N.D. Cent. Code § 15-55-02
For the purpose of paying all or part of, but not to exceed, the cost of construction, equipment, and furnishing of any such buildings or any addition to existing buildings, or other campus improvements, or in order to refund any outstanding bonds or interim financing issued for such purpose, the state board of higher education may borrow money on the credit of the income and revenue to be derived from the operation of the said building or buildings or other campus improvements, and, in anticipation of such collections of such income and revenues, may issue negotiable bonds in such an amount as, in the opinion of the board, may be necessary for such purposes, all within the limits of the authority granted by the legislative assembly in each instance, and may provide for the payment of such bonds and the rights of the holders thereof as provided in this chapter. The bonds may bear such date or dates; mature at such time or times not exceeding fifty years from their date; be in such denomination or denominations; be in such form, either coupon or registered; carry such registration and conversion privileges; be executed in such manner; be payable in such medium of payment at such place or places; be subject to such terms of redemption with or without premium; bear such rate or rates of interest; and be subject to such other terms or conditions as may be provided by resolution or resolutions to be adopted by the board. The bonds may be sold in such manner and at such price or prices as may be considered by the board to be advisable. The average net interest cost to maturity for any bond issues sold at private sale may not exceed twelve percent per annum. There is no interest rate ceiling on those issues sold at public sale or to the state of North Dakota or any of its agencies or instrumentalities. Any grants agreed to be made by the United States of America or any agency or instrumentality thereof to reduce the interest cost of bonds, whether or not pledged to the payment of the bonds or interest thereon as part of the income and revenue to be derived from the operation of the buildings or improvements pledged to the payment of the issue, must be considered as a reduction in the interest costs of the bonds with respect to which the grant is made, for purposes of the rate limitations on interest costs provided herein. The bonds have all of the qualities and incidents of negotiable paper and are not subject to taxation by the state of North Dakota, or by any county, municipality, or political subdivision therein. The board, in its discretion, may authorize one issue of bonds hereunder for the construction, furnishing, and equipment of more than one building or other campus improvement and may make the bonds payable from the combined revenues of all buildings or other campus improvements acquired in whole or in part with the proceeds thereof, and when bonds are so issued, the words "the building", as herein used, refers to all the buildings or other campus improvements so acquired.
N.D.C.C. § 15-55-02