North Dakota Oil Extraction Tax Revenues, Measure 1 (1994)

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The North Dakota Oil Extraction Tax Revenues Referendum, also known as Measure 1, was on the November 8, 1994 ballot in North Dakota as a legislatively referred constitutional amendment, where it was approved.[1] The measure required a portion of oil extraction tax revenues to be deposited in the common schools trust fund and an equal portion to be deposited in the foundation aid stabilization fund, with income of the foundation aid stabilization fund to be transferred to the state general fund. Beginning July 1, 1995, the amount of extraction tax revenue deposited in the two funds pursuant to this measure would equal twenty percent of the extraction tax revenue from taxable oil produced in the state.[2] The measure created Section 24 of Article X in the North Dakota Constitution.

Election results

North Dakota Measure 1 (1994)
ResultVotesPercentage
Approveda Yes 159,034 74.79%
No53,61425.21%

Election results via: North Dakota Secretary of State, Official Vote of General Election, 1994

Text of measure

See also: North Dakota Constitution, Article X, Section 24

Constitutional changes

The measure created a new section in Article X of the North Dakota Constitution. The new section read as follows:[3]

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.

See also

External links

Footnotes

  1. ↑ North Dakota Secretary of State Archived Election Results, "General Election Results - 1994," accessed March 28, 2014
  2. ↑ North Dakota Legislative Assembly, "1995 Session Laws, CHAPTER 641 SENATE CONCURRENT RESOLUTION NO. 4011 OIL EXTRACTION TAX REVENUES," accessed March 28, 2014
  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named NDleg
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