The Bank of North Dakota was established to promote agriculture, commerce, and industry in the State. Its loan programs work in conjunction with private financial institutions to finance economic development throughout the State. BND is the legal depository for all state funds unless provided otherwise by law. The Bank also serves as a central clearing agency and provides many other services to North Dakota banks and other financial institutions. Among the many programs the Bank administers are the Guaranteed Student Loan Program, the Community Water Facility Loan Fund, and the Beginning Farmer Loan Program. The Commission appoints the Bank President.