This bill proposes the creation of a new section in chapter 54-27 of the North Dakota Century Code to establish a "legacy earnings fund," which will consist of funds distributed by the state treasurer from the legacy fund. The bill amends subsection 1 of section 21-10-06, removing the legacy earnings fund from the list of funds invested by the state investment board. Additionally, it repeals sections 21-10-12 and 21-10-13, which pertained to legacy fund definitions and the legacy earnings fund.

The new legacy earnings fund will receive distributions from the legacy fund every odd-numbered year, calculated as seven percent of the five-year average value of the legacy fund balance. The bill outlines a specific allocation process for the distributed funds, prioritizing debt service payments, tax relief initiatives, highway distribution, and further allocations to the general fund and strategic investment fund. The act is set to take effect on July 1, 2025, and is declared an emergency measure.

Statutes affected:
INTRODUCED: 21-10-06