Burgum signs $680 million infrastructure bonding bill
BISMARCK , N.D. (KVRR) – Gov. Doug Burgum has signed a $680 million bonding package for infrastructure upgrades including flood control, roads, bridges and water projects.
Burgum says the package will be funded with Legacy Fund earnings and without raising taxes.
“With historic low interest rates, investing in infrastructure now is the financially conservative thing to do” Burgum said.
“We will save tens if not hundreds of millions of dollars for our state and political subdivisions over time versus waiting for years and paying cash.”
The $680 million bonding package includes:
- $510 million for two major flood control projects, including $435.5 million for the Fargo-Moorhead Area Diversion Project and $74.5 million for Minot area flood control.
- $35 million for state bridge repair and $35 million for the North Dakota Department of Transportation to leverage federal dollars to invest in North Dakota projects.
- $50 million for an infrastructure revolving loan fund to support cities and counties.
- $50 million to replace Harris Hall at North Dakota State University with an agricultural products development center.