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Bill > HB1425
ND HB1425
ND HB1425The state investment board and the legacy and budget stabilization fund advisory board; and to provide a continuing appropriation.
summary
Introduced
01/18/2021
01/18/2021
In Committee
03/25/2021
03/25/2021
Crossed Over
03/03/2021
03/03/2021
Passed
03/31/2021
03/31/2021
Dead
Signed/Enacted/Adopted
04/08/2021
04/08/2021
Introduced Session
67th Legislative Assembly
Bill Summary
AN ACT to create and enact section 6-09-49.1 and a new section to chapter 21-10 of the North Dakota Century Code, relating to the legacy infrastructure loan fund and the state investment board; to amend and reenact sections 21-10-02 and 21-10-11 of the North Dakota Century Code, relating to the state investment board and the legacy and budget stabilization fund advisory board; and to provide a continuing appropriation.
AI Summary
This bill creates a legacy infrastructure loan fund administered by the Bank of North Dakota to provide low-interest loans to political subdivisions, the Garrison Diversion Conservancy District, and the Lake Agassiz water authority for eligible infrastructure projects. The bill also requires the State Investment Board to give preference to investment firms and financial institutions with a presence in the state when investing the legacy fund, and amends the legacy and budget stabilization fund advisory board's responsibilities to include recommending a target allocation of 10% of the legacy fund to fixed income investments within the state, including up to 40% for infrastructure loans and up to 60% for the Bank of North Dakota's certificate of deposit match program.
Committee Categories
Budget and Finance
Sponsors (12)
Dick Anderson (R)*,
Glenn Bosch (R)*,
Craig Headland (R)*,
Michael Howe (R)*,
Mike Lefor (R)*,
Corey Mock (D)*,
Mike Nathe (R)*,
Todd Porter (R)*,
Jessica Bell (R),
David Hogue (R),
Scott Meyer (R),
Rich Wardner (R),
Last Action
Signed by Governor 04/08 (on 04/08/2021)
Official Document
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