North Dakota Senate approves fund repayment plan
BISMARCK — North Dakota senators approved a plan to repay some constitutional funds that state officials said have been shorted in recent years Monday, April 1.
State officials have said three constitutional funds have been shorted about $262 million over roughly the past decade, meaning money flowed to other government pots, due to "ambiguous" language in state law governing oil tax allocations.
Under the plan offered by the Republican Senate Majority Leader Rich Wardner last week, the Common Schools Trust Fund would receive $64.4 million in earnings from the state's oil tax piggy bank. The fund supplements state aid to schools.
Allocations for the Resources Trust Fund, which is meant to finance water infrastructure projects and energy conservation programs, would be bumped up until reaching $128.7 million, which is expected to take more than two decades.
Read more: https://www.inforum.com/news/government-and-politics/997450-North-Dakota-Senate-approves-fund-repayment-plan