This bill proposes the creation of a new section to chapter 54-27 of the North Dakota Century Code, establishing a legacy earnings fund and making several amendments to existing laws regarding state investment funds. Notably, it repeals sections 21-10-12 and 21-10-13, which pertained to legacy fund definitions and the legacy earnings fund. The bill also amends section 6-09.4-10.1 to include provisions for the legacy sinking and interest fund, and it modifies subsection 1 of section 21-10-06 to remove references to the legacy earnings fund.

The newly created 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 mandates that the state treasurer allocate seven-eighths of the funding to the legacy sinking and interest fund, the general fund, and the legacy earnings highway distribution fund, while the remaining one-eighth will also go to the highway distribution fund. The act is set to take effect on July 1, 2025, and is declared an emergency measure.

Statutes affected:
INTRODUCED: 6-09.4-10.1, 21-10-06, 54-27-19.3