Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
House panel hears proposal to use Legacy Fund to offer low‑interest school construction loans
Summary
Representative Levi Jonas and school finance leaders proposed House Bill 1163 to create a Legacy Fund loan stream intended to lower borrowing costs for school construction. Supporters said the mechanism could reduce property-tax costs for voters; state investment officials and the treasurer outlined fiscal trade-offs.
Representative Levi Jonas introduced House Bill 1163, which would create a Legacy Fund School Construction Assistance Loan Fund to provide low-interest loans for school construction and to supplement the existing Bank of North Dakota school construction revolving loan fund.
Levi Bachmeier, business manager for West Fargo Public Schools, told the committee the proposal is intended to leverage Measure 3’s expansion of legacy fund investment options to lower interest costs for school construction. Bachmeier provided an illustrative example: a $100 million allocation at a 1% legacy loan rate could produce roughly $40 million in interest…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
