ND SB2296

Department of commerce shall administer a broadband grant and loan program to fund construction, improvement, installation, upgrading, and leasing of broadband facilities, plus related expenses and indirect costs.

Applications for grants and loans prioritized based on area need, internet access to public areas and health care providers, plan comprehensiveness including digital literacy training and affordability, leveraging of existing infrastructure, and community support.

Eligible applicants include incorporated organizations, limited liability companies, tribes or tribal organizations, political subdivisions, and cooperatives.

Bank of North Dakota shall administer a broadband infrastructure revolving loan fund as a special fund in state treasury, providing loans at one percent per annum interest for existing broadband infrastructure upgrades, with administrative costs capped at one-half of one percent of interest payments.

Bank of North Dakota transfers $50,000,000 from current earnings and undivided profits to the revolving loan fund; department of commerce receives $10,000,000 general fund appropriation for new construction grants; both for biennium July 1, 2015 through June 30, 2017.