ND HCR3017

Proposes amendment to North Dakota Constitution Section 2, Article IX to expand permissible uses of the common schools trust fund to include elementary and secondary bonded debt reduction and school construction.

Authorizes the Legislative Assembly to transfer up to 20 percent of the common schools trust fund assets (excluding land and mineral values) to a common schools building and renovation grant fund each biennium.

Allows grants to be awarded from the building and renovation grant fund to school districts for bonded debt reduction and school construction and renovation projects as determined by the Legislative Assembly.

Maintains biennial distributions from perpetual trust funds at 10 percent of the five-year average value of trust assets, calculated using assets' ending values from the fiscal year one year before the biennium begins plus the four preceding fiscal years.

Requires submission of the proposed amendment to North Dakota voters at the 2020 general election in accordance with Article IV, Section 16 of the North Dakota Constitution.