North Dakota § 15-17-05 - State board of higher education may lease or purchase dormitory - State to
Full text of North Dakota North Dakota Century Code § 15-17-05 — State board of higher education may lease or purchase dormitory - State to, with citation guidance and answers to common questions.
§ 15-17-05. State board of higher education may lease or purchase dormitory - State to
incur no liability. The state board of higher education has the power, and the state shall incur no liability whatever by reason of the exercise of the authority granted to the board of higher education by this chapter: 1. To take all necessary and proper action and proceedings to carry out the terms and provisions of this chapter and to do and perform all of the acts and duties imposed upon said board. 2. To lease from an institutional holding association, its successors or assigns, the site, dormitory, and equipment, or any of them, for a term of not to exceed fifty years, to be 3. used and operated by the board solely for educational purposes in connection with one of the educational institutions enumerated in this chapter. Such lease must provide for the payment to such association, its successors or assigns, of a net cash annual rental of not more than fifteen percent of the cost of the site, dormitory, and equipment, but at least equal to an amount sufficient to pay the interest on the bonded indebtedness of the association and to retire its serial bonds as they mature. The annual rental shall be payable solely and exclusively out of the income derived from the operation of the dormitory. To purchase from an institutional holding association, its successors or assigns, the site, dormitory, and equipment, or any of them, at a price not to exceed the cost of the same, to be used and operated by said board solely for educational purposes in connection with one of the educational institutions enumerated in this chapter. Such purchase price shall be payable for not more than fifty years, in annual installments of not more than fifteen percent of the purchase price, at a rate of interest of not more than five percent per annum, payable semiannually, and shall be payable solely and exclusively out of the income derived from the operation of such dormitory.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 15-17-05
What does North Dakota Century Code § 15-17-05 cover?
Section 15-17-05 ("State board of higher education may lease or purchase dormitory - State to") is part of the North Dakota Century Code, the codified statutory law of North Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Dakota § 15-17-05?
A common citation format is "North Dakota Century Code § 15-17-05" (North Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Dakota official source linked on this page or consult a licensed North Dakota attorney.
How does North Dakota § 15-17-05 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Dakota.