§ 57-51.1-07 — Allocation of moneys in oil extraction tax development fund

North Dakota § 57-51.1-07

• Jurisdiction: North Dakota
• Title 57: Taxation
• Ch. 57-51.1: Oil Extraction Tax

Text

Moneys deposited in the oil extraction tax development fund from revenue collected under
section 57-51.1-02 and oil extraction tax revenue allocated to the state under the terms of an
agreement entered pursuant to chapter 57-51.2 must be transferred monthly by the state
treasurer as follows:
1. Twenty percent must be allocated to the sinking fund established for payment of the
state of North Dakota water development bonds, southwest pipeline series, and any
moneys in excess of the sum necessary to maintain the accounts within the sinking
fund and for the payment of principal and interest on the bonds must be credited to a
special trust fund, to be known as the resources trust fund. The resources trust fund
must be established in the state treasury and the funds therein must be deposited and
invested as are other state funds to earn the maximum amount permitted by law which
income must be deposited in the resources trust fund. Three percent of the amount
credited to the resources trust fund must be transferred no less than quarterly into the
renewable energy development fund, not to exceed three million dollars per biennium.
One-half of one percent of the amount credited to the resources trust fund must be
transferred no less than quarterly into the energy conservation grant fund not to
exceed one million two hundred thousand dollars per biennium. The principal and
income of the resources trust fund may be expended only pursuant to legislative
appropriation and are available to:

a. The state water commission for planning for and construction of water-related
projects, including rural water systems. These water-related projects must be
those which the state water commission has the authority to undertake and
construct pursuant to chapter 61-02; and
b. The industrial commission for the funding of programs for development of
renewable energy sources; for studies for development of cogeneration systems
that increase the capacity of a system to produce more than one kind of energy
from the same fuel; for studies for development of waste products utilization; and
for the making of grants and loans in connection therewith.
c. The department of commerce for the funding of programs for development of
energy conservation and for the making of grants and loans relating to energy
conservation.
2. One-half of one percent must be allocated to the resources trust fund beginning with
allocations made by the state treasurer in August 2019 and continuing until the
combined allocations under this subsection total one hundred twenty-eight million
seven hundred forty thousand dollars, after which the state treasurer shall discontinue
making allocations under this subsection.
3. Twenty percent must be allocated to the common schools trust fund and foundation
aid stabilization fund as provided in section 24 of article X of the Constitution of North
Dakota.
4. Thirty percent must be allocated to the legacy fund as provided in section 26 of
article X of the Constitution of North Dakota.
5. The remainder must be allocated to the state's general fund.