ND HB1426

Creates an infrastructure improvement credit enhancement program allowing the Director of the Office of Management and Budget to draw funds from the Strategic Investment and Improvements Fund when a political subdivision fails to pay principal or interest on infrastructure improvement debt issued after July 31, 2013.

Limits total draws to $1,000,000 and applies only to counties or cities with populations not exceeding 10,000.

Authorizes withholding of state funds available to political subdivisions to repay amounts drawn from the Strategic Investment and Improvements Fund, if authorized by the political subdivision's governing body resolution.

Allows political subdivisions to withdraw from sinking funds to repay amounts drawn and made available by the state, with consent of the public finance authority or paying agent.

Appropriates $1,000,000 from the Strategic Investment and Improvements Fund to the Office of Management and Budget for the biennium beginning July 1, 2013, and ending June 30, 2015.