N.D. Cent. Code § 15-55-08: Who may invest in bonds

Any bank or trust company organized under the laws of this state may invest its capital and surplus in bonds issued under this chapter. Any state board, bureau, institution, or industry having the power to invest public funds or the funds of such board, bureau, institution, or industry may invest said funds in bonds issued pursuant to this chapter in the same manner and under the same restrictions as are provided by law for other investments. The officers having charge of any sinking fund of any county, city, town, township, or school district thereof may invest the sinking fund of such county, city, town, township, or school district in bonds issued under the provisions thereof. The bonds are authorized collateral security for the deposit of any public funds and for the investment of trust funds.