BISMARCK, N.D. (AP) — North Dakota’s Republican legislative leaders have unveiled a $1.1 billion bonding package aimed largely at financing infrastructure projects across the state.
The proposal would use earnings from the state’s oil tax savings account to pay for the borrowed money. The idea is similar to a $1.25 bonding proposal presented by Gov. Doug Burgum last month.
But there’s one huge exception.
The governor’s proposal includes $700 million in low-interest loans for roads, bridges and other construction projects.
The legislative leaders’ plan would offer those funds as grants. Burgum and legislative leaders tout bonding as a way to finance infrastructure projects without having to use other revenue sources or increase taxes.