HB 1275 Summary

• Creates seven new state funds (infrastructure bonding repayment, research and innovation, workforce development and lifelong education, student meal and support services, legacy earnings, human services and public health stabilization, and regional economic development infrastructure) to be funded through transfers from legacy fund earnings.

• Establishes legacy earnings fund to receive legacy fund earnings transferred to the general fund each biennium, with seven percent of the five-year average legacy fund value available for appropriation, distributed in specified percentages to the seven new funds.

• Allocates legacy earnings fund distributions as follows: 25% infrastructure bonding, 15% research and innovation, 15% human services stabilization, 15% regional economic development, 10% workforce development, 10% arts and culture endowment, and 10% student meal and support services.

• Grants the Department of Commerce authority to provide loans through the Bank of North Dakota for broadband development, energy infrastructure, value-added agriculture, and tourism projects, with at least 50% available to rural communities and Indian reservation areas.

• Amends the arts and culture endowment fund to allow spending of interest and earnings under council on the arts direction for arts programming and cultural education, rather than limiting expenditures to accrued interest only.