ND SB2362

Amends Section 57-51.1-07 of the North Dakota Century Code to revise the allocation of oil extraction tax development fund moneys, effective through July 31, 2019, and establishes a new allocation formula effective after July 31, 2019.

Current allocation (through July 31, 2019): 20% to water development sinking fund/resources trust fund, 20% to common schools trust fund, 30% to legacy fund, and 30% to general fund.

New allocation (after July 31, 2019): 20% to water development sinking fund/resources trust fund, 0.5% additional to resources trust fund until reaching $128,740,000 total, 20% to common schools trust fund, 30% to legacy fund, and remainder to general fund.

Increases the energy conservation grant fund cap from $200,000 to $1,200,000 per biennium under the new allocation formula.

Creates a contingent appropriation of $64,370,000 from the general fund to the common schools trust fund for fiscal years 2019-2021 if legacy fund earnings exceed the legislative estimate by at least that amount.