ND HCR3003

Amends Section 24 of Article X of the North Dakota Constitution to reallocate oil extraction tax revenue from taxable oil produced in the state.

Changes the allocation of 20 percent of oil extraction tax revenue to: 50 percent to common schools trust fund, 30 percent to state retirement stabilization fund, and 20 percent to foundation aid stabilization fund.

Allows the legislative assembly to expend moneys from the state retirement stabilization fund only for addressing unfunded retirement benefit obligations, with fund balance to be determined by law.

Requires interest income from the foundation aid stabilization fund to transfer to the state general fund annually on July 1st, with principal expendable only by gubernatorial order to offset foundation aid reductions caused by revenue shortages.

Requires submission of the proposed amendment to North Dakota voters at the 2014 general election.