Page 6 ■ Thursday, March 22, 2012


A new beginning Continued from page 1


BAKKEN NEWS


BAKKEN BREAKOUT WEEKLY


Planning for money Continued from page 1


established in 1976. It places 25 percent of all oil revenue into a permanent trust with the principal to be used only for income- producing investments specifi cally des- ignated by law. According to information gathered by the North Dakota Legislative Council, Alaska’s permanent fund balance totaled $40.8 billion as of February. The rest of the funds are deposited into that state’s General Fund. In 1982, the Alaska Legislature ap-


proved annual payments to Alaskan resi- dents, excluding people incarcerated on felony charges and certain misdemeanors. The payments typically range between $800 and $1,500. The Permanent Wyoming Mineral


Trust Fund was established by the Legis- lature in 1974. By law, funds also can be loaned to political subdivisions under conditions specifi ed by the Legislature. The state also has the Hathaway Scholar- ship Endowment, which provides tuition grants for up to eight semesters to Wyo- ming high school graduates. It also estab- lished the Excellence in Higher Education Endowment, which is used for recruiting, retaining and supporting faculty mem- bers.


approximately $4.9 billion as of Sept. 30, 2011. Cook said providing grants for college


Associated Press


Ryan Taylor, North Dakota Democratic candidate for governor, greets a supporter at the state Democratic convention in Grand Forks on March 16.


“water and soil” above it as well as doing as much as possible to protect the rights of landowners and mineral rights owners. “We can take advantage of our natu-


ral resources and not be taken advan- tage of,” Taylor said.


“When you’re doing what’s right, you’ll be surprised by people’s reaction when


you do the right thing.” – Democratic gubernatorial candidate Ryan Taylor


Legislature as well as Republican Gov. Jack Dalrymple on how the state’s budget surplus is being managed. He said surplus dollars should be going to education as well as permanent fl ood protection in communities such as Bis- marck, Fargo and Minot. “We cannot hoard more money in


Taylor attacked Republicans in the


Bismarck and expect more from D.C. when our people are hurting,” he said. Taylor said he would work on cre- ating a Lasting Harvest scholarship for North Dakota students using oil revenue dollars that would help fund their college education, similar to the Hathaway Scholarship program used in Wyoming. “We ought to not have the largest


ceptance speech, said he was impressed by both the message and the crowd’s enthusiastic response. “I’ve never seen such electricity for


Wyoming’s trust fund had a balance of


would help North Dakota students east their debt, and potentially help keep more young North Dakotans in the state after graduation. “I really do like the Wyoming plan,”


Cook said. Cook said he doesn’t see how giving


any candidate ever for the Democratic- NPL Party. He has a great message that will resonate with all North Dakota voters,” Thompson said. Thompson said he particularly liked


state budget surplus in the country while asking the majority of our stu- dents to take on increasing levels of student debt,” he said. Taylor said he knows he has a diffi - cult campaign ahead against a highly- funded opponent who has more con- nections. However, he said, in North Dakota most voters tend to look be- yond party identifi cation and look at the person and the ideas and causes they represent. “When you’re doing what’s right,


you’ll be surprised by people’s reaction when you do the right thing,” Taylor said. Grand Forks delegate David Clark Thompson, who was sitting on stage behind Taylor when he delivered his ac-


Taylor’s words on the need for a bal- anced approach to oil and gas develop- ment. “You can have development, you


delegate, said he liked Taylor’s ideas for promoting long-term prosperity for all North Dakotans. “Like Ryan Taylor, I’m a fourth-gen-


can have jobs … without sacrifi cing this state and the interests of its people,” Thompson said. James Schothorst, a Grand Forks


eration North Dakotan,” Schothorst said. “This state needs stewardship to keep it a great state for another three or four generations. We can do that with Ryan Taylor.” (Reach reporter Nick Smith at 701- 250-8255 or nick.smith@bismarcktri- bune.com.)


annual checks to residents, as in Alaska, would provide any long-term benefi ts, though he said the Alaska plan should be researched and discussed along with all other potential options. He noted that the oil industry is a vola- tile one and oil tax revenue won’t be com- ing to the state forever. Finding a way to in- vest those dollars while increasing the size of government is critical in creating lasting benefi ts for current and future generations of North Dakota residents, he said. “We’re in a position where we can truly


be an envy of the nation,” Cook said. The North Dakota Legacy Fund was


approved by voters through a constitu- tional amendment in 2010. It directs 30 percent of all oil and gas production and extraction tax revenue into the fund. No money can be spent from the fund


until after June 30, 2017. It requires a two- thirds vote of both houses of the Legisla- ture to disperse funds and spending from the fund is capped at 15 percent per bien- nium. (Reach reporter Nick Smith at 701-250- 8255 or at nick.smith@bismarcktribune. com.)


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