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(Bismarck, ND) A big day for the future of North Dakota s infrastructure Wenesday.
Governor Burgum officially signed House Bill 1431, praising the $680 million bonding package as an economically sound tool to support infrastructure upgrades across North Dakota including flood control, roads, bridges, water projects and an agricultural facility – all with using Legacy Fund earnings and without raising taxes.
Joining Burgum for the signing were Lieutenant Governor Brent Sanford, the bill’s four sponsors – House Majority Leaders Chet Pollert, Senate Majority Leader Rich Wardner, Representative Jim Schmidt and Senator Ron Sorvaag – House Minority Leader Josh Boschee, Senate Minority Leader Joan Heckaman and Assistant Senate Minority Leader Erin Oban, fellow legislators and local government officials.
North Dakota infrastructure gets $680M infusion as Gov. Doug Burgum signs bonding bill
The bonding bill will provide $435.5 million to Fargo-Moorhead flood diversion project, fulfilling the state s commitment to the ambitious endeavor. The massive package draws on earnings from the state s $8.3 billion oil tax savings account, known as the Legacy Fund, to pay back the bonds to investors in 20 years or fewer. Written By: Jeremy Turley | ×
Gov. Doug Burgum signs a $680 million bonding bill on Wednesday, April 21, 2021, at the North Dakota Capitol as legislative leaders and Secretary of State Al Jaeger look on. Jeremy Turley / Forum News Service
BISMARCK North Dakota Gov. Doug Burgum signed a massive $680 million bonding bill into law Wednesday, April 21, that he said will touch all of North Dakota by getting major water infrastructure projects off the state s books and freeing up funding for smaller communities.
North Dakota infrastructure gets $680M infusion, with hefty share for Fargo-Moorhead diversion
The bonding bill will provide $435.5 million to Fargo-Moorhead flood diversion project, fulfilling the state s commitment to the ambitious endeavor. The massive package draws on earnings from the state s $8.3 billion oil tax savings account, known as the Legacy Fund, to pay back the bonds to investors in 20 years or fewer. Written By: Jeremy Turley | ×
Gov. Doug Burgum signs a $680 million bonding bill on Wednesday, April 21, 2021, at the North Dakota Capitol as legislative leaders and Secretary of State Al Jaeger look on. Jeremy Turley / Forum News Service
BISMARCK North Dakota Gov. Doug Burgum signed a massive bonding bill into law Wednesday, April 21, ensuring the Fargo-Moorhead flood diversion project will move ahead at full steam.
Mike Nowatzki and Mike Kennedy
BISMARCK– Gov. Doug Burgum has signed House Bill 1425, which sets targets for investing a greater portion of the Legacy Fund principal in North Dakota and requires that the State Investment Board (SIB) give preference to qualified investment firms with a presence in the state.
Joining Burgum at a bill signing ceremony today were Lt. Gov. Brent Sanford, who chairs the SIB; the bill’s lead sponsor, Rep. Mike Nathe, R-Bismarck; Insurance Commissioner Jon Godfread, an SIB member and leading proponent of the concept; Senate Majority Leader Rich Wardner; and other bill sponsors.
The legislation sets targets for 10 percent of the Legacy Fund principal to be invested in equity investments in the state and 10 percent in fixed income investments within the state. The bill was approved 85-8 in the House and 47-0 in the Senate.