House Bill 1431 Summary

• Establishes a water infrastructure revolving loan fund administered by the Bank of North Dakota to provide loans for water supply, flood protection, and water development projects, with the State Water Commission approving eligible projects.

• Modifies infrastructure revolving loan interest rates from a fixed 2 percent per year to a tiered structure starting at 2 percent and increasing by 1 percent every five years, capped at 5 percent maximum per year.

• Authorizes the Public Finance Authority to issue up to $680 million in bonds for the 2021-2023 biennium allocated as follows: $435.5 million for the Fargo diversion project, $74.5 million to the resources trust fund, $50 million to the infrastructure revolving loan fund, $70 million to the highway fund, and $50 million to North Dakota State University for an agriculture products development center.

• Requires the legislative assembly to annually appropriate funds from the general fund, legacy fund earnings, Bank of North Dakota profits, or other sources to meet debt service requirements for infrastructure bonds.

• Repeals chapter 6-09.5 and section 61-02-78 and transfers all outstanding loans and moneys from the community water facility loan fund and infrastructure revolving loan fund within the resources trust fund to the new water infrastructure revolving loan fund on July 1, 2021.