ND HB1132

Public finance authority may lend money to political subdivisions for municipal securities without regard to principal amount limits if the industrial commission approves a resolution determining private bond markets cannot meet the issuing subdivision's needs.

Public finance authority may transfer money to the Bank of North Dakota for infrastructure projects and programs, with bonds payable from legislative appropriations or reserve funds; state is not liable for repayment.

Authority may issue up to $1,114,525,000 in bonds for transfer to Bank of North Dakota for infrastructure allocations through June 30, 2023, with annual repayments not exceeding $145,000,000 per biennium and a maximum 20-year term.

Bond proceeds of $1,114,525,000 appropriated to infrastructure projects including $250,000,000 for water projects, $160,000,000 for transportation, $115,000,000 for career and technical education, $140,000,000 for state hospital, and allocations to municipalities, counties, universities, and other designated programs.

Bank of North Dakota must maintain separate account for accumulated interest earned on bond proceeds prior to allocations, available for future bond repayments; bill declared emergency measure.