North Dakota

North Dakota lawmakers Friday set a record for remaining in session until the final day as they continued to debate a budget that includes record appropriations for the oil-boom region of the state as well as income and property tax cuts.

Refunding opportunities fueled a 36.3% surge in bond issuance among Midwestern borrowers last year as the steadfastly conservative region shied away from adding new debt in favor of shoring up balance sheets.

A North Dakota Senate committee voted against a bill that would allow school districts to tap city sales tax to pay debt service on bonds.

Voters in Williston, N.D. rejected a $55 million local school district bond proposal that was the district's first since 1955 and a "last resort" to deal with an enrollment spike tied to the state's historic oil boom.

Voters in the Williston Public School District, N.D. next week will consider a $55 million bond measure to build new facilities to accommodate a spike in enrollment due to the area’s massive oil boom.

Oil boom revenue means North Dakota expects an $850 million budget surplus. Voters also rejected a plan to eliminate property taxes.

CHICAGO — North Dakota voters overwhelmingly rejected a ballot measure Tuesday to abolish property taxes, allowing local governments to breathe a sigh of relief, since the measure had posed a challenge to their fiscal and debt management.

CHICAGO -- If it passes, a referendum that would abolish North Dakota’s property taxes would pose a significant fiscal threat to local governments and would also raise their borrowing costs, Moody’s Investors Service said in a report out Thursday.

North Dakota has a new credit-enhancement program aimed at boosting ratings for small school districts, many of which need to borrow to accommodate growing enrollment due to the state's oil boom.

North Dakota public finance officials will halt all local general obligation bond deals conducted through the state starting Jan. 1 for at least the next six months as they await the outcome of a controversial measure to abolish property taxes.

Critics and supporters last week debated a proposed constitutional amendment to abolish property taxes in North Dakota. If approved, it would make the state the only one in the nation to repeal such taxes.

North Dakota said last week it has reached a new record high in daily oil production. Production reached 423,550 barrels a day, according to the Department of Mineral Resources.

Moody's Investors Service raised its rating to Baa1 from Baa2 on $137 million of bonds issued on behalf of the Altru Health System by the city of Grand Forks. The outlook is stable.

CHICAGO — Riding high on its record oil boom, North Dakota will consider a measure that would repeal property taxes and require the state to replace the local revenue.

CHICAGO — North Dakota legislators last week approved a fiscal 2012-13 $9.9 billion budget that reflects the state’s flush position, featuring $500 million of tax cuts, nearly $1 billion of infrastructure projects financed with cash, and $1 billion of reserves. For the third biennium in a row, the budget includes no borrowing.

CHICAGO — While other states struggle with shortfalls, North Dakota’s fiscal position is strong enough that the state’s new governor has proposed funding nearly $1 billion of projects with cash and boosting reserves to $1.2 billion by the end of 2013.

CHICAGO — North Dakota continues to buck national trends, with officials this week reporting that revenues collected in the current biennium have exceeded projections and that the state is on track to see a $700 million surplus by next June.

CHICAGO — Midwestern bond issuance leaped by 32.5% to $39.8 billion for the first six months of the year, due primarily to Illinois’ borrowing spree to finance its $31 billion capital program and its use of debt for budgetary relief.

As North Dakota enjoys the largest oil boom in its history, counties and cities struggling to provide the infrastructure needed to support the growing industry are turning to the state for help.

CHICAGO — McLean County, N.D., will enter the market next week with $83 million of solid-waste facilities revenue bonds on behalf of wholesale power supplier Great River Energy.