I would stick $100-$150 million into a Farm Disaster Fund. This would be run much like the Alaska Permanent Fund Dividend. Basically, a commission would be set up with an equal number of Republicans and Democrats with the Governor being the tie breaking vote. The money would be managed by a large trust company. Unlike the Alaska fund, the dividends would not be paid back to the people, but would be reinvested by the same company to ensure a maximum return. The commission would work with the company to determine the appropriate course of action and to recommend the appropriate amount of risk. This would probably have to be part of an amendment to the ND Constitution.
Then, when farmers in the state see periods of drought, the state will be able to easily help them by drawing on these funds. Specific requirements would have to be met to ensure that there aren’t “disasters” in election years. This would not cost the taxpayer any money, as the fund would be self-perpetuating. I’m not sure if $150 million would be enough, but I think it would help significantly.
I don't know if it would work or not, but I do think this is an idea worth discussing.
Just about every single year North Dakota farmers appeal to Washington for emergency disaster aid, be it because of a drought (this year) or flooding or weather that is too hot or two cold. Whatever. Fact is that a lot of the time farmers find themselves waiting around for help until bureaucrats in Washington make up their minds.
A locally-managed fund - that is self-sustaining so that it is no burden on the tax payers - would be of great benefit to farmers. Not only would it let them get help faster by working with people who are actually from North Dakota it would also alleviate some of the burden these constant requests for federal disaster aid are on tax payers.
Again, there may be holes in this, but it's an idea worth kicking around.