North Dakota § 54-07-12 - Theodore Roosevelt presidential library and museum endowment fund Continuing appropriation - Budget section report

§ 54-07-12. Theodore Roosevelt presidential library and museum endowment fund Continuing appropriation - Budget section report

There is created in the state treasury the Theodore Roosevelt presidential library and museum endowment fund. The governor may provide for the fund to be invested under the supervision of the board of university and school lands. The interest and earnings of the fund are appropriated to the governor on a continuing basis to pay interest expenses on a loan from the Bank of North Dakota and to provide grants pursuant to this section. The governor may provide grants to a private entity subject to the following: 1. The private entity has certified to the governor the entity has received the sum of one hundred million dollars in cash donations and binding pledged donations for the construction of a presidential library and museum in North Dakota and for grants to affected entities; 2. The governor has entered an agreement with the private entity in subsection 1 which includes the following provisions: a. The grant funds will be spent only for operating and maintenance costs of the presidential library located in North Dakota; b. 3. 4. Any unused grant funds will be returned to the state and deposited in the general fund if the presidential library has not been constructed within the period of time specified in the agreement or if the library ceases operations; c. The private entity agrees to donate ten million dollars from the one hundred million dollars identified in subsection 1 to a higher education institution foundation in North Dakota, of which two million dollars is for the purpose of digitizing documents relating to Theodore Roosevelt and eight million dollars is for the purpose of creating an endowment for the purpose of digitizing documents relating to Theodore Roosevelt and for creating a Theodore Roosevelt conservation scholars program and related academic mission at a North Dakota higher education institution in collaboration with the private entity; and d. The private entity agrees to donate three hundred thousand dollars to a city in North Dakota for prior costs incurred related to planning for a presidential library; The governor provides a report to the budget section which includes copies of the documentation received for the certification provided in subsection 1; and The governor provides a report to the budget section within thirty days of applying for the loan authorized by S.L. 2019, ch. 26, § 8, which includes all completed loan application documents.