ND HB1292

Bank of North Dakota administers the infrastructure revolving loan fund to provide loans to political subdivisions, Garrison Diversion Conservancy District, and Lake Agassiz water authority for essential infrastructure projects with a maximum term of 30 years or the useful life of the project, whichever is less, and an interest rate not exceeding 2 percent per year.

Qualified applicants may have a maximum combined total of $40 million in outstanding loans under this section and section 6-09-49.1, and the Bank must ensure applicants provide reasonable assurance of sufficient future income to repay loans.

Essential infrastructure projects include water treatment plants, wastewater systems, sewerlines, waterlines, storm water infrastructure, water storage systems, road and bridge infrastructure, airport facilities, electricity and natural gas transmission, communications infrastructure, emergency services facilities, critical government buildings, and infrastructure for recreation and community facilities excluding building construction.

The Bank shall deposit all interest and principal payments into the fund, may retain up to one-half of one percent of interest payments as a servicing fee for administrative costs, and all moneys are appropriated on a continuing basis for administrative costs and loan disbursement.

County road, bridge, and water-related projects must be reviewed and approved by the Department of Transportation and State Water Commission, respectively, before loan issuance; the Act is declared an emergency measure.