HB 1020 Summary

• Appropriates $460,299,129 from special funds to the State Water Commission for the 2021-23 biennium, including $148.5 million for capital assets, $125 million for water supply grants, and $48 million for flood control projects.

• Reduces Bank of North Dakota line of credit authorization from $75 million to $50 million at one and one-half percent over the three-month London Interbank Offered Rate (not to exceed three percent) for water supply and flood control projects approved before June 30, 2023.

• Establishes quarterly reporting requirements to legislative management for carryover water projects with cost-share agreements in place for at least four years, with authority to terminate projects and reallocate remaining funds.

• Authorizes Western Area Water Supply to issue revenue bonds for project construction, with bonds exempt from state taxation and not secured by property taxes.

• Caps state funding for Fargo flood control projects at $850 million total (including $414.5 million provided through June 30, 2021) and Mouse River flood control at $604 million, with intent to fund remaining amounts through bond proceeds during 2021-23 biennium.