WDAZ: Your Home Team

Published October 05, 2010, 03:49 PM

Measure 1 to Create State Fund for Oil Revenue

The measure, which would set up a state legacy fund for oil revenue, will be on the ballot in November.

By: David Schwab, WDAZ

When North Dakotans go to the polls next month, they will see a measure on the ballot that would create a state legacy fund.

It would require 30 percent of the state's oil revenues to be deposited into the fund.

A similar measure failed in 2008, but a revised version of the measure has gained considerable support.

Supporters of measure one say it's an obligation to set aside money from North Dakota's oil boom.

The measure calls for 30 percent of oil revenue starting next year to be placed in a fund.

In 2017 money could be withdrawn with 2/3 legislative approval in both houses.

At a news conference Tuesday, local and state legislators and organizations talked about why people should vote yes for the fund next month.

We could only find one large organization in the state that was opposed to measure one. That was North Dakota's Farmers Union.

Farmers Union president Robert Carlson says he believes the measure locks up money that could be invested in infrastructure in Northwestern North Dakota.

He also believes elected officials should be trusted enough to manage the money without such a fund.