Bill would give universities access to Bank of North Dakota funds

BISMARCK -- Higher education officials are asking the state Legislature to consider allowing higher education institutions to use a loan program through the Bank of North Dakota to help reduce deferred maintenance costs.

Senate Bill 2116 would allow institutions under the control of the State Board of Higher Education to become a part of the Bank of North Dakota’s infrastructure revolving loan fund.

The fund currently allows political subdivisions to apply for low-interest loans of up to $15 million for essential infrastructure projects dealing with water treatment plants, wastewater treatment plants, sewer and water lines, as well as storm water and transportation infrastructure such as curb and gutter construction.

The loans can be given out by the BND for up to 30 years at a 2 percent interest rate.

Read more: https://www.inforum.com/news/government-and-politics/947687-Bill-would-give-universities-access-to-Bank-of-North-Dakota-funds