ND
North Dakota Senate Bill SB2242

North Dakota 2023-2024 Regular Session

North Dakota Senate Bill SB2242

Introduced
1/13/23  
Refer
1/13/23  
Report Pass
2/6/23  
Refer
2/6/23  
Report Pass
2/13/23  
Engrossed
2/15/23  
Refer
2/17/23  
Report Pass
3/3/23  
Refer
3/3/23  
Report Pass
3/17/23  
Enrolled
4/17/23  

Caption

The Bank of North Dakota and the administration of the bulk propane storage tank revolving loan fund; to provide for a transfer; and to provide a continuing appropriation.

Impact

The bill introduces a new financial mechanism that directly impacts state laws governing energy and storage facilities. By creating this loan program, the legislation provides a reliable funding source that can help stabilize and potentially lower propane prices by increasing storage capacity. It also facilitates compliance with safety regulations concerning propane storage, as retailers will be able to finance improvements necessary for regulatory compliance. Moreover, the continuing appropriation ensures that funds are sustained for ongoing lending purposes, creating a steady support system for this industry.

Summary

Senate Bill No. 2242 establishes a bulk propane storage tank revolving loan fund administered by the Bank of North Dakota. The primary objective of the bill is to provide financial assistance to propane retailers for the purchase and installation of storage containers that will be used for bulk propane storage. The fund aims to enhance the infrastructure for propane distribution in the state, which is crucial for meeting the energy needs of residents and businesses alike. The loans are capped at $500,000 or 85% of project costs, ensuring that financial support is substantial yet sustainable.

Sentiment

The sentiment surrounding SB2242 appears to be favorable among legislators and stakeholders involved in the propane industry. Proponents argue that the bill is essential for strengthening the propane supply chain in North Dakota, enhancing the economic viability of propane retailers, and ultimately benefiting consumers through improved supply and potentially lower costs. However, there may be some caution regarding the financial implications and equitable access to the loans among smaller or less established retailers.

Contention

Debates regarding SB2242 highlight concerns about the size of the loans and the criteria for eligibility, particularly whether they adequately support small businesses in the propane sector. Some stakeholders fear that larger retailers might monopolize the funds, leaving smaller operations at a disadvantage. Additionally, discussions included the long-term fiscal responsibility of the revolving loan fund and mechanisms in place for accountability and transparency in the fund's administration.

Latest SB2242 Activity

Companion Bills

No companion bills found.

Previously Filed As

ND HB1420

A small business diversity revolving loan fund; to provide a continuing appropriation; to provide an appropriation; and to provide a transfer.

ND HB1213

A BILL for an Act to provide for a transfer to the infrastructure revolving loan fund.

ND SB2397

A transfer of Bank of North Dakota profits to the water infrastructure revolving loan fund; to provide for a transfer; to provide for retroactive application; and to provide an effective date.

ND SB2233

The audit of loan programs administered by the Bank of North Dakota.

ND HB1128

A higher education infrastructure revolving loan fund; to provide an appropriation; to provide a transfer; and to provide for a legislative management report.

ND SB2015

A transfer of Bank of North Dakota profits to a water infrastructure revolving loan fund; to provide for a transfer; to provide an exemption; to provide for a legislative management study; to provide a report; to provide a penalty; to provide for application; to provide a retroactive effective date; to provide a contingent effective date; to provide an effective date; and to declare an emergency.

ND HB1362

A housing development loan fund; to provide an appropriation; to provide a continuing appropriation; to provide for a transfer; to provide an expiration date; and to declare an emergency.

ND SB257

Provides relative to underground storage tanks and the Motor Fuels Underground Storage Tank Trust Fund. (8/1/16) (EN INCREASE SD EX See Note)

ND SB2014

A transfer from the strategic investment and improvements fund to the clean sustainable energy fund; to provide a deficiency appropriation; to provide for a transfer; to provide an exemption; to provide for a legislative management study; to provide for a legislative management report; to provide for a report; to provide an effective date; and to declare an emergency.

ND HB1020

State agency employment of attorneys, the powers and duties of the water topics overview committee, and a Bank of North Dakota line of credit; to provide legislative intent; to provide for a report; to provide for a study; to provide a continuing appropriation; to provide for a transfer; to provide an exemption; and to declare an emergency.

Similar Bills

No similar bills found.