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BISMARCK, N.D. (NewsDakota.com) – As North Dakota lawmakers resume the second half of the current legislative session this week, discussion on Legacy Fund dollars continues to remain a focus.
HB 1425 is one bill that’s been proposed for Legacy Fund use, but House Majority Leader Republican Chet Pollert says 20% of the principal would be eligible for projects. Half of that would go into fixed income products, and the other 10 percent would be invested in equity, helping businesses raise capital.
He added that projects that show a return of investments would have a better chance of being able to use those funds. Pollert stated that the State Investment Board would be the deciding party.
The plan was approved by the Jamestown City Council April 2020 to purchase a $1 million ladder truck after the state-provided ladder truck failed. Original plans called for one-third of the funding come from private donations, one-third from the state, and one-third from tax collections of the city.
In February, the city approved using $300,000 in federal CARES Act funding from the federal government for the ladder truck. Donations and pledges from public and private entities currently sits at around $375,000.
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A bill to create an agricultural innovation fund is supported by local legislators and economic leaders. Written By: Keith Norman | ×
Dakota Spirit AgEnergy, a fuel ethanol plant at the Spiritwood Energy Park Association industrial park, is an example of value-added agriculture. HB 1475 is meant to provide additional funding to attract similar operations in the future. John M. Steiner / The Sun
A bill to create an agricultural innovation fund for North Dakota value-added agricultural projects is being heard Wednesday, Feb. 17, in the state House Appropriations Committee.
House Bill 1475, authored by Rep. Bernie Satrom, R-Jamestown, with sponsors including Rep. Mitch Ostlie, Sen. Terry Wanzek and Sen. Cole Conley, all R-Jamestown, sets aside 20% of the proceeds from the Legacy Fund that would normally be deposited to the North Dakota General Fund for agricultural projects in the state.