ND SB2040

Public finance authority may issue up to $2 billion in bonds during the 2021-2023 biennium to support municipal infrastructure, county/township infrastructure, school construction loans, housing incentives, and road/bridge projects.

Bond proceeds must be distributed as follows: up to $115 million each to municipal and county/township infrastructure funds; $750 million to school construction assistance revolving loan fund; $250 million to housing incentive fund; remainder to state treasurer for road and bridge grants to counties.

Road and bridge grant funding must be distributed to counties proportionally based on Upper Great Plains Transportation Institute data, with 26 percent of county allocations directed equally to townships for road and bridge construction, maintenance, and repair.

Public finance authority may establish reserve funds for bonds, which may be waived or reduced for certain bond issues to avoid federal tax complications; legislature must appropriate funds biennially to maintain required debt service reserves.

School construction assistance revolving loan fund provides low-interest loans up to $10 million for school districts and up to $50 million for career centers and higher education institutions, with 20-year terms and maximum 2 percent annual interest rates.