The Authority offers Certificates of Indebtedness to schools for short-term (generally less than 1 year) needs. The maximum amount a school district may borrow under a Certificate of Indebtedness is limited to 5% of the prior year's ending budget plus the maximum cumulative monthly deficit.

Under its School Construction Financing Program (SCF), the Authority makes loans to school districts for the purpose of financing projects for which districts may issue general obligation bonds under NDCC Section 21-03. Subject to credit requirements and certain program requirements, financing is available in any dollar amount.

The interest rates payable by a school district are market rates which are set through a competitive bid process when the Authority issues and sells its program bonds to fund a loan. The interest rates paid by the Authority on its program bonds are the same rates a school district will pay on its bonds sold to the Authority for the loan.

The SCF has been assigned a rating of "AA-" by Standard & Poors Ratings Group.

A description of the application process and the program guidelines are included with the application.

Loan Application

»School Financing Application

»Worksheet for Calculation of Loan Amount

Bond Counsel

»Bond Counsel