North Dakota Const. art. 10, § 14 — North Dakota Constitution / Article 10 / Section 14
1.
Status: in_force

Section 14.
1.
Notwithstanding  any  other  provision  in  the  constitution,  and  for  the  purpose  of 
promoting the economic growth of the state, the development of its natural resources, 
and the prosperity and welfare of its people, the state may issue bonds and use the 
proceeds thereof to make loans to privately or cooperatively owned enterprises to 
plan, construct, acquire, equip, improve, and extend facilities for converting natural 
resources into power and generating and transmitting such power, and to acquire real 
and personal property and water and mineral rights needed for such facilities.
2.
The state may issue general obligation bonds for this purpose to an amount which, 
with all outstanding general obligation bonds, less the amount of all money on hand 
and taxes in process of collection which are appropriated for their payment, will not 
exceed five percent of the full and true value of all of the taxable property in the state, 
to be ascertained by the last assessment made for state and county purposes: but 
nothing  herein  shall  increase  or  diminish  the  limitations  established  by  other 
provisions of the constitution on the amount of bonds therein authorized to be issued.
3.
The state may also issue revenue bonds for the purpose of providing part or all of the 
funds required for any project undertaken under subsection 1, payable solely from 
sums realized from payments of principal and interest on money loaned for such 
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project, and from other similar projects if so determined by the legislature, and from 
the liquidation of security given for such payments. Revenue bonds issued for any 
project shall not exceed the cost thereof, including all expenses reasonably incurred 
to complete and finance the project, but shall not be subject to any other limitation of 
amount.
4.
The full faith and credit of the state shall be pledged for the prompt and full payment 
of all bonds issued under subsection 2. Its obligation with respect to bonds issued 
under subsection 3 shall be limited to the prompt and full performance of such 
covenants as the legislature may authorize to be made respecting the enforcing of 
the provisions of underlying loan agreements and the segregation, accounting, and 
application of bond proceeds and of loan payments and other security pledged for the 
payment of the bonds. All bonds authorized by subsections 1 to 3, inclusive, shall 
mature within forty years from their respective dates of issue, but may be refunded at 
or before maturity in such manner and for such term and upon such conditions as the 
legislature may direct. Any such bonds may, but need not be, secured by mortgage 
upon real or personal property acquired with the proceeds of the same or any other 
issue of general obligation or revenue bonds, or upon other property mortgaged by 
the debtor. Pledges of revenues and mortgages of property securing bonds of any 
issue may be prior or subordinate to or on a parity with pledges and mortgages 
securing any other issue of general obligation or revenue bonds, as determined by 
the legislature from time to time in conformity with any provisions made for the 
security of outstanding bonds.
5.
The  legislature  shall  pass  such  laws  as  are  appropriate  to  implement  this 
amendment.
6.
If any subsection of this amendment, or any part of a subsection, or any application 
thereof  to particular  circumstances  should  be  held  invalid  for any reason,  such 
invalidity shall not affect the validity of all remaining provisions of this amendment 
which may be given effect without that which is declared invalid, as applied to any 
circumstances and for this purpose all subsections and parts of subsections and 
applications thereof are declared to be severable.