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January 4, 2008
Treasurer Schmidt: BidND Program Benefits West Fargo

Contact: Lisa Anderson (701) 328-2643

Treasurer Schmidt: BidND Program Benefits West Fargo Bismarck, ND – State Treasurer Kelly Schmidt announced today that West Fargo has recently received $100,000 investment dollars through BidND, an investment initiative developed and administered by Schmidt.

Through a bid process, certificates of deposit are purchased from North Dakota financial institutions which lend these dollars back into their communities, fostering economic growth. BidND has placed millions of dollars in over 60 North Dakota communities from funds, such as the Veteran’s Post War Trust Fund, Veterans Cemetery Fund and the investments from over 10 agricultural commodity groups, such as the Soybean Council and the Beef Commission.

“This is a win-win for our state and our communities, by doing this we are able to maximize the return on our investments and help North Dakota grow.

Through this initiative and effective cash management the State Treasurer’s Office contributed $36.5 million in interest income to the state’s general fund for the 2005-07 biennium. This exceeded the legislative forecast for interest income by 425%.

Financial institutions to recently participate and receive BidND dollars are located in Kulm and Leeds.

To locate other North Dakota communities to receive BidND funds we invite you to check out our website at www.nd.gov/treas and click on BidND.

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