Associated Press, Published January 07 2013
Oil money helps ND tribe become debt-freeNEW TOWN, N.D. — Oil and gas development on the Fort Berthold Reservation in northwestern North Dakota is boosting the coffers of the Three Affiliated Tribes.
The Minot Daily News reports that the Mandan, Hidatsa and Arikara Nation was $110 million in the red just two years ago, but will become debt-free this year.
Tribal Chairman Tex Hall says in his annual report that a fund that will pay dividends to enrolled tribal members has grown to $100 million. He says another $18 million has been invested in a tribal mortgage company that will help tribal members buy homes.
Hall says the tribe will work during this year's state Legislature to get a bigger share of oil and gas taxes.
Information from: Minot Daily News, http://www.minotdailynews.com
Copyright 2013 The Associated Press.