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--- artx:sec26:start [2019/02/11 20:33] – external edit 127.0.0.1
+++ artx:sec26:start [2020/07/17 16:32] (current) – jet
@@ 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
 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
@@ Line 9: / Line 12: @@
 Not more than fifteen 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,
 , to the state general fund at the end of each biennium.
+[Adopted Nov. 2, 2010]