This bill proposes the creation of a new section in chapter 6-09 of the North Dakota Century Code to establish a higher education infrastructure revolving loan fund. The fund will be managed by the Bank of North Dakota, which will provide loans to state-controlled higher education institutions for auxiliary enterprise infrastructure projects, such as student housing and dining facilities. The loans 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 the criteria for loan eligibility, including a maximum combined total of $10 million in outstanding loans per applicant and the requirement for applicants to demonstrate their ability to repay the loans.

Additionally, the bill appropriates $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. This funding is designated as one-time funding. Furthermore, 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.