This bill establishes a new section in the North Dakota Century Code to create the Higher Education Infrastructure Revolving Loan Fund, which will be managed by the Bank of North Dakota. The fund is designed to provide loans to institutions under the control of the state board of higher education for auxiliary enterprise infrastructure projects, such as student housing and dining facilities. Loans will have a maximum term of 20 years or the useful life of the project, with an interest rate capped at 3.5%. The Bank will assess loan applications based on the applicant's ability to repay, with a maximum combined total of $10 million in outstanding loans allowed per qualified applicant. Additionally, the fund will receive all payments of interest and principal from loans, which will be appropriated on a continuing basis for administrative costs and loan disbursement.

The bill also includes a one-time appropriation of $25 million from the general fund to be transferred to the Higher Education Infrastructure Revolving Loan Fund during the biennium from July 1, 2025, to June 30, 2027. Furthermore, it mandates that the North Dakota university system provide a report to the legislative management by September 1, 2026, detailing the status of the loan fund and any financial benefits experienced by students at institutions utilizing the fund.