Bill > HB1199

This bill appropriates funds for career and technical education initiatives and authorizes a line of credit from the Bank of North Dakota, covering the period through June 30, 2025. * **Department of Career and Technical Education:** $2,000,000 from the General Fund is appropriated for the statewide area and career center initiative grant program to pay accrued interest on a Bank of North Dakota line of credit. This is a one-time funding item. * **Bank of North Dakota Line of Credit:** The Bank of North Dakota is authorized to extend a line of credit up to $68,276,228 to the Department of Career and Technical Education. This funding is for grants to approved entities for building career academies through the statewide area and career center initiative grant program. The line of credit and accrued interest are to be repaid from the General Fund appropriation in Section 1 and from the Federal Coronavirus Capital Projects Fund. If funds are insufficient by June 30, 2025, a deficiency appropriation will be requested. * **Federal Coronavirus Capital Projects Fund:** An amount of $68,276,228 appropriated from this fund for the statewide area and career center initiative grant program in a previous session law is exempted from certain restrictions and remains available through June 30, 2025. * **Partnership in Assisting Community Expansion Fund:** The Bank of North Dakota shall transfer $20,000,000 from its current earnings and undivided profits to this fund by June 30, 2023.