ND SB2116

Bank of North Dakota administers the infrastructure revolving loan fund to provide loans to political subdivisions and institutions under the state board of higher education for essential infrastructure projects.

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

Maximum loan term is 30 years with interest rates not exceeding 2 percent per year, and maximum loan amount is $15 million per political subdivision applicant.

Bank deposits all loan payments of principal and interest back into the fund and may use up to one-half of one percent of interest payments as a servicing fee for administrative costs.

Bank may adopt policies to administer the program, supplement and leverage fund resources, and allow participation by local financial institutions.