Legacy Fund tops half a billion
North Dakota’s “Legacy Fund” has reached more than half a billion dollars in assets after 13 months in existence. Approved in 2010 by North Dakota voters, the fund receives 30 percent of the state’s oil tax revenues. No money can be spent out of the fund until 2017, and after that time it will take a two-thirds vote of state Legislature to approve spending. In addition, no more than 15 percent of the principal may be spent during a biennium.