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 language "of North Dakota" is removed from references to the Bank, indicating a potential shift in the administration of the fund. The bill 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, additional requirements include obtaining necessary federal authorizations and funding commitments.

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 maximum set at the lesser of twenty percent of the project cost or twenty million dollars. The superintendent of public instruction is tasked with reviewing loan applications based on a prioritization system that considers various factors, including student needs and existing building conditions. The bill also outlines the terms of loans, including interest rates and repayment conditions, while allowing the Bank to adopt policies for administering the loan program. An emergency declaration is included, indicating the bill's immediate importance.

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