This bill proposes the creation of a new section in the North Dakota Century Code to establish a "legacy fund school construction assistance loan fund," which will be administered by the Bank of North Dakota. The fund will provide loans for school construction projects, with a continuing appropriation for loan disbursements and administrative costs. To qualify for a loan, school districts must propose projects costing at least one million dollars, obtain necessary approvals, and follow specific application procedures. The bill outlines the criteria for loan eligibility, including the prioritization of applications based on student needs, existing infrastructure conditions, and community support. The maximum loan amount is set at ten million dollars per one thousand students enrolled, with a loan term of twenty years and an interest rate not exceeding one percent.

Additionally, the bill amends section 21-10-11 regarding the legacy and budget stabilization fund advisory board. It increases the target allocation for fixed income investments from seven hundred million to one billion seven hundred million dollars, which includes provisions for infrastructure loans and loans from the newly established school construction assistance loan fund. The board is tasked with developing investment recommendations and asset allocation strategies, ensuring a focus on principal preservation and growth while maximizing returns. The bill also outlines the composition of the advisory board and its reporting requirements, emphasizing the importance of investing in qualified firms with a presence in North Dakota.

Statutes affected:
INTRODUCED: 21-10-11