AGO 81-006.

• Case Date: February 03, 1981
• Court: North Dakota

North Dakota Attorney General Opinions 1981. AGO 81-006. STATE OF NORTH DAKOTA ATTORNEY GENERAL'S OPINION 81-6Date Issued: February 3, 1981Requested by: Industrial Commission- QUESTION PRESENTED - Whether the Bank of North Dakota can transfer its future undivided profits from time to time to the community water facility loan fund established under section 6-09.5-03 of the North Dakota Century Code to a maximum amount of ten million dollars without a specific authorization from the Legislature beyond the initial five million dollars appropriated.- ATTORNEY GENERAL'S OPINION - It is my opinion that it was the specific intent of the Legislature that under section 6-09.5-03, N.D.C.C., the Bank of North Dakota cannot transfer its undivided future profits from time to time to the community water facility loan fund to a maximum total of ten million dollars without a specific additional appropriation from the Legislature beyond the initial five million dollars appropriated. - ANALYSIS - Section 6-09.5-03, N.D.C.C., states:

A community water facility loan fund with an authorized ceiling of ten million dollars is hereby established from the future undivided profits of the Bank of North Dakota. This shall be a revolving fund, and all moneys transferred into the fund, interest upon fund moneys, and collections of interest and principal on fund loans shall be used for the purposes of this chapter.

In House Bill 1018, the legislation that became section 6-09.5-03, N.D.C.C., a specific schedule was established as follows:

Five million dollars from the future undivided profits of the Bank shall be transferred to the fund through quarterly transfers of one million two hundred fifty thousand dollars on each of the following dates: July 1, 1978; October 1, 1978; January 1, 1979; and April 1, 1979.

The Community Water Facility Loan Act was enacted as Chapter 81 of the Session Laws of the Forty-fifth Session of the Legislative Assembly and took effect on July 1, 1977. The above-listed schedule for the transfer of moneys from the future undivided profits of the Bank to the revolving fund was enacted as a part of Section 3 of the Act but now appears as a note to section 6-09.5-03, N.D.C.C. The manner in which public moneys are to be paid out and disbursed is governed by Section 186 of the North Dakota Constitution, as amended, which provides as...