HCR 3033 Summary

• Reduces the maximum amount of legacy fund principal that may be expended during a biennium from 15 percent to 5 percent.

• Requires a two-thirds vote of both houses of the legislative assembly to expend any principal after June 30, 2017.

• Changes earnings distribution timing to July 1st of each odd-numbered year into a legacy earnings fund, rather than transferring to the state general fund at the end of each biennium.

• Maintains existing statutory programs for impact grants, direct revenue allocations to political subdivisions, and oil and gas research fund deposits, but allows the legislative assembly to adjust allocations.

• Requires submission of the proposed constitutional amendment to North Dakota voters at the 2024 general election.