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ND SB2272
Bill
Status
4/10/2017
Primary Sponsor
Donald Schaible
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AI Summary
Senate Bill 2272 Summary
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Restructures school construction loan programs by consolidating funding from the coal development trust fund and the school construction assistance revolving loan fund, with maximum loan amounts of $2 million and interest rates not exceeding 2 percent per year.
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Transfers $150 million from the strategic investment and improvements fund to the school construction assistance revolving loan fund and directs a $75 million transfer from the foundation aid stabilization fund to support school construction loans between 2017-2019.
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Allows the foundation aid stabilization fund to be used for education-related purposes including state aid to school districts, career and technical education grants, and education-related property tax relief.
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Appropriates $6 million for rapid enrollment grants to school districts and $500,000 for English language learner grants, both one-time funding items from the foundation aid stabilization fund for the 2017-2019 biennium.
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Modifies budget expenditure control procedures to allow education-related appropriations to be offset by transfers from the foundation aid stabilization fund up to specified limits.
Legislative Description
The scholarship endowment fund, the uses of the foundation aid stabilization fund, and school construction loans; to provide an expiration date; to provide contingent transfers; to provide transfers; to provide an appropriation; to provide an effective date; and to declare an emergency.
Last Action
Signed by Governor 04/10
4/10/2017