BISMARCK, N.D. (AP) — The North Dakota House has approved a proposed bonding package aimed largely at financing infrastructure projects across the state.
Representatives voted 74-17 to approve the bill Friday. It now heads to the Senate.
The $680 million package relies on earnings from the state’s voter-approved oil tax savings account to pay for the borrowed money.
The bill allots three-quarters of the funding for flood-control projects in Fargo and Minot.
Lawmakers say the aim is to pay off the bonds in 20 years or less using earnings from the state’s oil tax savings account, known as the Legacy Fund, which voters enacted in 2010.