The bill amends and reenacts section 15.1-36-08 of the North Dakota Century Code, which pertains to the school construction assistance revolving loan fund. Notably, the bill removes references to the "Bank of North Dakota" in several sections, streamlining the language regarding the administration of the fund. It introduces new eligibility criteria for school construction projects, specifically distinguishing between projects located on air force bases and those that are not. For projects on air force bases, the bill requires school districts to obtain necessary federal authorizations and funding commitments, in addition to the existing requirements.

Furthermore, the bill establishes a designated fund of twenty million dollars for loans aimed at matching funds for construction on air force bases, with a loan prioritization system based on various criteria such as student occupancy and community support. It also sets specific loan limits based on the total cost of the construction project, with a maximum loan amount of twenty million dollars for projects on air force bases. The bill is declared an emergency measure, indicating its immediate importance for school construction funding.

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