ND HB1186

Increases the maximum loan amount for school districts from ten million dollars to twenty million dollars through the Bank of North Dakota's school construction assistance revolving loan fund.

Allows school districts with unobligated general fund balances exceeding the limitation under section 15.1-27-35.3 to borrow up to eighty percent of project costs with a maximum of sixteen million dollars instead of eight million dollars.

Reduces the maximum interest rate on school construction loans from two percent to one percent per year.

Permits school districts with existing school construction loans on the open bond market to refinance those loans into the revolving loan fund when callable.

Declares the measure an emergency, allowing immediate implementation.