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Committee examines Development Fund and LIFT finance tools; staff to deliver transaction ledgers
Summary
Members pressed staff on the North Dakota Development Fund and the LIFT (Legacy Investment for Technology) fund: how revolving and continuing appropriations work, recent infusions and how the funds are being used for large-scale projects, childcare loans and project investments.
Committee members spent substantial time on the state's revolving economic development tools: the North Dakota Development Fund and the LIFT fund. Levi and Rich explained the funds' mechanics: both are revolving funds with continuing appropriation authority in statute, so agencies can spend fund balances under statutory authority; however, when the fund balance is insufficient to cover new commitments, the Legislature must authorize transfers into the fund (often in transfer sections later in the bill rather than in section 1).
Rich described why the development fund has…
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