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ND HB1128
Bill
Status
1/7/2025
Primary Sponsor
David Richter
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AI Summary
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Creates a higher education infrastructure revolving loan fund administered by the Bank of North Dakota to provide low-interest loans (capped at 3.5% annually) to state board of higher education institutions for auxiliary enterprise infrastructure projects
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Eligible projects include construction, replacement, or renovation of student housing, student dining facilities, and centralized campus heating systems
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Limits each institution to a maximum of $10 million in outstanding loans, with loan terms not exceeding 20 years or the useful life of the project
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Appropriates $25 million from the general fund as a one-time transfer to capitalize the revolving loan fund during the 2025-2027 biennium
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Requires the North Dakota University System to report to legislative management by September 1, 2026, on the fund's status and financial benefits to students
Legislative Description
A higher education infrastructure revolving loan fund; to provide an appropriation; to provide a transfer; and to provide for a legislative management report.
Last Action
Second reading, failed to pass, yeas 0 nays 91
2/11/2025