N.D. Cent. Code § 6-09-49.1

6-09-49.1. Legacy infrastructure loan fund - Continuing appropriation

1. The legacy infrastructure loan fund is a special fund in the state treasury from which

the Bank of North Dakota shall provide loans to political subdivisions, the Garrison

Diversion Conservancy District, and the Lake Agassiz water authority for eligible

infrastructure projects as authorized in this section.

2. The Bank of North Dakota may adopt policies and establish guidelines to administer

the legacy infrastructure loan fund in accordance with this section.

3. A loan made from the legacy infrastructure loan fund must have an interest rate that

does not exceed two percent per year. The maximum term of a loan under this section

is the lesser of thirty years or the useful life of the project.

4. The Bank of North Dakota shall transfer all payments of principal and interest paid on

loans made from the legacy infrastructure loan fund to the legacy fund. The Bank may

use a portion of the interest paid on the outstanding loans as a servicing fee to pay for

administrative costs, which may not exceed one-half of one percent of the amount of

the outstanding loans.

5. An applicant shall issue an evidence of indebtedness as authorized by law.

6. When processing political subdivision loan applications under this section, the Bank of

North Dakota shall calculate the maximum outstanding loan amount per qualified

applicant. The maximum outstanding loan amount for infrastructure projects under

subsection 7 is forty million dollars. The Bank shall consider the ability of the applicant

to repay the loan while processing the application and shall issue loans only to

applicants that provide reasonable assurance of sufficient future income to repay the

loan.

7. Eligible infrastructure projects under this subsection are capital projects to construct

new infrastructure or to replace infrastructure and which provide the fixed installations

necessary for the function of a political subdivision. Capital construction projects

exclude routine maintenance and repair projects, but include:

a. Water treatment plants;

b. Wastewater treatment plants;

c. Sewerlines and waterlines, including lift stations and pumping stations;

d. Water storage systems, including dams, water tanks, and water towers;

e. Storm water infrastructure, including curb and gutter construction;

f. Road and bridge infrastructure, including paved and unpaved roads and bridges;

g. Airport infrastructure;

h. Electricity transmission infrastructure;

i. Natural gas transmission infrastructure;

j. Communications infrastructure;

k. Emergency services facilities, excluding hospitals;

l. Essential political subdivision building and infrastructure; and

m. The Red River valley water supply project.

8. The department of transportation shall approve county road and bridge projects for

purposes of loans under this section and may adopt policies for the review and

approval of projects under this section.

9. For purposes of loans under this subsection, the state water commission shall review

and approve eligible projects to construct new water-related infrastructure or to replace

existing water-related infrastructure which provide the fixed installations necessary for

the function of a political subdivision. The state water commission may adopt policies

for the review and approval of projects under this section. Capital construction projects

exclude routine maintenance and repair projects, but include:

a. Flood control;

b. Conveyance projects;

c. Rural water supply;

d. Water supply; and

e. General water management.