March 27, 2012
Schmidt Announces Distribution to North Dakota’s Non-Oil Producing Counties and Townships
State Treasurer Kelly Schmidt will distribute $48,000,000 to the state’s non-oil producing counties and townships. The distribution will go out on Friday, March 30, 2012.
Funding for this one time distribution were provided for in House Bill 1012 and Senate Bill 2371, passed during the 2011 regular legislative session and the special legislative session held in November of 2011 respectively.
HB 1012 allocates $25 million which is split with 80% going to non-oil producing counties, and 20% to townships within those counties. The distributed funds are to be used for transportation projects.
SB 2371 allocates a total of $23 million. Of this total, $14.5 million is allocated to each township in non-oil producing counties through distributions of $10,000 per township. The remaining $8.5 million is to be divided among these same counties and townships according to the 80%-20% split laid out in HB 1012. These funds are to be used to fund extraordinary roadway maintenance projects.
A non-oil producing county for the purpose of this distribution is defined as a county that received less than $500,000 in funding from the oil and gas gross production tax during state fiscal year 2011.
“Our state has experienced so many weather related challenges this past year,” stated Treasurer Schmidt, “These funds will allow our counties and township to address the much needed repairs to their transportation infrastructure.”
The State Treasurer and her staff serve the people of North Dakota by providing sound leadership and prudent investment practices of state dollars. The Treasurer’s office also works in cooperation with the Bank of North Dakota. The Mission of the Office of the State Treasurer is to fulfill its constitutional and statutory responsibilities in order to assure sound financial oversight and absolute safety of all public funds collected, managed, and disbursed.