North Dakota Legacy Fund
|United States – North Dakota||US$ 2.4 Billion||Origin: Oil & Gas|
Transparency Rating: 6
View Sovereign Fund Transaction Data
Firm Investment Style: N/A
Entity Structure: Fund
Pop Est.: 699,628 – 2013 North Dakota
Wealth Per Capita Est.: $3,430
ND Retirement and Investment Office
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The North Dakota Legacy Fund is funded by oil tax revenue.
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 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 during a biennium.
Background on North Dakota Legacy Fund
The voters of the state of North Dakota (United States) approved a constitutional amendment to create the permanent fund. It will receive 30% of the state’s taxes on oil and gas production and extraction. It will be then transferred to a special fund in the state treasury.