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, while also amending existing provisions related to funds invested by the state investment board. Specifically, it repeals the definitions and provisions related to the legacy earnings fund found in sections 21-10-12 and 21-10-13. The amended section 21-10-06 will no longer include the legacy earnings fund among the funds that the state investment board is required to invest.

The newly created legacy earnings fund will consist of all moneys distributed by the state treasurer from the legacy fund, calculated as seven percent of the five-year average value of the legacy fund balance. The bill outlines a specific allocation process for the funds distributed to the legacy earnings fund, prioritizing debt service payments, tax relief initiatives, and highway distribution, with remaining funds divided between the general fund and the strategic investment and improvements fund. The bill is set to take effect on July 1, 2025, and is declared an emergency measure.

Statutes affected:
INTRODUCED: 21-10-06