CHAPTER 6-09.12 OIL AND GAS DEVELOPMENT LOANS 6-09.12-01. Definitions
In this chapter, unless the context otherwise requires: 1
"Developer" means a resident of this state or a corporation generating fifty percent or more of its income within this state
"Oil and gas development" means oil and gas well reworking operations; oil and gas well recompletion operations; oil and gas enhanced recovery operations, including secondary and tertiary recovery operations; and purchase of producing oil and gas wells
"Oil and gas development project" means a project financed under this chapter
2
3
6-09.12-02. Bank of North Dakota may make loans for oil and gas development projects
The North Dakota industrial commission shall establish a program through the Bank of North Dakota for the purpose of participating in loans made by North Dakota financial institutions for oil and gas development projects undertaken by developers within the state. The Bank's total participation in any one loan may not exceed one hundred thousand dollars. The interest on a loan may not be greater than the Bank's base rate as in effect from time to time and may float
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