ND SCR4003

Reduces oil extraction tax allocation to the foundation aid stabilization fund from 50 percent to 10 percent of revenues from taxable oil produced in North Dakota.

Increases allocation to the common schools trust fund from 50 percent to 80 percent of oil extraction tax revenues.

Allows the governor to direct transfers from the fund's principal only to offset foundation aid reductions to school districts made by executive action due to revenue shortages.

Permits the legislative assembly to appropriate excess principal balances exceeding 15 percent of the general fund appropriation for state aid to school districts for education-related purposes as defined by law.

Requires submission to North Dakota voters at the November 2016 general election for ratification as a constitutional amendment.