ND SB2178

Bank of North Dakota administers the infrastructure revolving loan fund to provide loans to political subdivisions for essential infrastructure projects with a maximum 30-year term and interest rate not exceeding 2 percent per year.

Eligible infrastructure projects include new or replacement water treatment plants, wastewater treatment plants, sewer and water lines, and storm water and transportation infrastructure including curb and gutter construction.

Maximum loan amount per qualified applicant is $15 million, with Bank approval based on applicant's ability to repay and reasonable assurance of sufficient future income.

Bank deposits all principal and interest payments into the revolving loan fund, may retain up to 0.5 percent of interest payments for administrative costs, with all funds appropriated on a continuing basis for loan disbursement and administration.

Act is declared an emergency measure and passed with Senate vote of 45-0-2 and House vote of 91-0-3.