January 22, 2008
Treasurer Schmidt: BidND Program Benefits Jamestown
Bismarck, ND – State Treasurer Kelly Schmidt announced today that Jamestown has recently received $90,000 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, $36.5 million in interest income was contributed to the state’s general fund for the 2005-07 biennium compared to $6 million in the 2003-05 biennium.
Financial institutions to recently participate and receive BidND dollars are located in West Fargo and Mandan.
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.