ND SB2214

Office of Management and Budget shall transfer $75,000,000 from the foundation aid stabilization fund to the school construction assistance revolving loan fund during the biennium July 1, 2019 through June 30, 2021, comprised of $35,000,000 from existing fund balance and $40,000,000 from anticipated earnings.

Up to $5,000,000 from the school construction assistance revolving loan fund is available to the Bank of North Dakota for interest rate buydowns on loans issued under section 15.1-36-06.

Bank of North Dakota may use revolving loan fund resources to repay outstanding principal balances on existing loans to transfer them from the Bank to the school construction assistance revolving loan fund, provided sufficient funding remains for new school construction loans.

Remaining transferred funds are available for new school construction loans to local school districts.

Legislative intent expresses that the 67th Legislative Assembly should appropriate $110,000,000 from the foundation aid stabilization fund to the Department of Public Instruction for state school aid and transfer $75,000,000 to the school construction assistance revolving loan fund for the 2021-2023 biennium.