North Dakota Senate Bill SB2330

North Dakota 2023-2024 Regular Session

• Introduced: 1/16/23
• Refer: 1/16/23
• Report Pass: 2/14/23
• Engrossed: 2/16/23
• Refer: 2/17/23
• Report Pass: 4/11/23
• Enrolled: 4/27/23
• Passed: 4/29/23

Caption

The infrastructure revolving loan fund, the legacy and budget stabilization fund advisory board, and legacy fund definitions; and to declare an emergency.

Impact

The modifications proposed in SB2330 would strengthen the framework for managing the state’s legacy fund and ensure sound investment practices that benefit North Dakota. The bill mandates the creation of an advisory board dedicated to recommending investment strategies for the legacy and budget stabilization funds, with a strong emphasis on in-state investments. This aims to foster economic growth while maintaining a target for principal preservation and overall return on investment.

Summary

Senate Bill No. 2330 aims to amend and reenact provisions related to the infrastructure revolving loan fund, the legacy and budget stabilization fund advisory board, and the definitions surrounding the legacy fund in North Dakota. The bill emphasizes the need for the Bank of North Dakota to ensure that political subdivisions meet their loan obligations by assessing their ability to generate future income for repayment. This structure is intended to support financial stability in local governance by enabling local entities to access funds necessary for infrastructure projects.

Sentiment

The sentiment around SB2330 appears largely positive among legislators, evidenced by a unanimous vote of 92-0 in favor. Supporters view the bill as a crucial step towards enhancing the state's financial management capabilities and safeguarding taxpayer interests through prudent investment decisions. The emphasis on local investment and stewardship reflects a bipartisan commitment to supporting North Dakota’s communities through responsible fiscal policies.

Contention

While the bill has received substantial bipartisan support, some may raise concerns over the centralized control of the fund's investments and the implications that may have for local governance. There could be ongoing debates about how much autonomy should be maintained by local entities in managing their development needs versus the oversight required by state-level mandates. Moreover, the urgency declared in the bill adds a layer of complexity concerning its immediate implementation and the readiness of local governments to adapt to these changes.