The bill amends section 15.1-36-08 of the North Dakota Century Code, which pertains to the school construction assistance revolving loan fund. Notably, the language referring to the "Bank of North Dakota" has been deleted throughout the section, indicating a shift in the administration of the fund. The bill introduces new provisions for school construction projects located on air force bases, establishing specific eligibility criteria for loans, including the requirement for federal authorizations and funding commitments. Additionally, it designates $20 million for loans to provide matching funds for construction on air force bases until June 30, 2027.

The bill also outlines the loan amounts available based on the total cost of the school construction project, with specific caps for projects under and over $75 million. For projects on air force bases, the maximum loan amount is set at the lesser of 20% of the project cost or $20 million. The superintendent of public instruction is tasked with reviewing loan applications based on a prioritization system that considers various factors, including student needs and community support. The bill concludes with provisions for the Bank to adopt policies for administering the loan program and mandates annual audits of the fund. An emergency declaration is included, indicating the bill's immediate necessity.

Statutes affected:
INTRODUCED: 15.1-36-08
Adopted by the Senate Education Committee: 15.1-36-08
FIRST ENGROSSMENT: 15.1-36-08