North Dakota Trust Funds Amendment, HR-3037 (2006)
|North Dakota Constitution|
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It was to require that the permanent trust funds be managed to preserve their purchasing power, to provide stable distributions to fund beneficiaries, and to benefit fund beneficiaries. The measure changes trust fund distributions from interest and income earned by a fund to distributions based on a fund's average value, requires that all revenue produced by a trust fund be deposited in the fund, and provides for paying the costs of administration.
Constitutional Measure #1 has no direct or indirect impact on any private or public trust, endowment, foundation or pension fund other than the 13 permanent educational trust funds that were established at statehood and entrusted to the Land Board under Article IX of the North Dakota Constitution.
Although North Dakota voters have approved Constitutional Measure No. 1, implementing it still requires federal legislation. Section 3 of House Concurrent Resolution No. 3037 states:
If approved by the voters, this measure becomes effective on the July first following the date on which the attorney general certifies to the secretary of state that the United States Congress has by amendment removed all inconsistent provisions found in the 1889 Enabling Act [Act of Feb. 22, 1889, ch. 180, 25 Stat. 676] and the 1862 Morrill Act [Act of July 2, 1862, ch. 130, 12 Stat. 503; 7 U.S.C. §§ 301- 308].
Therefore, The Land Board must now go to the United States Congress and ask that they amend the 1889 Enabling Act and the 1862 Morrill Act to remove language that limits distributions from the permanent educational trust funds to “interest and income” and to allow for a distribution method that is based on the 5-year average value of the trust funds.
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