ND HB1443

Bank of North Dakota shall administer the infrastructure revolving loan fund to provide loans to political subdivisions for essential infrastructure projects with a maximum term of thirty years and interest rate not exceeding two percent per year.

Maximum loan amount per applicant is fifteen million dollars, with loans issued only to applicants demonstrating reasonable assurance of sufficient future income to repay; eligible projects include water treatment plants, wastewater treatment plants, sewer and water lines, and storm water and transportation infrastructure.

Bank shall deposit all interest and principal payments back into the fund and may retain up to one-half of one percent of interest payments as a servicing fee for administrative costs, with all moneys appropriated on a continuing basis.

Bank of North Dakota shall transfer one hundred million dollars from its current earnings and undivided profits to the infrastructure revolving loan fund during the biennium beginning July 1, 2015, and ending June 30, 2017.

Office of management and budget shall transfer fifty million dollars from the strategic investment and improvements fund to the infrastructure revolving loan fund during the same biennium, transferred as requested by the Bank of North Dakota.