ND SB2317

Establishes a coal mine reclamation trust under the board of university and school lands to reclaim coal mines using private assets pledged as collateral to fulfill performance bond obligations.

The public service commission directs the trust to accept assets held in its custody as collateral in security agreements, while the commissioner of university and school lands administers the trust in consultation with the public service commission.

Persons pledging assets must certify that the trust holds first priority security interest in pledged assets and have authority to place assets under all applicable federal and state law; real property collateral requires first mortgage/deed of trust with independent appraisal, property description, and proof of title.

The board of university and school lands receives reimbursement from trust proceeds for management costs and expenses; net income from trust assets funds reclamation activities, with real property taxes paid to counties where property is located.

Provides an annual continuing appropriation for trust management expenses including survey costs, weed and insect control, cleanup, and capital improvements; upon completion of reclamation, all remaining assets transfer to the common schools trust fund.