Senate Bill 2233 - Summary

• State declares intent to fund one-third share of Red River valley water supply project construction costs and provides authority for state water commission to issue bonds for project financing.

• Establishes infrastructure revolving loan fund beginning January 1, 2015, within resources trust fund with 10 percent of oil extraction moneys available on continuing basis for water supply, flood protection, and water development projects at 1.5 percent interest rate.

• Declares state intent to provide funding not exceeding $450 million for one-half of nonfederal costs of Fargo-Moorhead flood control project with funds carried over to future bienniums as needed.

• Creates framework for western area water supply authority to manage industrial water depot and lateral sales, with monthly reporting to industrial commission and revenue prioritization for loan payments, capital improvements, and debt service.

• Industrial commission exempted from Administrative Agencies Practice Act regarding water rate approvals, and western area water supply authority granted franchise protection rights for non-industrial water uses.