ND HB1186

Establishes an advisory committee to oversee a pilot project during the 2019-20 interim testing oil and gas tax revenue hedging strategies at the Bank of North Dakota.

Bank of North Dakota shall execute swap agreements or other hedging strategies approved by the committee, designed to offset reductions in state general fund oil and gas tax revenues when prices fall below levels in the legislative revenue forecast.

Advisory committee composed of two members from North Dakota petroleum council, director of office of management and budget, one legislative member each from senate and house majority leaders, Bank of North Dakota representative, executive director of Indian affairs commission, and agriculture commissioner.

Committee members entitled to reimbursement for reasonable and necessary expenses at the same level as state officials.

Committee must report results of pilot project and recommendations to legislative management before August 1, 2020, and $100,000 is appropriated from the general fund to Bank of North Dakota for the biennium July 1, 2019 through June 30, 2021.