application - See note)
1.The authority shall make recommendations to the commission for program guidelines,
including eligibility criteria for entities to receive funding under this chapter.
2.The nonvoting technical advisors shall develop a process to review and evaluate
projects to determine the technical merits and feasibility of any application, including
potential benefits of the development of low-emission technology, the expansion of the
development of the state's natural resources or energy production, and the
contribution to the economic diversity in the state.
3.The authority may develop a loan program or a loan guarantee program under the
clean sustainable energy fund. The Bank of North Dakota shall administer the loan
program or loan guarantee program. The interest rate of
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application - See note)
1. The authority shall make recommendations to the commission for program guidelines,
including eligibility criteria for entities to receive funding under this chapter.
2. The nonvoting technical advisors shall develop a process to review and evaluate
projects to determine the technical merits and feasibility of any application, including
potential benefits of the development of low-emission technology, the expansion of the
development of the state's natural resources or energy production, and the
contribution to the economic diversity in the state.
3. The authority may develop a loan program or a loan guarantee program under the
clean sustainable energy fund. The Bank of North Dakota shall administer the loan
program or loan guarantee program. The interest rate of a loan under this program
may not exceed two percent per year. The maximum term of a loan under this section
must be approved by the commission based on a recommendation from the authority.
The Bank shall review applications for loans or loan guarantees and shall consider the
business plan, financial statements, and other information necessary to evaluate the
application. To be eligible for a loan or loan guarantee, an entity shall agree to provide
the Bank of North Dakota with information as requested. The Bank of North Dakota
may develop policies for loan participation with local financial institutions.
4. The authority shall make recommendations to the commission for grant awards, loan
approvals, or other financial assistance to provide funding to support research,
development, and technological advancements for the large scale development and
commercialization of projects, processes, activities, and technologies that reduce
environmental impacts and increase sustainability of energy production and delivery in
accordance with this chapter. Any projects, processes, activities, and technologies
selected by the commission for funding must have been recommended by the
authority, must demonstrate feasibility based on a technical review conducted by the
nonvoting technical advisors of the authority, must have other sources of financial
support, and must achieve the priorities and purposes of the program. At the request
of the authority, the Bank of North Dakota shall provide a recommendation regarding
the economic feasibility of a project, process, activity, or technology under
consideration by the authority. The Bank shall review the business plan, financial
statements, and other information necessary to provide a recommendation.
5. The authority shall develop a fertilizer development incentive program, including
guidelines to provide loan forgiveness. Funding for the fertilizer development incentive
program under this subsection is limited to one hundred twenty-five million dollars.
a. To be eligible for the fertilizer development incentive program:
(1) The fertilizer production facility must be located within the state;
(2) The owner of the fertilizer production facility must be an entity domiciled in
the United States or Canada;
(3) The owner must borrow money under a program administered by the Bank
of North Dakota; and
(4) The fertilizer production facility must use hydrogen produced by the
electrolysis of water.
b. Upon completion of the construction of the fertilizer production facility, the
authority shall forgive the loan and shall use fertilizer development incentive
funding to repay any outstanding amount borrowed, as certified by the Bank. The
authority shall request an appropriation from the strategic investment and
improvements fund or other funding sources to provide fertilizer development
incentive funding to repay any outstanding amount borrowed.
6. The authority may consult with any other state agency necessary to carry out the
purposes under this chapter.
7. Each biennium, the authority shall provide a written report to the legislative
management regarding its activities and the program's financial impact on state
revenues and the state's economy.