The Board of Higher Education has endorsed an idea to help fund some infrastructure projects on the state’s college campuses.
UND proposed legislation to allow the campuses to access a “revolving loan fund” in the Bank of North Dakota for such things as roads, sidewalls, curb and gutter, and water mains. That revolving loan fund is made available to cities, counties and townships. The money is available at a low interest rate.
The Board’s Budget and Finance Committee recommended it. And the full Board passed it on a 5 to 2 vote.
"We own the Bank of North Dakota, as taxpayers," said Board member Dan Traynor. "We also own the University System. It's good business to do business in the bank that you own."
Board member Nick Hacker voted against it in committee, and at the full Board meeting. Hacker said he liked the concept, but told the Board he has questions about how the Bank would handle the loans, and what the source of repayment will be.
"I felt there was a lack of information to make a prudent decision," Hacker told the Board. "But this very well could turn out to be a great tool."
The University System office has a bill draft for the 2019 Legislature. It would not declare that colleges and universities are political subdivisions, but would ask the Legislature to expand the revolving loan fund program.