lenders, the residential real estate industry, the mobile home and manufactured housing industry, and homeowners and buyers,Page No. 1and in consultation with such board may adopt rules and regulations for the conduct of its housing finance program which may, among other matters, establish requirements for the type and purchase price of dwelling units and multifamily facilities eligible to be financed, the income limits for eligible low or moderate income persons or families, the interest rates and other terms of mortgage loans to be financed, requirements relating to federal or private mortgage insurance or guarantees, and the general terms and conditions for the issuance and security of housing revenue bonds to be issued.54-17-07.2. Definitions. As used in sections 54-17-07.1 through 54-17-07.7 and section54-17-07.10:1."Lenders" means any bank or trust company chartered by the state of North Dakota or any national banking association located in North Dakota, state or federal savings and loan association located in North Dakota, and federal housing administration approved mortgagee or other mortgage banking institutions actively engaged in home mortgage lending in North Dakota approved by the industrial commission.2."Multifamily housing facility" means any facility containing five or more residential dwelling units; provided, that at least twenty percent of the units in each facility must be held for occupancy by persons or families of low and moderate income for such period of time as the industrial commission may determine and may include such related public or private facilities intended for commercial, cultural, recreational, community, or other civic purpose as the commission may approve.3."Persons and families of low or moderate income" means persons or families whose financial means are insufficient, taking into account such factors as the industrial commission shall deem relevant, to secure decent, safe, and sanitary housing provided by private industry without the financial assistance afforded by the housing finance programs of the commission.4."Single-family residential dwelling unit" means any residential real property that:a.Is designed for occupancy by one to four individual households;b.Is an individual condominium or equity cooperative unit; orc.Is an individual nonrental dwelling unit the ownership of which includes rights of facilities in common.54-17-07.3.Housing finance programs.Acting in its capacity as a state housingfinance agency, the industrial commission is authorized to establish the following housing finance programs:1.Home mortgage finance program. A program or programs to provide financing or refinancing of loans made by lenders, including second mortgage loans and leasehold mortgage loans on tribal trust or other reservation lands, and leasehold mortgage loans that are insured or guaranteed through an affordable housing program, to persons or families of low and moderate income for the purchase or substantial rehabilitation of owner occupied, single-family residential dwelling units, which includes mobile homes and manufactured housing.2.Mobile home and manufactured housing finance program. A program or programs to provide for the purchase or guaranty of a loan made by a lender to finance the purchase of a mobile home or a manufactured housing unit other than on a real property mortgage basis. A program authorized under this subsection may provide assistance in the development of low-income to moderate-income housing or to otherwise assist a developing community in the state address an unmet housing need or alleviate a housing shortage.Page No. 23.Multifamily housing finance program. A program or programs to provide financing directly or indirectly of construction, permanent, and combined construction and permanent mortgage loans, including participations in mortgage loans, for the acquisition, construction, refurbishing, reconstruction, rehabilitation, or improvement of multifamily housing facilities.4.Mortgage loan financing program.A program or programs to provide for thepurchase or guaranty of a temporary or permanent mortgage loan originated by a lender on residential real property or on land to be developed into residential real property, in addition to a mortgage loan acquired or to be acquired under subsections 1 through 3. A program authorized under this subsection may provide assistance in the development of low to moderate income housing or to otherwise assist a developing community in the state address an unmet housing need or alleviate a housing shortage.5.Home improvement finance program.A program or programs to provide full orpartial, indirect financing of improvements to existing residential dwelling units.6.Housing grant program. A program or programs to provide a grant other than those authorized by section 54-17-07.6 to encourage and promote housing availability for persons of low or moderate income or to otherwise assist a developing community in this state address an unmet housing need or alleviate a housing shortage.54-17-07.4. Housing revenue bonds. In order to fund its housing finance programs, theindustrial commission is authorized to issue and refund revenue bonds or evidences of debt and indebtedness of the state. The principal of and interest on such bonds are payable only from revenues generated under the applicable housing finance programs.The bonds may notconstitute a debt of the state of North Dakota and must contain a statement to that effect on their face. The bonds may be sold at public or private sale, must mature not more than fifty years from their date or dates, and must contain such terms and provisions as the commission shall determine. The commission may capitalize from bond proceeds all expenses incidental to the issuance of the bonds or to the applicable housing finance program, including, without limitation, any reserves for the payment of the bonds.54-17-07.5. State reallocation under the Mortgage Subsidy Bond Tax Act of 1980.Repealed by S.L. 1987, ch. 630,
CHAPTER 54-17INDUSTRIAL COMMISSION54-17-01. Industrial commission to manage industries of state and to act as a statehousing finance agency. The commission created to conduct and manage, on behalf of the state of North Dakota, certain utilities, industries, enterprises, including housing finance programs, and business projects established by law must be known as the industrial commission of North Dakota, but may be designated as the industrial commission. In the creation of the industrial commission, it is the intention of the legislative assembly that all acts of the industrial commission are the acts of the state of North Dakota functioning in its sovereign capacity.54-17-02. Industrial commission - Members - Quorum - Meetings. The industrialcommission of North Dakota shall consist of the governor, the attorney general, and the agriculture commissioner.The governor and one member constitute a quorum for thetransaction of business. The meetings of the commission must be held at such times and places as the governor or a majority of the commission may determine. It must be provided by the proper authorities with suitably furnished offices at the seat of government.54-17-03. Chairman and attorney - Secretary - Employees - Compensation - Bonds.The governor is the chairman of the industrial commission, and its attorney is the attorney general. The commission shall appoint a secretary and may employ other subordinate officers, employees, and agents, on such terms as the commission determines proper. The commission may require suitable bonds of its secretary or other subordinate officers, employees, or agents. The commission shall fix the amount of the compensation of the commission's secretary, officers, employees, and agents and the secretary's salary may exceed the maximum salary in the grade established for the classification assigned under chapter 54-44.3. The compensation, together with other expenditures for operation and maintenance of the general business of the commission, must remain within the appropriation available in each year for such purpose. The commission may set the compensation, within the limits of legislative appropriation, for members of a board, committee, or council that advises the commission.Notwithstanding any otherprovision of law, the compensation for any board, committee, or council member may include reimbursement for expenses, a salary, a per diem, or a combination of the three, as set by the commission.54-17-04. Seal of commission. The industrial commission shall adopt and procure anofficial seal and may authenticate therewith its documentary acts.54-17-05.Orders of commission - Approval by majority.All orders, rules,regulations, bylaws, and written contracts, adopted or authorized by the industrial commission, before becoming effective, must be approved by a majority of the commission.54-17-06. Biennial report. The industrial commission shall submit a biennial report tothe governor and the secretary of state in accordance with section 54-06-04. The report must contain a meaningful financial statement of each utility, industry, enterprise, and business project under its control.54-17-07. Industries under the industrial commission - Income on deposits andinvestments. The industrial commission shall operate, manage, control, and govern all utilities, industries, enterprises, and business projects established, owned, undertaken, administered, or operated by the state of North Dakota, except those carried on in penal, charitable, or educational institutions or those conducted pursuant to chapter 65-08.1. All income earned on state moneys that are deposited or invested to the credit of the industrial commission or any agency, utility, industry, enterprise, or business project operated, managed, controlled, or governed by the industrial commission must be added to and become a part of such moneys.54-17-07.1.Advisory board - Rules.The industrial commission shall appoint asix-member advisory board consisting of representatives of lenders, the residential real estate industry, the mobile home and manufactured housing industry, and homeowners and buyers,Page No. 1and in consultation with such board may adopt rules and regulations for the conduct of its housing finance program which may, among other matters, establish requirements for the type and purchase price of dwelling units and multifamily facilities eligible to be financed, the income limits for eligible low or moderate income persons or families, the interest rates and other terms of mortgage loans to be financed, requirements relating to federal or private mortgage insurance or guarantees, and the general terms and conditions for the issuance and security of housing revenue bonds to be issued.54-17-07.2. Definitions. As used in sections 54-17-07.1 through 54-17-07.7 and section54-17-07.10:1."Lenders" means any bank or trust company chartered by the state of North Dakota or any national banking association located in North Dakota, state or federal savings and loan association located in North Dakota, and federal housing administration approved mortgagee or other mortgage banking institutions actively engaged in home mortgage lending in North Dakota approved by the industrial commission.2."Multifamily housing facility" means any facility containing five or more residential dwelling units; provided, that at least twenty percent of the units in each facility must be held for occupancy by persons or families of low and moderate income for such period of time as the industrial commission may determine and may include such related public or private facilities intended for commercial, cultural, recreational, community, or other civic purpose as the commission may approve.3."Persons and families of low or moderate income" means persons or families whose financial means are insufficient, taking into account such factors as the industrial commission shall deem relevant, to secure decent, safe, and sanitary housing provided by private industry without the financial assistance afforded by the housing finance programs of the commission.4."Single-family residential dwelling unit" means any residential real property that:a.Is designed for occupancy by one to four individual households;b.Is an individual condominium or equity cooperative unit; orc.Is an individual nonrental dwelling unit the ownership of which includes rights of facilities in common.54-17-07.3.Housing finance programs.Acting in its capacity as a state housingfinance agency, the industrial commission is authorized to establish the following housing finance programs:1.Home mortgage finance program. A program or programs to provide financing or refinancing of loans made by lenders, including second mortgage loans and leasehold mortgage loans on tribal trust or other reservation lands, and leasehold mortgage loans that are insured or guaranteed through an affordable housing program, to persons or families of low and moderate income for the purchase or substantial rehabilitation of owner occupied, single-family residential dwelling units, which includes mobile homes and manufactured housing.2.Mobile home and manufactured housing finance program. A program or programs to provide for the purchase or guaranty of a loan made by a lender to finance the purchase of a mobile home or a manufactured housing unit other than on a real property mortgage basis. A program authorized under this subsection may provide assistance in the development of low-income to moderate-income housing or to otherwise assist a developing community in the state address an unmet housing need or alleviate a housing shortage.Page No. 23.Multifamily housing finance program. A program or programs to provide financing directly or indirectly of construction, permanent, and combined construction and permanent mortgage loans, including participations in mortgage loans, for the acquisition, construction, refurbishing, reconstruction, rehabilitation, or improvement of multifamily housing facilities.4.Mortgage loan financing program.A program or programs to provide for thepurchase or guaranty of a temporary or permanent mortgage loan originated by a lender on residential real property or on land to be developed into residential real property, in addition to a mortgage loan acquired or to be acquired under subsections 1 through 3. A program authorized under this subsection may provide assistance in the development of low to moderate income housing or to otherwise assist a developing community in the state address an unmet housing need or alleviate a housing shortage.5.Home improvement finance program.A program or programs to provide full orpartial, indirect financing of improvements to existing residential dwelling units.6.Housing grant program. A program or programs to provide a grant other than those authorized by section 54-17-07.6 to encourage and promote housing availability for persons of low or moderate income or to otherwise assist a developing community in this state address an unmet housing need or alleviate a housing shortage.54-17-07.4. Housing revenue bonds. In order to fund its housing finance programs, theindustrial commission is authorized to issue and refund revenue bonds or evidences of debt and indebtedness of the state. The principal of and interest on such bonds are payable only from revenues generated under the applicable housing finance programs.The bonds may notconstitute a debt of the state of North Dakota and must contain a statement to that effect on their face. The bonds may be sold at public or private sale, must mature not more than fifty years from their date or dates, and must contain such terms and provisions as the commission shall determine. The commission may capitalize from bond proceeds all expenses incidental to the issuance of the bonds or to the applicable housing finance program, including, without limitation, any reserves for the payment of the bonds.54-17-07.5. State reallocation under the Mortgage Subsidy Bond Tax Act of 1980.Repealed by S.L. 1987, ch. 630,
CHAPTER 54-17INDUSTRIAL COMMISSION54-17-01. Industrial commission to manage industries of state and to act as a statehousing finance agency. The commission created to conduct and manage, on behalf of the state of North Dakota, certain utilities, industries, enterprises, including housing finance programs, and business projects established by law must be known as the industrial commission of North Dakota, but may be designated as the industrial commission. In the creation of the industrial commission, it is the intention of the legislative assembly that all acts of the industrial commission are the acts of the state of North Dakota functioning in its sovereign capacity.54-17-02. Industrial commission - Members - Quorum - Meetings. The industrialcommission of North Dakota shall consist of the governor, the attorney general, and the agriculture commissioner.The governor and one member constitute a quorum for thetransaction of business. The meetings of the commission must be held at such times and places as the governor or a majority of the commission may determine. It must be provided by the proper authorities with suitably furnished offices at the seat of government.54-17-03. Chairman and attorney - Secretary - Employees - Compensation - Bonds.The governor is the chairman of the industrial commission, and its attorney is the attorney general. The commission shall appoint a secretary and may employ other subordinate officers, employees, and agents, on such terms as the commission determines proper. The commission may require suitable bonds of its secretary or other subordinate officers, employees, or agents. The commission shall fix the amount of the compensation of the commission's secretary, officers, employees, and agents and the secretary's salary may exceed the maximum salary in the grade established for the classification assigned under chapter 54-44.3. The compensation, together with other expenditures for operation and maintenance of the general business of the commission, must remain within the appropriation available in each year for such purpose. The commission may set the compensation, within the limits of legislative appropriation, for members of a board, committee, or council that advises the commission.Notwithstanding any otherprovision of law, the compensation for any board, committee, or council member may include reimbursement for expenses, a salary, a per diem, or a combination of the three, as set by the commission.54-17-04. Seal of commission. The industrial commission shall adopt and procure anofficial seal and may authenticate therewith its documentary acts.54-17-05.Orders of commission - Approval by majority.All orders, rules,regulations, bylaws, and written contracts, adopted or authorized by the industrial commission, before becoming effective, must be approved by a majority of the commission.54-17-06. Biennial report. The industrial commission shall submit a biennial report tothe governor and the secretary of state in accordance with section 54-06-04. The report must contain a meaningful financial statement of each utility, industry, enterprise, and business project under its control.54-17-07. Industries under the industrial commission - Income on deposits andinvestments. The industrial commission shall operate, manage, control, and govern all utilities, industries, enterprises, and business projects established, owned, undertaken, administered, or operated by the state of North Dakota, except those carried on in penal, charitable, or educational institutions or those conducted pursuant to chapter 65-08.1. All income earned on state moneys that are deposited or invested to the credit of the industrial commission or any agency, utility, industry, enterprise, or business project operated, managed, controlled, or governed by the industrial commission must be added to and become a part of such moneys.54-17-07.1.Advisory board - Rules.The industrial commission shall appoint asix-member advisory board consisting of representatives of lenders, the residential real estate industry, the mobile home and manufactured housing industry, and homeowners and buyers,Page No. 1and in consultation with such board may adopt rules and regulations for the conduct of its housing finance program which may, among other matters, establish requirements for the type and purchase price of dwelling units and multifamily facilities eligible to be financed, the income limits for eligible low or moderate income persons or families, the interest rates and other terms of mortgage loans to be financed, requirements relating to federal or private mortgage insurance or guarantees, and the general terms and conditions for the issuance and security of housing revenue bonds to be issued.54-17-07.2. Definitions. As used in sections 54-17-07.1 through 54-17-07.7 and section54-17-07.10:1."Lenders" means any bank or trust company chartered by the state of North Dakota or any national banking association located in North Dakota, state or federal savings and loan association located in North Dakota, and federal housing administration approved mortgagee or other mortgage banking institutions actively engaged in home mortgage lending in North Dakota approved by the industrial commission.2."Multifamily housing facility" means any facility containing five or more residential dwelling units; provided, that at least twenty percent of the units in each facility must be held for occupancy by persons or families of low and moderate income for such period of time as the industrial commission may determine and may include such related public or private facilities intended for commercial, cultural, recreational, community, or other civic purpose as the commission may approve.3."Persons and families of low or moderate income" means persons or families whose financial means are insufficient, taking into account such factors as the industrial commission shall deem relevant, to secure decent, safe, and sanitary housing provided by private industry without the financial assistance afforded by the housing finance programs of the commission.4."Single-family residential dwelling unit" means any residential real property that:a.Is designed for occupancy by one to four individual households;b.Is an individual condominium or equity cooperative unit; orc.Is an individual nonrental dwelling unit the ownership of which includes rights of facilities in common.54-17-07.3.Housing finance programs.Acting in its capacity as a state housingfinance agency, the industrial commission is authorized to establish the following housing finance programs:1.Home mortgage finance program. A program or programs to provide financing or refinancing of loans made by lenders, including second mortgage loans and leasehold mortgage loans on tribal trust or other reservation lands, and leasehold mortgage loans that are insured or guaranteed through an affordable housing program, to persons or families of low and moderate income for the purchase or substantial rehabilitation of owner occupied, single-family residential dwelling units, which includes mobile homes and manufactured housing.2.Mobile home and manufactured housing finance program. A program or programs to provide for the purchase or guaranty of a loan made by a lender to finance the purchase of a mobile home or a manufactured housing unit other than on a real property mortgage basis. A program authorized under this subsection may provide assistance in the development of low-income to moderate-income housing or to otherwise assist a developing community in the state address an unmet housing need or alleviate a housing shortage.Page No. 23.Multifamily housing finance program. A program or programs to provide financing directly or indirectly of construction, permanent, and combined construction and permanent mortgage loans, including participations in mortgage loans, for the acquisition, construction, refurbishing, reconstruction, rehabilitation, or improvement of multifamily housing facilities.4.Mortgage loan financing program.A program or programs to provide for thepurchase or guaranty of a temporary or permanent mortgage loan originated by a lender on residential real property or on land to be developed into residential real property, in addition to a mortgage loan acquired or to be acquired under subsections 1 through 3. A program authorized under this subsection may provide assistance in the development of low to moderate income housing or to otherwise assist a developing community in the state address an unmet housing need or alleviate a housing shortage.5.Home improvement finance program.A program or programs to provide full orpartial, indirect financing of improvements to existing residential dwelling units.6.Housing grant program. A program or programs to provide a grant other than those authorized by section 54-17-07.6 to encourage and promote housing availability for persons of low or moderate income or to otherwise assist a developing community in this state address an unmet housing need or alleviate a housing shortage.54-17-07.4. Housing revenue bonds. In order to fund its housing finance programs, theindustrial commission is authorized to issue and refund revenue bonds or evidences of debt and indebtedness of the state. The principal of and interest on such bonds are payable only from revenues generated under the applicable housing finance programs.The bonds may notconstitute a debt of the state of North Dakota and must contain a statement to that effect on their face. The bonds may be sold at public or private sale, must mature not more than fifty years from their date or dates, and must contain such terms and provisions as the commission shall determine. The commission may capitalize from bond proceeds all expenses incidental to the issuance of the bonds or to the applicable housing finance program, including, without limitation, any reserves for the payment of the bonds.54-17-07.5. State reallocation under the Mortgage Subsidy Bond Tax Act of 1980.Repealed by S.L. 1987, ch. 630,