N.D. Cent. Code § 11-11.1-03

Current through 2024 Legislative Session

Section 11-11.1-03 - Powers and duties of job development authorities

The job development authority or joint job development authority shall use its financial and other resources to encourage and assist in the development of employment and promotion of tourism within the county or counties. In fulfilling this objective, the authority may exercise the following powers:

1. To sue and be sued.

2. To make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the authority.

3. To hire professional personnel skilled in seeking and promoting new or expanded opportunities within the county or counties.

4. To make, amend, and repeal resolutions consistent with the provisions of this chapter as necessary to carry into effect the powers and purposes of the authority.

5. To acquire by gift, trade, or purchase, and to hold, improve, and dispose of property.

6. To certify a tax levy as provided in section 11-11.1-04 and to expend moneys raised by the tax for the purposes provided in this chapter. A job development authority may accept and expend moneys from any other source.

7. To insure or provide for insurance of any property in which the authority has an insurable interest.

8. To invest any funds held by the authority.

9. To cooperate with political subdivisions in exercising any of the powers granted by this section, including enabling agreements permitted under chapter 54-40.

10. To loan, grant, or convey any funds or other property held by the authority for any purpose necessary or convenient to carry into effect the objective of the authority established by this chapter.

11. To use existing uncommitted funds held by the authority to guarantee loans or make other financial commitments to enhance economic development.

12. To take equity positions in, provide loans to, or use other innovative financing mechanisms to provide capital for new or expanding businesses in this state or for businesses relocating to this state.

13. To exercise any other powers necessary to carry out the purposes and provisions of this chapter.

N.D.C.C. § 11-11.1-03