Governor signs bill refilling shorted oil funds

Photo courtesy: MGN
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BISMARCK, N.D. - Gov. Doug Burgum has signed Senate Bill 2362, which will repay hundreds of millions of dollars in oil tax money that should’ve gone to multiple funds that support K12 per student payments and water projects.

The bill will backfill the Common Schools Trust Fund, which is used for K12 per pupil payments. The agreement will repay $64 million. The Land Board says under this proposal, they won’t get $12 million in interest from the missed payments.

The bill would also replace $128 million to the resources trust fund. To do this, Senate Bill 2362 would give this pot of money an extra 0.5 percent allocation, which Sen. Rich Wardner, R-Dickinson, says will give an $10-12 million a biennium.

The Foundation Aid Stabilization Fund will not be repaid.

Land Commissioner Jodi Smith says this compromise will likely prevent any litigation.