ND SB2330

Reduces maximum combined outstanding loans per qualified applicant under the infrastructure revolving loan fund from $40 million to $20 million under sections 6-09-49 and 6-09-49.1.

Restructures legacy fund fixed income investments from a 10% target allocation to $700 million, with $150 million designated for infrastructure loans to political subdivisions at a 1.5% return and minimum $400 million for Bank of North Dakota's certificate of deposit match program.

Changes legacy fund equity investment target allocation from 10% to $600 million, with investments in emerging or expanding companies in the state managed by qualified investment firms with direct state connections.

Redefines "earnings" in the legacy fund as 7% of the five-year average value of legacy fund assets (calculated using asset values at the end of each fiscal year for the five-year period ending with the most recently completed even-numbered fiscal year) rather than net income under accounting principles.

Declared an emergency measure with Senate passage of 47-0 and House passage of 92-0-2.