April 22, 2009
Treasurer Schmidt: BidND Program Benefits Fargo
Bismarck, ND – State Treasurer Kelly Schmidt announced today that Fargo has recently received $192,000 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. BidND is an opportunity for North Dakota banks and credit unions to increase their deposits which in turn can help to foster economic growth. BidND has placed over 8 million dollars in over 70 North Dakota communities from funds, such as the Veteran’s Post War Trust Fund, Credit Sale Contract Indemnity Fund and the investments from over 10 agricultural commodity groups, such as the Dry Bean Council and the Wheat Commission.
“This is a win-win for our state and our communities, with this program we are able to maximize the return on our investments and help North Dakota grow.”
“This initiative has helped us to contributed $36.5 million in interest income to the state’s general fund in the 2005-07 biennium, which is $30 million more than the previous biennium.”
Financial institutions to recently participated and received BidND dollars are located in Minot and Cavalier.
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.