State Treasurer Kelly Schmidt recently transferred $60,838,520.66 into the North Dakota Legacy Fund. This transaction brings the total of deposits to the Legacy Fund to $707,521,272.59 since making the first transfer in September of 2011.
“The increases we have seen in deposits to the Legacy Fund are staggering. The recent news of continued growth in oil production indicates these deposits will continue to grow” commented Treasurer Schmidt. “This current trend means there will be a significant source of funding available to which all North Dakotans will benefit.”
Under Article X, Section 26 of the North Dakota Constitution, thirty percent (30%) of all revenue derived from North Dakota’s oil and gas extraction and gross production taxes are deposited in to the Legacy Fund. Neither the principal nor the income of the Legacy Fund may be spent prior to July 1, 2017. Income earned after this date will be transferred to the state General Fund at the end of each two-year budget cycle. Expending any of the fund principal requires a two-thirds majority vote of both houses of the legislature and is limited to fifteen percent (15%) of the principal per biennium.