September 24, 2012
State Treasurer Kelly Schmidt Announces: Legacy Fund Deposits Top One-Half Billion Dollars
State Treasurer Kelly Schmidt recently transferred $45,425,341.17 into the Legacy Fund. This transaction brings the total of deposits to the Legacy Fund to $535,224,264.65 since making the first transfer one year ago.
“The principal balance of the Legacy Fund is growing much more quickly than originally anticipated” commented Treasurer Schmidt. “The fund is well on its way to becoming a significant and permanent source of revenue for the people of North Dakota.”
Under Article X, Section 26 of the North Dakota Constitution, thirty percent (30%) of all revenue derived from North Dakota’s oil and gas extraction and gross production taxes are deposited in to the Legacy Fund. Neither the principal nor the income of the Legacy Fund may be spent prior to July 1, 2017. Income earned after this date will be transferred to the state General Fund at the end of each two-year budget cycle, but it will require a two-thirds majority vote of both houses of the legislature to expend any of the principal balance of the fund.
The Legacy Fund is 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 Treasurer’s 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.