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37-07.3 National Guard Training Area and Facility Trust Fund

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CHAPTER 37-07.3NATIONAL GUARD TRAINING AREA AND FACILITY TRUST FUND37-07.3-01. National guard training area and facility development trust fund. Thenational guard training area and facility development trust fund is established as a special fund in<br>the state treasury. The fund must be used for training area acquisition and facility development<br>pursuant to this chapter.37-07.3-02.National guard training area and facility development trust fund -Investment and income. The national guard training area and facility development trust fund<br>consists of moneys transferred or credited to the fund, pursuant to this chapter and provisions of<br>other laws. The state investment board shall invest the fund as authorized by section 21-10-07.<br>All interest earned and income received on the investments accrue to the fund.37-07.3-03. Trust fund use. The principal, interest, and income from the national guardtraining area and facility development trust fund must be used by the adjutant general solely for<br>training area acquisition and facility development; provided, that the principal, and any interest<br>and income which the fund accrues from July 1, 1985, through June 30, 1989, must be used<br>solely for the acquisition of land for national guard training purposes and the expenditure, in<br>conjunction with federal matching funds, for the construction of a new national guard armory on<br>or adjacent to the military reservation known as Fraine Barracks.37-07.3-04.Payments in lieu of real estate taxes.For land acquired under thischapter, the adjutant general shall make payments in lieu of real estate taxes to the counties in<br>which the property is located in the same manner and according to the same conditions and<br>procedures as provided in chapter 57-02.1 for payments in lieu of real estate taxes by the<br>director of the game and fish department, except no county may receive less in payments under<br>this section for any parcel or tract of land for any year than the county received in real estate<br>taxes for the last year in which the land was taxable.Page No. 1Document Outlinechapter 37-07.3 national guard training area and facility trust fund