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North Dakota Trust Funds Amendment, HR-3037 (2006)
| North Dakota Constitution |
|---|
|
| Articles |
| Preamble • I • II • III • IV • V • VI • VII • VIII • IX • X • XI • XII • XIII • Schedule |
Election results
| Measure 1 | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
 Yes | 128,800 | 67% | ||
| No | 62,772 | 33% | ||
Impact
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. [2]
Status
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. [3]
See also
- List of North Dakota ballot measures
- Procedures for qualifying an initiative in North Dakota
- Laws governing the initiative process in North Dakota
- Campaign finance requirements for North Dakota ballot measures
- North Dakota 2006 ballot measures
- North Dakota signature requirements
- North Dakota State Senate
- North Dakota House of Representatives
- 2006 ballot measures
External links
- Full text of the initiative
- Bismarck Tribune - Three ballot measures have been somewhat low-key
- Constitutional Measure No. 1 - Government website
- Secretary of State election information
References
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