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Veterans Postwar Trust Fund

North Dakota Constitution: Article X Section 25:

The veterans' postwar trust fund shall be a permanent trust fund of the state of North Dakota and shall consist of moneys transferred or credited to the fund as authorized by legislative enactment. Investment of the fund shall be the responsibility of the state treasurer who shall have full authority to invest the fund only in the same manner as the state investment board is authorized to make investments. All income received from investments is to be utilized for programs which must be of benefit and service to veterans, who are defined by legislative enactment, or their dependents, and such income is hereby appropriated to the administrative committee on veterans' affairs on a continuing basis for expenditure upon those programs selected at the discretion of the administrative committee on veterans' affairs.

North Dakota Century Code: 37-14-14:

The veterans' postwar trust fund is a permanent trust fund of the state of North Dakota and consists of moneys transferred or credited to the fund under this chapter and other laws. Investment of the fund is the responsibility of the state treasurer who shall invest the fund only in those legal investments authorized by section 21-10-07. All income received from investments is to be utilized only for programs of benefit and service to veterans or their dependents, and all income earned in a biennium is appropriated to the administrative committee on veterans' affairs on a continuing basis in the following biennium and not in the biennium the income is earned for expenditure on these programs as authorized by law.

History

Vietnam Adjusted Compensation Fund

  • The 1971 Legislative Assembly authorized the issuance of up to $15 million of general obligation bonds to provide funds for the payment of adjusted compensation to North Dakota Vietnam Veterans and the resulting administrative expenses (HB 1492). 
  • The 1973 Legislative Assembly approved the issuance of an additional $4 million of bonds (SB 2415).

Veteran's Postwar Trust Fund

  • The 1981 Legislative Assembly established the Veterans' Postwar Trust Fund with a transfer of $3,984,531 - the remaining monies from the Vietnam Adjusted Compensation Fund. An additional $616,365 was transferred from the remaining funds of the Vietnam Bond sinking fund in 1985. These transfers accounted for around 11% of the original fund balance while only 32% was actually used towards payments of Vietnam Bonuses. The remaining 57% of the original funds was used for non-veteran related programs or was transferred back to the general fund when the fund was closed out following the 1985 legislative session.
  • The Trust Fund was set up to be invested by the State Treasurer and the income received was to be utilized in benefit and service to veterans or their dependents (SB 2271). During the 1983 Legislative Assembly, $1,369,045 was allocated for the operation of the Veterans Home and the Department of Veterans Affairs, and in 1985, $629,036 was allocated towards them.
    • Measure No. 4 (Approved by Voters in 1988)

      • Established the Postwar Trust Fund as a "permanent fund"
      • The balance of the fund would be restored to $3.7 million over 5 years
      • Interest income from the fund would be appropriated on a continuing basis to the Administrative Committee on Veterans Affairs to be spent for veterans' programs as authorized by law.

Receipts and Expenditures:

Receipts
1993 HB 1001: Transfer from general fund  $745,670
1991 SB 2001: Transfer from general fund $1,569,335
1989 SB 2009: Transfer from general fund $2,960,000
1985 SB 2341: Transfer from Vietnam bond sinking fund $616,365
1981 SB 2371: Transfer from Vietnam adjusted compensation fund $3,984,531

 

 

 

 

 

 

 

Expenditures
1981 SB 2001: Veterans Home $734,330
1990 SB 2009: Veterans Home $274,000
1983 SB 2014: Veterans Home $1,050,000
1979 SB 2023: Adjutant General - capital improvements carryover $491,926
1995 SB 2475: Adjutant General - Veterans' compensation $60,000
1987 HB 1009: Veterans Home $1,343,384
1985 HB 1012: Veterans Home $267,620
1983 HB 1014: Veterans Affairs $319,045