54-27.2 Budget Stabilization Fund
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<![CDATA[CHAPTER 54-27.2BUDGET STABILIZATION FUND54-27.2-01. (Effective through June 30, 2009) Budget stabilization fund. The budgetstabilization fund is a special fund in the state treasury.The state investment board shallsupervise investment of the budget stabilization fund in accordance with chapter 21-10. Any<br>interest or other budget stabilization fund earnings must be deposited in the fund. Any amounts<br>provided by law for deposit in the fund and any interest or earnings of the fund which would bring<br>the balance in the fund to an amount greater than five percent of the current biennial state<br>general fund budget, as finally approved by the most recently adjourned special or regular<br>session of the legislative assembly, may not be deposited or retained in the fund but must be<br>deposited instead in the state general fund.(Effective after June 30, 2009) Budget stabilization fund. The budget stabilizationfund is a special fund in the state treasury.The state investment board shall superviseinvestment of the budget stabilization fund in accordance with chapter 21-10. Any interest or<br>other budget stabilization fund earnings must be deposited in the fund. Any amounts provided by<br>law for deposit in the fund and any interest or earnings of the fund which would bring the balance<br>in the fund to an amount greater than ten percent of the current biennial state general fund<br>budget, as finally approved by the most recently adjourned special or regular session of the<br>legislative assembly, may not be deposited or retained in the fund but must be deposited instead<br>in the state general fund.54-27.2-02.Certain general fund revenues to be deposited in the budgetstabilization fund. Notwithstanding any other provision of law except section 54-27.2-01, any<br>amount in the state general fund in excess of sixty-five million dollars at the end of any biennium<br>must be transferred by the state treasurer to the budget stabilization fund. For purposes of this<br>section, "at the end of any biennium" means after cancellation of unexpended appropriations<br>under section 54-44.1-11.54-27.2-03.Transfers and expenditures from budget stabilization fund.If thedirector of the office of management and budget projects that general fund revenues for the<br>biennium will be at least two and one-half percent less than estimated by the most recently<br>adjourned special or regular session of the legislative assembly, and if the governor orders a<br>transfer, which must be reported to the budget section of the legislative management, the state<br>treasurer shall transfer the appropriate funds from the budget stabilization fund to the state<br>general fund to offset the decrease in general fund revenues. The amount transferred from the<br>budget stabilization fund upon order of the governor may not exceed the difference between an<br>amount two and one-half percent below the general fund revenue projections for the biennium of<br>the most recently adjourned special or regular session of the legislative assembly and the<br>general fund revenue projections for the biennium by the director of the office of management<br>and budget.The amount transferred from the budget stabilization fund upon order of thegovernor to the state general fund may be expended within the limits of legislative guidelines and<br>general fund appropriations of the most recently adjourned special or regular session of the<br>legislative assembly. For purposes of this section, "general fund revenues for the biennium" and<br>"general fund revenue projections for the biennium" include the general fund balance at the<br>beginning of the biennium.Page No. 1Document Outlinechapter 54-27.2 budget stabilization fund]]>