North Dakota Legacy Fund

United States – North Dakota US$ 100 million
Established: 2011
Transparency Rating: n/a		 Origin: Commodity
Firm Investment Style: n/a
Entity Structure: Fund

 

Summary
The permanent 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
The voters of the State of North Dakota (United States) approved a constitutional amendment to create the 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.

 Strategy & Objectives
TBA

Governance
The state investment board of North Dakota shall invest the principal of the North Dakota legacy fund.