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ND HCR3008

Concurrent Resolution

Official Source

Status

Introduced

1/3/2019

Primary Sponsor

Bob Paulson

Click for details

Origin

House of Representatives

66th Legislative Assembly

AI Summary

  • Amends North Dakota Constitution Article IX, Section 2 to authorize low-interest school construction loans as an allowable use of common schools trust fund assets
  • Permits the legislative assembly to make trust fund assets available for school construction loans only when assets exceed $4 billion plus one-half of oil extraction tax revenue deposited after June 30, 2021
  • Requires biennial distributions from perpetual trust funds to equal 10 percent of the five-year average value of trust assets, excluding land and mineral values
  • Establishes that equal distribution amounts must occur during each year of the biennium, calculated using ending values from the fiscal year preceding the biennium and four preceding fiscal years
  • Requires submission to North Dakota voters at the 2020 general election for approval as a constitutional amendment

Legislative Description

Allowable uses of the common schools trust fund.

Last Action

Withdrawn from further consideration

2/27/2019

Committee Referrals

Judiciary1/3/2019

Full Bill Text

No bill text available