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ND HB1185
Bill
Status
2/13/2023
Primary Sponsor
Scott Louser
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AI Summary
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Makes up to $60 million available from the coal development trust fund for school district loans to cover unanticipated construction projects, unanticipated replacement projects, or emergency repairs.
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Sets standard loan terms with minimum of $250,000 and maximum of $2 million, 20-year term (unless shorter term requested), and interest rate not to exceed 2 percent per year.
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Creates separate terms for loans covering unanticipated construction inflation costs from projects bid after January 1, 2021 and before June 30, 2024, with maximum of $5 million and interest rate not to exceed 1.5 percent per year.
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Allows loans to be repaid solely from a school district's oil and gas gross production tax allocation without constituting general district debt, with the state treasurer withholding specified amounts from tax allocations for repayment.
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Effective through June 30, 2024, after which the Act becomes ineffective; declared an emergency measure.
Legislative Description
Loans from the coal development trust fund for school construction projects affected by unanticipated construction inflation; to provide an expiration date; and to declare an emergency.
Last Action
Second reading, failed to pass, yeas 3 nays 43
3/9/2023