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 references to 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 consist of moneys distributed by the state treasurer from the legacy fund, with specific allocations outlined for various purposes, including debt service payments, tax relief initiatives, and highway distribution.

The bill stipulates that distributions from the legacy fund will occur on July 1 of each odd-numbered year, amounting to seven percent of the five-year average value of the legacy fund balance. The allocations from the legacy earnings fund will prioritize debt service payments, followed by support for 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