47.01.030 Severance Tax Fund

(a) All proceeds collected by the Tribe pursuant to prior severance tax enactments and this Code shall be placed in the fund known as the Oil and Gas Severance Tax Fund. The Tribal Council may direct that this fund be separately invested or may direct that proceeds retained in the Oil and Gas Severance Tax Fund be consolidated with other tribal investments. The Tribal Council may by appropriate resolution, further direct that proceeds in the Oil and Gas Severance Tax Fund be appropriated for use by the Tribe to defray the costs of general governmental administration, delivery of services, the acquisition of commercial enterprises needed to replace depleting tribal mineral resources, or such other uses as the Tribal Council deems appropriate. The Tax Commissioner is directed to maintain an accurate record of all proceeds deposited in the Oil and Gas Severance Tax Fund.

(b) Administration of the Oil and Gas Severance Tax Fund shall also conform to the existing financial plan adopted by the Tribal Council, as the same may be amended from ti me to time.