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--- artx:sec26:start [2020/07/17 16:32] – jet
+++ artx:sec26:start [2024/11/29 01:18] (current) – amended Nov. 5, 2024 admin
@@ Line 4: / Line 4: @@
 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
+. The  principal  of  the  legacy  fund  may be  expended, but an
-June 30, 2017, and an expenditure of principal after that date requires a vote of at
+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.
@@ Line 18: / Line 19: @@
 assembly may adjust statutory allocations for those purposes.
-The state investment board shall invest the principal of the North Dakota legacy fund. The
+. The state investment board shall invest the moneys in the legacy fund.
-state treasurer shall transfer earnings of the North Dakota legacy fund accruing after June 30,
-, to the state general fund at the end of each biennium.
-[Adopted Nov. 2, 2010]
+. 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]