Major infrastructure bills signed and passed
BISMARCK, N.D. (KFYR) - With the stroke of a pen, Gov. Doug Burgum, R-N.D., signed a bill which supporters say will invest millions of dollars into infrastructure.
Twenty percent of the Legacy Fund’s principal will soon be invested into critical infrastructure needs like water projects, airports and energy transmission.
As of February, that would be $1.6 billion available to be invested.
The fund will also be available to help start new businesses.
“I experienced first-hand the lack of access to capital for growths to early-stage companies to help diversify our economy. We’re in the business in North Dakota to reach our full potential and we have to attract talent and capital to North Dakota,” Burgum said.
Much of the money will be distributed as low-interest loans through the Bank of North Dakota.
The bill passed the Senate unanimously and passed the House with only eight dissenting votes.
Later that afternoon, state senators passed the Republican bonding bill.
After talks of ballooning the bill to $1.1 billion, senators denied those efforts, and brought it back to its original $680 million.
The bonding bill now goes to Burgum’s desk for approval or veto.
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