ND HCR3018

Twenty percent of oil extraction tax revenue from taxable oil produced in North Dakota must be allocated equally between the common schools trust fund and the foundation aid stabilization fund (50% each).

Once the foundation aid stabilization fund reaches $100 million, its annual growth is capped at two percent per year.

Any oil extraction tax revenues that would cause the foundation aid stabilization fund to exceed its two percent annual growth limit must be deposited in the common schools trust fund instead.

Fund income may be expended by the governor to cover education appropriation shortfalls during a biennium, with any unspent income transferred to the state general fund on July 1st of odd-numbered years.

Principal from the foundation aid stabilization fund may only be expended by the governor's order to offset foundation aid reductions made by executive action due to revenue shortages.