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Conference committee weighs narrowing certificate-of-indebtedness exemption to BND infrastructure loan fund
Summary
Members of the conference committee on House Bill 1176 discussed adding language to limit a certificate-of-indebtedness exemption so it applies only to loans issued by the Bank of North Dakota's infrastructure revolving loan fund, a change proponents say would protect the bill's 3% local-tax cap while preserving infrastructure financing.
The conference committee on House Bill 1176 discussed a proposed amendment to narrow an exemption for certificates of indebtedness so it applies only to instruments issued by the Bank of North Dakota's (BND) infrastructure revolving loan fund.
The change was proposed to address concerns that a broad exemption for certificates of indebtedness under chapter 57-47 could be used to evade the bill’s 3% cap on local government levies. Aaron Burst, representing the Association of Counties, told the committee he had…
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