In order to fund its housing finance programs, the industrial commission is authorized to issue and refund revenue bonds or evidences of debt and indebtedness of the state. The principal of and interest on such bonds are payable only from revenues generated under the applicable housing finance programs. The bonds may not constitute a debt of the state of North Dakota and must contain a statement to that effect on their face. The bonds may be sold at public or private sale, must mature not more than fifty years from their date or dates, and must contain such terms and provisions as the commission shall determine. The commission may capitalize from bond proceeds all expenses incidental to the issuance of the bonds or to the applicable housing finance program, including, without limitation, any reserves for the payment of the bonds.
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