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 designated 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 from this fund will have a maximum term of 20 years or the useful life of the project, with an interest rate capped at 3.5% per year. The bill outlines that applicants can have a maximum of $10 million in outstanding loans and must demonstrate the ability to repay the loan.

Additionally, the bill appropriates $25 million from the general fund to the Higher Education Infrastructure Revolving Loan Fund for the biennium beginning July 1, 2025, and ending June 30, 2027, marking this as one-time funding. The North Dakota university system is required to report to the legislative management by September 1, 2026, on the status of the loan fund and the financial benefits experienced by students at institutions utilizing the fund. The bill also allows the Bank to adopt policies for administering the loan program and encourages participation from local financial institutions.