54-17 Industrial Commission
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<![CDATA[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<br>state of North Dakota, certain utilities, industries, enterprises, including housing finance<br>programs, and business projects established by law must be known as the industrial commission<br>of North Dakota, but may be designated as the industrial commission. In the creation of the<br>industrial commission, it is the intention of the legislative assembly that all acts of the industrial<br>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<br>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<br>as the governor or a majority of the commission may determine. It must be provided by the<br>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<br>general. The commission shall appoint a secretary and may employ other subordinate officers,<br>employees, and agents, on such terms as the commission determines proper. The commission<br>may require suitable bonds of its secretary or other subordinate officers, employees, or agents.<br>The commission shall fix the amount of the compensation of the commission's secretary,<br>officers, employees, and agents and the secretary's salary may exceed the maximum salary in<br>the grade established for the classification assigned under chapter 54-44.3. The compensation,<br>together with other expenditures for operation and maintenance of the general business of the<br>commission, must remain within the appropriation available in each year for such purpose. The<br>commission may set the compensation, within the limits of legislative appropriation, for members<br>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<br>reimbursement for expenses, a salary, a per diem, or a combination of the three, as set by the<br>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,<br>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<br>contain a meaningful financial statement of each utility, industry, enterprise, and business project<br>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,<br>industries, enterprises, and business projects established, owned, undertaken, administered, or<br>operated by the state of North Dakota, except those carried on in penal, charitable, or<br>educational institutions or those conducted pursuant to chapter 65-08.1. All income earned on<br>state moneys that are deposited or invested to the credit of the industrial commission or any<br>agency, utility, industry, enterprise, or business project operated, managed, controlled, or<br>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<br>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<br>housing finance program which may, among other matters, establish requirements for the type<br>and purchase price of dwelling units and multifamily facilities eligible to be financed, the income<br>limits for eligible low or moderate income persons or families, the interest rates and other terms<br>of mortgage loans to be financed, requirements relating to federal or private mortgage insurance<br>or guarantees, and the general terms and conditions for the issuance and security of housing<br>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<br>or any national banking association located in North Dakota, state or federal savings<br>and loan association located in North Dakota, and federal housing administration<br>approved mortgagee or other mortgage banking institutions actively engaged in<br>home mortgage lending in North Dakota approved by the industrial commission.2."Multifamily housing facility" means any facility containing five or more residential<br>dwelling units; provided, that at least twenty percent of the units in each facility must<br>be held for occupancy by persons or families of low and moderate income for such<br>period of time as the industrial commission may determine and may include such<br>related public or private facilities intended for commercial, cultural, recreational,<br>community, or other civic purpose as the commission may approve.3."Persons and families of low or moderate income" means persons or families whose<br>financial means are insufficient, taking into account such factors as the industrial<br>commission shall deem relevant, to secure decent, safe, and sanitary housing<br>provided by private industry without the financial assistance afforded by the housing<br>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<br>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<br>programs:1.Home mortgage finance program. A program or programs to provide financing or<br>refinancing of loans made by lenders, including second mortgage loans and<br>leasehold mortgage loans on tribal trust or other reservation lands, and leasehold<br>mortgage loans that are insured or guaranteed through an affordable housing<br>program, to persons or families of low and moderate income for the purchase or<br>substantial rehabilitation of owner occupied, single-family residential dwelling units,<br>which includes mobile homes and manufactured housing.2.Mobile home and manufactured housing finance program. A program or programs<br>to provide for the purchase or guaranty of a loan made by a lender to finance the<br>purchase of a mobile home or a manufactured housing unit other than on a real<br>property mortgage basis. A program authorized under this subsection may provide<br>assistance in the development of low-income to moderate-income housing or to<br>otherwise assist a developing community in the state address an unmet housing<br>need or alleviate a housing shortage.Page No. 23.Multifamily housing finance program. A program or programs to provide financing<br>directly or indirectly of construction, permanent, and combined construction and<br>permanent mortgage loans, including participations in mortgage loans, for the<br>acquisition, construction, refurbishing, reconstruction, rehabilitation, or improvement<br>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<br>lender on residential real property or on land to be developed into residential real<br>property, in addition to a mortgage loan acquired or to be acquired under<br>subsections 1 through 3. A program authorized under this subsection may provide<br>assistance in the development of low to moderate income housing or to otherwise<br>assist a developing community in the state address an unmet housing need or<br>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<br>authorized by section 54-17-07.6 to encourage and promote housing availability for<br>persons of low or moderate income or to otherwise assist a developing community in<br>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<br>indebtedness of the state. The principal of and interest on such bonds are payable only from<br>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<br>face. The bonds may be sold at public or private sale, must mature not more than fifty years<br>from their date or dates, and must contain such terms and provisions as the commission shall<br>determine. The commission may capitalize from bond proceeds all expenses incidental to the<br>issuance of the bonds or to the applicable housing finance program, including, without limitation,<br>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, </p>
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