Senate Bill 2014 Summary

• Appropriates $266,058,978 in funds for the industrial commission and its agencies (Bank of North Dakota, Housing Finance Agency, Mill and Elevator Association) for the 2021-23 biennium.

• Transfers $140,000,000 from Bank of North Dakota profits to the general fund and allocates $26,000,000 to partnership in assisting community expansion funds, $8,000,000 to beginning farmer revolving loan fund, and other specified amounts to various programs.

• Creates new housing finance agency programs for residential mortgages and authorization to purchase, service, and sell residential real estate loans secured by first mortgage liens.

• Modifies infrastructure and water revolving loan fund provisions, reducing maximum loan interest rates to 2% per year and changing loan term calculations.

• Authorizes public finance authority to issue up to $680,000,000 in bonds for infrastructure allocations including $435,500,000 for Fargo diversion project and $50,000,000 each for infrastructure revolving loan fund and NDSU agriculture development center.