Legacy Fund to Surpass $2 Billion
State officials estimate that North Dakota’s Legacy Fund will soon top $2 billion and the fund is expected to reach $3 billion by the end of the 2013-15 biennium. Established by a constitutional measure passed by North Dakota voters in 2010, the Legacy Fund receives 30 percent of oil and gas production and extraction tax revenue collected in the state. The fund cannot be touched until 2017, when state legislators can first use earnings from the fund and can spend up to 15 percent of the fund principal if two-thirds of the legislature agrees. Read more in the Bismarck Tribune.