This bill proposes the creation of a new section to chapter 54-27 of the North Dakota Century Code, establishing a legacy earnings fund. It amends subsection 1 of section 21-10-06 to remove the legacy earnings fund from the list of funds invested by the state investment board. The new legacy earnings fund will consist of moneys distributed from the legacy fund, with specific allocations outlined for various purposes, including debt service payments, tax relief initiatives, and highway distribution. The bill also repeals sections 21-10-12 and 21-10-13, which pertained to legacy fund definitions and the legacy earnings fund.

The effective date for this legislation is set for July 1, 2025, and it is declared an emergency measure, indicating the urgency of its implementation. The bill aims to streamline the management of legacy fund distributions and ensure that funds are allocated effectively to support state initiatives.

Statutes affected:
INTRODUCED: 21-10-06