Effective August 1, 2005 the ND Municipal Bond Bank was re-named the ND Public Finance Authority (PFA). The PFA was established to make loans to political subdivisions by issuing bonds and using the proceeds to purchase municipal securities issued by the borrowing political subdivisions. The PFA is operated and managed under the control of the Commission. In addition to its general financing program for political subdivisions, the PFA is the financial administrator of the State's water pollution control revolving loan fund established by the State in conformity with the federal Clean Water Act. The Executive Director is appointed by the Commission.