The North Dakota First Time Farmer Finance Program is a tax-exempt bond program designed to assist First Time Farmers in the state of North Dakota to acquire agricultural property at lower interest rates. Bank of North Dakota (BND), acting as the Farm Finance Agency, determines the eligibility of the applicant and also approves and issues the bond. The bond then is assigned to a Bond Purchaser which typically is a financial institution or contract holder. Since the interest received by the Bond Purchaser is exempt from state and federal tax, the interest rate to the First Time Farmer is at a lower rate.