Bill > HB1163

This bill establishes a new Legacy Fund School Construction Assistance Loan Fund administered by the Bank of North Dakota to provide low-interest loans to school districts for construction and remodeling projects. To be eligible, school districts must propose projects costing at least $1 million with a 30-year expected utilization, obtain superintendent approval, publish proposed tax impact information, receive bond issuance authorization, and submit a completed application. The superintendent will prioritize loan applications based on factors like student needs, building age, safety, community support, and cost. Loan terms include a maximum of $10 million per 1,000 students, a 20-year repayment period, and an interest rate not exceeding 1%. The bill also amends the Legacy and Budget Stabilization Fund Advisory Board's investment guidelines, increasing the target allocation for in-state fixed income investments from $700 million to $1.7 billion, which includes up to $1 billion for school construction loans at a low 0.5% target return. The advisory board will continue to consist of legislative members, state officials, and will report semiannually to the budget section.

Budget and Finance, Education

https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo1163.html