A loan fund for local school construction is already running out of money.
The 2013 Legislature set aside $150 million in the low interest loan fund. Deputy Superintendent of Public Instruction Robert Marthaller told the Legislature’s interim Education Funding committee that $102 million has already been committed.
"It is very conceivable that those funds will run out," said Marthaller.
To be eligible – the project must have a price tag of at least $100,000. But State Rep. David Monson (R-Osnabrock) wondered if that may be too low a threshold.
"Are we ready to move it to $250,000? Monson asked Mathaller.
"I think this would be something for this committee to look at," said Marthaller. "We know that you don't build much for $100,000. I might suggest $1 million."
Marthaller says later this week, representatives of DPI will be meeting with the Bank of North Dakota – to look at the loan program.
