This bill amends section 4.1-01.1-07 of the North Dakota Century Code to establish a value-added milk processing facility incentive program within the agriculture diversification and development fund. The new provisions include the creation of a program that provides grants for the construction or expansion of milk processing facilities that can process at least three million pounds of milk annually. The grant funding is capped at the lesser of ten million dollars or five percent of the total construction cost and is intended to reimburse costs related to infrastructure and capital expenditures necessary for the facility's construction.

Additionally, the bill authorizes the agriculture commissioner to borrow up to $10 million through a line of credit from the Bank of North Dakota if a grant is approved under this program. The interest rate for this line of credit will be the prevailing rate for North Dakota governmental entities, and any funds borrowed will require a deficiency appropriation request from the next legislative assembly for repayment. This initiative aims to enhance the state's agricultural economy by supporting the development of value-added milk processing facilities.

Statutes affected:
INTRODUCED: 4.1-01.1-07
Prepared by the Legislative Council staff for Senator Dwyer: 4.1-01.1-07
FIRST ENGROSSMENT: 4.1-01.1-07