Upon receiving the assignments provided for in section 54-30-02, the state treasurer shall notify the governor, the state auditor, and the secretary of state, each of whom immediately shall inspect them or cause them to be inspected. Thereupon, the state treasurer immediately shall prepare for issue, and the governor and the state treasurer thereafter shall issue, negotiable bonds of North Dakota in an amount not exceeding the principal amount remaining unpaid of the outstanding loans secured by the mortgages so delivered to the state treasurer plus costs of issuance and any reasonably required reserve funds.
N.D. Cent. Code § 54-30-03
State treasurer to inspect assignment and prepare bonds - Governor and treasurer to issue bonds
Known as the Second Real Estate Bond Act
The act spans §§ 54–54 (36 sections).
Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.