BISMARCK, N.D. (AP) — A program aimed at helping North Dakota communities deal with the effects of energy development has been suspended due to slumping oil activity.
North Dakota’s Board of University and School Lands also voted Thursday to put on hold millions of dollars of projects that have receive grants but work hasn’t started.
Trust Lands Commissioner Lance Gaebe (GAY’-bee) says the Oil and Gas Impact Grant Fund earlier was projected to collect $140 million for the current two-year budget cycle. He says it’s only projected to collect $28.6 million now due to low oil prices and a drop in oil production tax revenues.
He says the board has already obligated about $42 million in projects so the fund is “upside down.”
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