2014 North Dakota Century Code Title 54 State Government Chapter 54-27.2 Budget Stabilization Fund
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CHAPTER 54-27.2
BUDGET STABILIZATION FUND
54-27.2-01. Budget stabilization fund.
The budget stabilization fund is a special fund in the state treasury. The state investment
board shall supervise investment of the budget stabilization fund in accordance with chapter
21-10. Any interest or other budget stabilization fund earnings must be deposited in the fund.
Any amounts provided by law for deposit in the fund and any interest or earnings of the fund
which would bring the balance in the fund to an amount greater than nine and one-half percent
of the current biennial state general fund budget, as finally approved by the most recently
adjourned special or regular session of the legislative assembly, may not be deposited or
retained in the fund but must be deposited instead in the state general fund.
54-27.2-02. Certain general fund revenues to be deposited in the budget stabilization
fund.
Notwithstanding any other provision of law except section 54-27.2-01, any amount in the
state general fund in excess of sixty-five million dollars at the end of any biennium must be
transferred by the state treasurer to the budget stabilization fund. For purposes of this section,
"at the end of any biennium" means after cancellation of unexpended appropriations under
section 54-44.1-11.
54-27.2-03. Transfers and expenditures from budget stabilization fund.
If the director of the office of management and budget projects that general fund revenues
for the biennium will be at least two and one-half percent less than estimated by the most
recently adjourned special or regular session of the legislative assembly, and if the governor
orders a transfer, which must be reported to the budget section of the legislative management,
the state treasurer shall transfer the appropriate funds from the budget stabilization fund to the
state general fund to offset the decrease in general fund revenues. The amount transferred from
the budget stabilization fund upon order of the governor may not exceed the difference between
an amount two and one-half percent below the general fund revenue projections for the
biennium of the most recently adjourned special or regular session of the legislative assembly
and the general fund revenue projections for the biennium by the director of the office of
management and budget. The amount transferred from the budget stabilization fund upon order
of the governor to the state general fund may be expended within the limits of legislative
guidelines and general fund appropriations of the most recently adjourned special or regular
session of the legislative assembly. For purposes of this section, "general fund revenues for the
biennium" and "general fund revenue projections for the biennium" include the general fund
balance at the beginning of the biennium.
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