CONSTITUTIONAL AMENDMENTS APPROVED
CHAPTER 640
SENATE CONCURRENT RESOLUTION NO. 4014
(Senators Freborg, Keller, Lips)
(Representatives Gates, Mahoney, Tollefson)
COAL TRUST FUND EXPENDITURES
Senate Concurrent Resolution No. 4014, Chapter 662, 1993 Session Laws, proposed by the Fifty-third Legislative Assembly of the State of North Dakota, for the amendment of section 21 of article X of the Constitution of North Dakota, relating to expenditures from the permanent coal trust fund for clean coal demonstration projects.
STATEMENT OF INTENT
This amendment provides that funds may be expended from the permanent coal trust fund for clean coal demonstration projects approved by the industrial commission.
BE IT RESOLVED BY THE SENATE OF NORTH DAKOTA, THE HOUSE OF REPRESENTATIVES CONCURRING THEREIN:
That the following proposed amendment to section 21 of article X of the Constitution of North Dakota is agreed to and must be submitted to the qualified electors of North Dakota at the primary election to be held in 1994, in accordance with section 16 of article IV of the Constitution of North Dakota.
SECTION l. AMENDMENT. Section 21 of article X of the Constitution of North Dakota is amended and reenacted as follows:
Section 21. Not less than fifteen percent of the tax imposed for severing coal shall be placed into a permanent trust fund in the state treasury to be held in trust and administered by the board of university and school lands, which shall have full authority to invest said trust funds as provided by law, and may loan moneys from the fund to political subdivisions as provided by law. The interest earned on the moneys in said trust fund shall be used first to replace uncollectable loans made from the fund, and the balance shall be credited to the general fund of the state. Up to fifty percent of the taxes collected and deposited in the permanent trust fund during a biennium may be appropriated by the legislative assembly for lignite
