Senate kills proposal oil savings for infrastructure loans
BISMARCK, N.D. (AP) — North Dakota’s Senate has killed a proposal that would use part of North Dakota’s oil tax savings account to offer low-interest loans to communities facing big and expensive infrastructure projects.
The resolution was defeated 34-11 on Thursday.
Backers wanted to use up to 15 percent of the Legacy Fund’s principal every two years for projects such as flood protection and water systems.
Sen. David Hogue of Minot led the effort to change the state Constitution to use the earnings. He says the loans would help finish projects sooner and save in interest and inflation costs.
It was first time the Republican-led Legislature had eyed the principal of the Legacy Fund that was approved by voters in 2010 and holds more than $6 billion.