AN ACT to amend and reenact section 15.1-36-08 of the North Dakota Century Code, relating to the school construction assistance revolving loan fund; and to declare an emergency.

SB 2149 updates North Dakota's School Construction Assistance Revolving Loan Fund, administered by the Bank of North Dakota, to provide low-interest loans for public school construction and remodeling projects. It sets maximum loan amounts: up to $15 million for projects under $75 million (or 80% of cost if district funds exceed limits), up to $30 million for larger projects, and up to $20 million for projects on air force bases. The bill requires school districts to meet specific eligibility criteria, including project cost thresholds ($1 million minimum), approval from the superintendent, community voting, and prioritization based on student needs, building age, and safety. Loans carry a 2% interest rate with a 20-year term, and the fund is replenished by repayments to support future school construction.