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 Bank will also set a limit of $10 million in outstanding loans per qualified applicant and will assess the applicant's ability to repay the loan before approval.

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.