The bill amends section 4.1-01.1-07 of the North Dakota Century Code to enhance the Agriculture Diversification and Development Fund, which supports value-added agriculture businesses. Key provisions include the establishment of a continuing appropriation for the fund, which consists of legislative transfers, interest, and loan repayments. The fund will be used for loan disbursements and grants aimed at promoting new or expanding agriculture businesses that are financially viable and contribute to job creation and economic growth. The Bank of North Dakota is tasked with developing loan policies and reviewing applications, while the agriculture diversification and development committee will oversee grant policies and distribution.

Additionally, the bill introduces a provision allowing the agriculture diversification and development committee to allocate up to five percent of the fund's available resources for administrative expenses related to the agriculture infrastructure grant program every odd-numbered year. It also appropriates $15 million from the general fund for the biennium starting July 1, 2025, with up to $10 million designated for agriculture infrastructure grants to political subdivisions. This funding aims to bolster the development of infrastructure necessary for the growth of value-added agriculture businesses in North Dakota.

Statutes affected:
INTRODUCED: 4.1-01.1-07
Prepared by the Legislative Council staff for Senate Appropriations Committee: 4.1-01.1-07
FIRST ENGROSSMENT: 4.1-01.1-07