SB2275 Summary

• Expands the infrastructure revolving loan fund administered by the Bank of North Dakota to provide loans to political subdivisions and institutions of higher education for eligible infrastructure projects at interest rates not exceeding 2 percent annually with loan terms up to 30-40 years depending on project type.

• Defines eligible infrastructure projects broadly to include water/wastewater treatment, sewer and water lines, storm water systems, road and bridge infrastructure, airports, electricity/natural gas transmission, communications infrastructure, and flood control/water management.

• Increases maximum loan limits to $25 million per applicant for political subdivisions and higher education institutions, and establishes new debt service requirements with annual legislative appropriations.

• Authorizes the public finance authority to issue up to $500 million in bonds (with repayments not exceeding $55 million per biennium) to support the infrastructure revolving loan fund and resources trust fund through June 30, 2021.

• Appropriates $26 million from the general fund for debt service repayments on bonds issued to support the infrastructure revolving loan fund for the 2019-2021 biennium and repeals the previous water projects revolving loan fund effective July 1, 2021.