II Calendar No. 650 110th CONGRESS 2d Session S. 1740 [Report No. 110–298] IN THE SENATE OF THE UNITED STATES June 28, 2007 Mr. Conrad (for himself and Mr. Dorgan) introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources April 10, 2008 Reported by Mr. Bingaman, without amendment A BILL To amend the Act of February 22, 1889, and the Act of July 2, 1862, to provide for the management of public land trust funds in the State of North Dakota.

1.

Short title

This Act may be cited as the North Dakota Enabling Act and First Morrill Act Amendments Act of 2007.

2.

Management and distribution of north dakota trust funds

The Act of February 22, 1889 (25 Stat. 676, chapter 180), is amended by adding at the end the following:

26.

North dakota trust funds

(a)

Disposition

Notwithstanding section 11, the State of North Dakota shall, with respect to any trust fund in which proceeds from the sale of public land are deposited under this Act (referred to in this section as the trust fund)— (1)deposit all revenues earned by a trust fund into the trust fund; (2)deduct the costs of administering a trust fund from each trust fund; and (3)manage each trust fund to— (A)preserve the purchasing power of the trust fund; and (B)maintain stable distributions to trust fund beneficiaries. (b)

Distributions

Notwithstanding section 11, any distributions from trust funds in the State of North Dakota shall be made in accordance with section 2 of article IX of the Constitution of the State of North Dakota. (c)

Management of proceeds

Notwithstanding section 13, the State of North Dakota shall manage the proceeds referred to in that section in accordance with subsections (a) and (b). (d)

Management of land and proceeds

Notwithstanding sections 14 and 16, the State of North Dakota shall manage the land granted under that section, including any proceeds from the land, and make distributions in accordance with subsections (a) and (b).

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3.

Management and distribution of morrill act grants

The Act of July 2, 1862 (commonly known as the First Morrill Act) (7 U.S.C. 301 et seq.), is amended by adding at the end the following:

9.

Land grants in the State of North Dakota

(a)

Expenses

Notwithstanding section 3, the State of North Dakota shall manage the land granted to the State under the first section, including any proceeds from the land, in accordance with this section. (b)

Disposition of proceeds

Notwithstanding section 4, the State of North Dakota shall, with respect to any trust fund in which proceeds from the sale of land under this Act are deposited (referred to in this section as the trust fund)— (1)deposit all revenues earned by a trust fund into the trust fund; (2)deduct the costs of administering a trust fund from each trust fund; and (3)manage each trust fund to— (A)preserve the purchasing power of the trust fund; and (B)maintain stable distributions to trust fund beneficiaries. (c)

Distributions

Notwithstanding section 4, any distributions from trust funds in the State of North Dakota shall be made in accordance with section 2 of article IX of the Constitution of the State of North Dakota. (d)

Management

Notwithstanding section 5, the State of North Dakota shall manage the land granted under the first section, including any proceeds from the land, in accordance with this section.

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4.

Consent of congress

Effective July 1, 2009, Congress consents to the amendments to the Constitution of North Dakota proposed by House Concurrent Resolution No. 3037 of the 59th Legislature of the State of North Dakota entitled A concurrent resolution for the amendment of sections 1 and 2 of article IX of the Constitution of North Dakota, relating to distributions from and the management of the common schools trust fund and the trust funds of other educational or charitable institutions; and to provide a contingent effective date and approved by the voters of the State of North Dakota on November 7, 2006.

April 10, 2008 Reported without amendment