AN ACT to authorize the administrative committee of veterans affairs to obtain a loan from the Bank of North Dakota to match federal funds available for an addition to the soldiers' home, and to provide an appropriation.
BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF THE STATE OF NORTH DAKOTA:
SECTION 1. AUTHORITY TO OBTAIN LOAN FROM BANK OF NORTH DAKOTA - CONDITIONS.) The administrative committee on veterans affairs is authorized to obtain a loan from the Bank of North Dakota for the purpose of meeting matching requirements for receiving federal funds to construct, modify, or alter domiciliary facilities at the soldiers' home. The loan authorized by this section shall not exceed four hundred fifty-five thousand dollars. The loan is to be used solely for the purpose of meeting matching requirements for obtaining federal funds under 38 U.S.C., subchapter V, and the authority to apply for any such loan is conditional upon receiving a grant of such federal funds for the use of the soldiers' home. The loan obtained from the bank of North Dakota under this section shall be repaid within ten years from funds available in the soldiers' home improvement fund. Amounts necessary to repay the loan shall be dedicated in the fund for repayment of the loan principal and interest and such amounts are hereby appropriated for repayment of such loan, with interest.
SECTION 2. APPROPRIATION.) There is hereby appropriated out of any moneys available from private and public sources, not otherwise appropriated, the sum of $1,300,000.00, or so much thereof as may be necessary, to the soldiers' home for the purpose of constructing, modifying, or altering domiciliary facilities at the soldiers' home for the biennium beginning July 1, 1977, and ending June 30, 1979.