BISMARCK–A bank account for North Dakota’s future got a $34 million boost today.
State Treasurer Kelly Schmidt announced she will deposit $34,311,019.74 into the Legacy Fund. This is the first monthly deposit into the Legacy Fund since its creation by initiated measure in 2010, a news release said.
Under Article X, Section 26 of the North Dakota Constitution, 30 percent of all state oil revenue derived from oil and gas production and extraction after June 30, 2011, will be deposited into the Legacy Fund. No principal or earnings of the fund may be spent until after June 30, 2017. Principal expenditures from the Legacy Fund after 2017 require a two-thirds passing vote of the Legislature.
The Legacy Fund will be invested by the State Investment Board.