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ND SCR4005
Concurrent Resolution
Status
Introduced
1/8/2019
Primary Sponsor
David Hogue
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AI Summary
- Creates the North Dakota first fund as a grant and revolving loan fund within the state treasury to provide financing for permanent infrastructure projects by political subdivisions
- State treasurer transfers 15 percent of the legacy fund principal balance as of July 1, 2021, plus annual transfers of 15 percent of any principal increases and 25 percent of legacy fund earnings to the first fund on September 1 each year
- Establishes the North Dakota infrastructure board consisting of 2 house members, 2 senate members, 2 mayors (one from the 8 largest cities, one from smaller cities), 2 county commissioners (one from the 6 largest counties, one from smaller counties), and 1 state water commission member to administer the fund
- Board members serve 2-year terms beginning January 15, 2021, limited to three full terms, with the board adopting policies to provide grants and low-interest loans for permanent infrastructure projects
- Amendment requires voter approval at the 2020 general election and modifies restrictions on legacy fund expenditures to allow the first fund transfers without requiring a two-thirds legislative vote
Legislative Description
Use of the principal and earnings of the legacy fund to create the North Dakota first fund for the purpose of funding permanent infrastructure projects.
Last Action
Second reading, failed to adopt yeas 11 nays 34
1/31/2019
Committee Referrals
Finance and Taxation1/8/2019
Full Bill Text
No bill text available