Senate Bill 2242 Summary

• Creates a bulk propane storage tank revolving loan fund administered by the Bank of North Dakota to provide loans to propane retailers for purchasing and installing bulk propane storage containers

• Eligible applicants must be propane retailers conducting business in North Dakota and submit applications detailing the project location, demonstrating need and viability, and providing financial information

• Loans may not exceed $500,000 or 85% of actual project cost, carry a 2% interest rate, and have repayment schedules of no longer than 15 years, with a maximum of $500,000 in outstanding loans per applicant

• Bank may use up to one-half of one percent of interest paid on outstanding loans as a servicing fee to cover administrative costs, with all principal, interest, and transferred funds continuing to be appropriated to the Bank

• Transfers $5,000,000 from the strategic investment and improvements fund to the bulk propane storage tank revolving loan fund for the biennium beginning July 1, 2023, and ending June 30, 2025