N.D. Cent. Code § 54-30-01: Authority for issuing bonds of North Dakota, real estate series - Purpose of issue

An issue of bonds of the state of North Dakota, to be known as "bonds of North Dakota, real estate series", is authorized and directed under the conditions and in the manner and for the purposes set forth in this chapter. Such issue of bonds is authorized for the purpose of making delivery thereof to the industrial commission of North Dakota, as provided in this chapter, to the end that the commission, by negotiation and sale of the bonds, may procure necessary funds for the Bank of North Dakota, thus replacing in the Bank the funds employed by it from time to time in making loans upon first mortgages of real estate.