North Dakota Constitution Art. X, § 26

1. 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. Transfers under this subsection and earnings accruing prior to July 1, 2027, are the principal of the legacy fund.

2. The principal of the legacy fund may be expended, but an expenditure of principal requires a vote of at least two-thirds of the members elected to each house of the legislative assembly. Not more than five percent of the principal of the legacy fund may be expended during a biennium.

3. 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.

4. The state investment board shall invest the moneys in the legacy fund.

5. On July first of each odd-numbered year, the state treasurer shall make a distribution from the legacy fun to a legacy earnings fund as provided by law, but a distribution may not result in an expenditure of principal.