North Dakota § 54-30-26 - Industrial commission to make annual statement of condition of funds - Tax

§ 54-30-26. Industrial commission to make annual statement of condition of funds - Tax

for deficiency in funds or indicated deficiency. The industrial commission, in July of each year, shall prepare a statement showing the condition of the real estate bond sinking fund and the real estate bond interest payment fund. Such statement must be approved by the state treasurer and must be presented to the state board of equalization at its annual meeting of the same year, together with the recommendation of the commission. If an actual deficit exists in either or both of said funds, the board shall make an annual levy of taxes sufficient to make good the deficit in such fund, including a levy to restore the fund to solvency as hereinafter defined. If at the time the statement is made, an actual deficit does not exist, but by reason of adverse crop conditions, or for any other reason, the commission shall anticipate a deficit in either or both of said funds during the ensuing year, it shall recommend tax levies to meet such anticipated deficits, and the board shall make such levies in accordance with such recommendation.