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 previously defined the legacy fund and 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 section 21-10-06 to remove references to the legacy earnings fund, reflecting the new structure of fund allocations.

The newly created 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 mandates that the state treasurer allocate funds from the legacy earnings fund in a structured manner, ensuring that a significant portion supports infrastructure and transportation projects. 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.

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