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Section 24.
Twenty percent of the revenue from oil extraction taxes from taxable oil produced in this state must be allocated as follows:
1. Fifty percent must be deposited in the common schools trust fund.
2. Fifty percent must be deposited in the foundation aid stabilization 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 (S.L. 1995, ch. 641)]