ND SCR4004

Twenty percent of oil extraction tax revenue from taxable oil produced in North Dakota must be split equally between the common schools trust fund and the foundation aid stabilization fund.

Interest and other income generated by the foundation aid stabilization fund must be transferred to the state general fund on July 1st each year and used in part to provide scholarships to academically qualified students attending accredited institutions of higher education in the state.

Each scholarship must equal at least 20 percent but not more than 50 percent of the statewide average undergraduate tuition and fees at four-year public institutions of higher education in North Dakota.

Unused scholarship funds are available for appropriation by the legislative assembly or distribution to each state resident over age eighteen.

The principal of the foundation aid stabilization fund may be expended only by order of the governor to offset foundation aid reductions made by executive action due to revenue shortages; becomes effective July 1, 2013 if approved by voters in the 2012 general election.