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--- artx:sec26:start [2019/02/11 20:33] – external edit 127.0.0.1
+++ artx:sec26:start [2024/11/29 01:18] (current) – amended Nov. 5, 2024 admin
@@ Line 1: / Line 1: @@
-Section 26. 1. Thirty  percent  of  total  revenue  derived  from  taxes  on  oil  and  gas  production  or
+Section 26.
+. Thirty  percent  of  total  revenue  derived  from  taxes  on  oil  and  gas  production  or
 extraction must be transferred by the state treasurer to a special fund in the state
 treasury known as the legacy fund. The legislative assembly may transfer funds from
-any source into the legacy fund and such transfers become part of the principal of the
+any source into the legacy fund. Transfers under this subsection and earnings accruing
+prior to July 1, 2017, are the principal of the
 legacy fund.
-. The  principal  and  earnings  of  the  legacy  fund  may  not  be  expended  until  after
-June 30, 2017, and an expenditure of principal after that date requires a vote of at
+. The  principal  of  the  legacy  fund  may be  expended, but an
+expenditure of principal requires a vote of at
 least two-thirds of the members elected to each house of the legislative assembly.
-Not more than fifteen percent of the principal of the legacy fund may be expended
+Not more than five percent of the principal of the legacy fund may be expended
 during a biennium.
 . Statutory programs,  in  existence as a result  of  legislation enacted through 2009,
 providing for impact grants, direct revenue allocations to political subdivisions, and
 deposits in the oil  and gas research fund must remain in effect but the legislative
 assembly may adjust statutory allocations for those purposes.
-The state investment board shall invest the principal of the North Dakota legacy fund. The
-state treasurer shall transfer earnings of the North Dakota legacy fund accruing after June 30,
+. The state investment board shall invest the moneys in the legacy fund.
-, to the state general fund at the end of each biennium.
+. On July first of each odd-numbered year, the state treasurer shall make a distribution from the legacy fund to a legacy earnings fund as provided by law,
+but a distribution may not result in an expenditure of principal.
+[Adopted Nov. 2, 2010, and amended Nov. 5, 2024]