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--- artx:sec24:start [2020/07/13 22:33] – Adopted Nov. 8, 1994 jet
+++ artx:sec24:start [2020/07/30 16:58] (current) – jet
@@ Line 1: / Line 1: @@
 Section 24.
-Twenty percent of the revenue from oil extraction taxes from taxable oil
+. Ten percent of the revenue from oil extraction taxes from taxable oil
-produced in this state must be allocated as follows:
+produced in this state must be deposited in the common schools trust
+fund.
-. Fifty percent must be deposited in the common schools trust fund.
+. Ten percent of the revenue from oil extraction taxes from taxable oil
+produced in this state must be deposited in the foundation aid
+stabilization fund in the state treasury, the interest of which must be
+transferred to the state general fund on July first of each year.
-. Fifty percent must be deposited in the foundation aid stabilization
+<WRAP indent>
-fund in the state treasury, the interest income of which must be
-transferred to the state general fund on July first of each year. The
-principal of the foundation aid stabilization fund may be expended only
-upon order of the governor, who may direct such a transfer only to
-offset foundation aid reductions that were made by executive action
-pursuant to law due to a revenue shortage.
-[Adopted Nov. 8, 1994 ([[https://www.legis.nd.gov/assembly/sessionlaws/1995/pdf/CAA.pdf#page=3|S.L. 1995, ch. 641]])]
+a. Except as otherwise provided, the principal of the foundation aid
+stabilization fund may be expended upon order of the governor, who may
+direct such a transfer only to offset reductions in state aid to school
+districts, which were made by executive action, pursuant to law, due to
+a revenue shortage.
+b. Whenever the principal balance of the foundation aid stabilization
+fund exceeds fifteen percent of the general fund appropriation for state
+aid to school districts, for the most recently completed biennium, as
+determined by the office of management and budget, the legislative
+assembly may appropriate or transfer any excess principal balance. Such
+amount may be used for education-related purposes, as provided by law.
+</WRAP>
+[Amended Nov. 8, 2016 ([[https://www.legis.nd.gov/assembly/65-2017/session-laws/documents/caa.pdf#page=2|S.L. 2017, ch. 457]])]