September 6, 2011
State Treasurer Kelly Schmidt to deposit $34 Million into Legacy Fund, first deposit since fundís creation
Bismarck, ND-September 6, 2011: State Treasurer Kelly Schmidt announced today that she will deposit $34,311,019.74 into the Legacy Fund. This is the first monthly deposit into the Legacy Fund since its creation by initiated measure in 2010.
Under Article X, Section 26 of the North Dakota Constitution, thirty percent (30%) of all state oil revenue derived from oil and gas production and extraction after June 30, 2011, will be deposited into the Legacy Fund. No principal or earnings of the fund may be spent until after June 30, 2017. Principal expenditures from the Legacy Fund after 2017 require a two-thirds passing vote of the legislature.
The Legacy Fund will be invested by the State Investment Board.
The State Treasurer and her staff serve the people of North Dakota by providing sound leadership and prudent investment practices of state dollars. The Treasurerís office also works in cooperation with the Bank of North Dakota. The Mission of the Office of the State Treasurer is to fulfill its constitutional and statutory responsibilities in order to assure sound financial oversight and absolute safety of all public funds collected, managed, and disbursed.